Electric Delivery Vans Market size is set to register over 16.6% CAGR during the forecast period i.e., between 2024-2036. The growth of the market can be attributed to the growing emphasis of government on electrification of public transport fleet, increasing demand for emission-free delivery vans, and escalating adoption of electric vehicles worldwide. According to the International Energy Agency, the stock of electric cars around the world rose up to more than 7.2 million in 2019, up from about 5 million in the year 2018. Around 2.1 electric cars were sold in 2019. Along with these, surge in environmental concerns around the world is giving impetus to the imposition of stringent emission regulations, which in turn is expected to significantly contribute to the market growth in the forthcoming years. Moreover, rising number of new products launches and collaborations among major companies is projected to offer ample growth opportunities to the market in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
16.6% |
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Regional Scope |
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The market is segmented based on propulsion type into battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel cell electric truck, out of which, the hybrid electric truck segment is anticipated to hold the largest share in the global electric delivery vans market. This can be accounted to the environment-friendliness, financial benefits, regenerative braking system and low dependence of these vehicles on fossil fuels. Additionally, on the basis of application, the segment for distribution services is predicted to acquire the largest share during the forecast period owing to the growing demand for electric delivery vans in the logistics industry resulting from the rapid expansion of e-commerce services. Apart from these, increase in usage of green vehicles in the distribution services industry is also assessed to drive growth to the market segment in the imminent time.
Our in-depth analysis of the global market includes the following segments:
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By Propulsion Type |
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By Range |
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By Application
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North America Market Analysis
On the basis of geographical analysis, the global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. North America industry is predicted to account for largest revenue share by 2036, on the back of rising technological advancements in electric vehicles, and high awareness levels about fossil fuel emissions. In addition, intensifying government support regarding electrification of delivery trucks is also evaluated to boost market growth in the coming years.
Furthermore, the market in Europe is also assessed to occupy significant market share during the forecast period ascribing to favorable government policies associated with the manufacture of green vehicles and the strong presence of electric vehicle companies in the region. As per the European Environment Agency, the uptake of electric vans increased in Europe, from 0.8 % of total registrations in 2018 to 1.3 % in 2019. In 2019, electric car registrations were close to 550,000 units, having reached 300,000 units in 2018.
April 20, 2021- Volvo Trucks announced the electrification of large parts of heavy road transport, by launching three new heavy-duty all-electric models. The launch is driven by company’s own ambitious climate goals, as well as consumer demand for cleaner transports.
Author Credits: Saima Khursheed
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