The global electric commercial vehicle market will grow at a compound annual growth rate of 31.4% from 2022 to 2030

According to a report released by Markets and Markets, an international market research institution, the global electric commercial vehicle market is expected to grow from 353,000 units in 2022 to 3.
144 million units in 2030, with a compound annual growth rate of 31.
4%.

Factors such as the growing demand for low-emission commuting and government support for zero-emission transportation of electric commercial vehicles, including buses, trucks, pickups, and vans, through subsidies and tax rebates are prompting manufacturers to develop electric commercial vehicles
worldwide.

Although the electric commercial vehicle market was dominated by electric buses in the past, the current market demand for electric vans is also considerable
.
In the coming years, we can expect a high demand for electric pickups, and there will be a large number of bookings
for these vehicles.
As demand grows, companies such as Rivian, Ford, GM, and Tesla are expected to develop their range of electric pickups in the coming years
.

Increased government and private investment in the development of charging and hydrogen fuel infrastructure will create opportunities
for OEMs.
This will expand its revenue streams and geographical distribution
of electric commercial vehicles.
The APAC market for electric commercial vehicles is expected to be the largest, with high demand for electric public transportation and logistics services
.
Meanwhile, the European ECV market will be led by electric van sales, with major countries planning to switch to all-electric
vans by 2030-2035.
In addition, the North American ECV market will grow
with the growth in sales of electric pickup trucks in the region.
Electric trucks will also gain considerable traction by the end of 2030
.

According to the U.
S.
Energy Information Administration, 97.
45 million barrels of oil
were consumed per day in 2021.
Except for special periods such as the COVID-19 pandemic, gasoline prices on the international market have been rising
for many years.
The price increase is due to the high demand
for gasoline.
Since it is a non-renewable energy source, it is expected to be depleted
in the next few decades.
Fluctuations in gasoline demand and supply have led to higher prices
.
Although various treaties have been made to control the price of gasoline on the international market, prices have been rising
for many years.
Since most countries need to import gasoline, its use helps to lower the trade balance
of the economy.
Limited oil reserves and rising fuel prices have led automakers to consider alternative fuels
for their vehicles.

Oil prices have doubled over the past few decades, and are expected to rise
further due to the Russia-Ukraine conflict in 2022.
This is expected to lead to a renewed push to electric vehicles to reduce the cost
of daily travel globally.
Tax rates also affect the price of
fossil fuels globally.
The United States has the lowest fuel tax (19%), while India has a fuel tax of around 69%.

All of these factors have pushed up fuel prices
around the world over the past 20 years.
The operating costs of electric commercial vehicles are much lower than those of conventional internal combustion engine commercial vehicles
.
This will lead to an increase in the demand for electric commercial vehicles due to the lower
operating costs of electric commercial vehicles compared to the high prices of commercial vehicles using internal combustion engines.

However, due to insufficient EV charging infrastructure, low charging density in most countries will become a factor restricting the development of
the EV market.
While most countries are planning to develop their EV infrastructure, few have developed the right infrastructure
for a full shift to EVs.
The Netherlands has the largest density of EV chargers
, with more than 100 per kilometer.

In the case of commercial vehicles, while vans and pickups can be charged using charging points developed for electric passenger vehicles, most fleet suppliers prefer to equip their fleets with dedicated charging stations
.
Electric buses and trucks also require pantographs and specific charging ports for daily charging
.
The charging infrastructure for electric commercial vehicles is much
more limited than for passenger cars.
This is mainly due to the low setup rate of third-party vendors, as utilization is low
if the vendor lacks infrastructure.