The Market for Light-Duty Commercial Electric Vehicles Is Expected to Experience a 33% Compound Annual Growth Rate from 2019-2030
Light-duty electric vehicles can help fleets and manufacturers achieve emissions and air quality targets while improving bottom line
A new report from Navigant Research examines the global market for light-duty commercial vehicles (LCVs) across electric powertrains, providing forecasts for vehicle populations and sales through 2030.
In the LCV segment, internal combustion engine vehicles continue to be the leading powertrain. However, plug-in hybrid and battery electric vehicles (EVs) are quickly closing the gap and becoming more competitive. Click to tweet: According to a new @NavigantRSRCH report, sales of plug-in EV (PEV) LCVs are expected to grow from about 238,000 in 2019 to almost 5.5 million in 2030, at a compound annual growth rate (CAGR) of 33.0%.
“The cost of electrified LCVs is falling due to improvements in battery technology and market maturity,” says William Drier, research analyst with Navigant Research. “In addition, governments at all levels are supporting an electric transition to meet fuel efficiency and emissions regulations.”
Adoption of electric LCVs is expected to continue to rise as upfront vehicle costs fall, vehicle economics improve, and governments continue to place importance on the reduction of greenhouse gas and other emission pollutants that contribute to poor air quality. In the near term, government incentives are expected to help bring electric LCV purchase prices toward parity with their ICE counterparts. Fleets and manufacturers can use these LCVs across use segments to achieve their sustainability goals as well as emissions and air quality targets, while improving their bottom line via reduced fuel, operations, and maintenance costs.
The report, Light Commercial Vehicle Electrification, analyzes the global LCV market across electric powertrains (plug-in hybrid and battery electric) by region. The study provides an analysis of the market issues, including opportunities, implementation challenges, and prominent market factors associated with the LCV market segment. Global market forecasts for vehicle populations and sales are broken out by powertrain and region and extend through 2030. The report also examines the key technologies surrounding charging infrastructure, competitive alternative fuels, and key market participants. An executive summary of the report is available for free download on the Navigant Research website.
*The information contained in this press release concerning the report, Light Commercial Vehicle Electrification, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.