Market Insights
An electric van is a type of vehicle that is powered by one or more electric motors instead of a traditional internal combustion engine. It is designed to transport goods or people, similar to a conventional van, but with the key difference of using electricity as its primary source of propulsion.
The COVID-19 pandemic had a significant impact on various industries, including the automotive sector. While the pandemic disrupted global economies and caused fluctuations in consumer behavior, it also influenced the electric van market in several ways. Automotive production declined in 2018 as well as in 2019 and was expected to start rebounding from 2020 onwards. However, the sudden outburst of the pandemic trashed the market hope. As a result of that, there was an enormous decline in the production of automobiles across regions. The grave impact of this was registered across the supply chain including the level of components.
The demand for electric vans in 2020 witnessed a noticeable uptick, primarily driven by the growing interest in sustainable transportation and the need for zero-emission vehicles in urban areas. Many businesses and delivery services recognized the benefits of electric vans for their fleets, including reduced operational costs and environmental impact. Furthermore, Governments provide financial incentives and subsidies to encourage the adoption of electric buses and other electric public transport vehicles. For instance, the European Union has set ambitious goals to reduce carbon emissions and improve air quality. They have allocated significant funding through programs like the Connecting Europe Facility (CEF) and the Innovation Fund to support the electrification of public transport, including electric buses. Overall, the Electric Van market is likely to rebound at a promising CAGR of 32.8% in the long run from 2022 to 2028.
Recent Product Developments:
- In 2021, the van Ducato's electric variant has been introduced by Fiat. The e-Ducato costs $73,369, which is twice as much as ICE automobiles, and the manufacturer has also announced variations with two battery sizes.
- In 2021, the first 500 vans will go to FedEx. The next-generation Ultrium battery system, which GM has invested billions in creating as the cornerstone for upcoming electric vehicles, is featured in the EV600 for the first time in a commercial vehicle.
- In 2022, new versions of Renault's MASTER ZE fully electric transport trucks have been introduced. It provides urban areas with large-mile connectivity. It sports a vertical grille and hides a noticeable, distinctive front bumper. A 3.5-inch TFT digital display is included into this. It comes in both L2 and L3 lengths. This has a 120-kilometer maximum range. The ZE Master uses the ZE 33 lithium-ion battery, which has a 33-KWH capacity. The R75's battery powers its 76 horsepower and 225 Nm maximum torque electric motor.
Segment Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Range-Type Analysis
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up to 100 miles, 100-200 miles, and above 200 miles
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100-200 Miles is expected to remain the largest market in the segment due to the increasing demand for electric vehicles.
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Battery Capacity-Type Analysis
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Up to 50 KWH and Above 50 KWH
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Above 50 KWH is expected to remain the largest market over the next five years.
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Propulsion-Type Analysis
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BEV, FCEV, and PHEV
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Battery Electric vehicle Remains the Largest market share in the segment due to zero pollution emission.
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Regional Analysis
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North America, Europe, Asia-Pacific, and Rest of the World
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Asia Pacific is expected to remain the largest market over the next five years.
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Range Trends
The Electric Van market is segmented up to 100 miles, 100-200 miles, and above 200 miles. 100-200 Miles is expected to remain the largest range type in the market. In general, logistics and transportation businesses like MAERSK, Pitney Bowes, XPO, FedEx Express, DHL Supply Chain, and others are putting more of an emphasis on transitioning to electric cars for delivery purposes in order to cut their carbon emissions. The sector between 100 and 200 miles so had a bigger market share.
During the forecast period, it is anticipated that the segment above 200 miles will increase at the quickest rate. The usage of battery-powered vans in the logistics sector is anticipated to increase in the years to come, according to an announcement from Kay Players that they are working to improve the technology and range of their vehicles. The third greatest market share belongs to the up to 100-mile category.
Battery Capacity Trends
The market is segmented into up to 50 KWH and Above 50 KWH. Above 50 KWH is expected to remain the dominant as well as the faster-growing battery capacity type in the market during the forecast period. A variety of different vehicle types offer a longer driving range, which is a crucial factor for many buyers, the over 50 KWh segment has the biggest market share.
E-vans with 50 kWh battery capacities can go further on a single charge than smaller ones, making them more practical for long-distance driving. The size and weight of the battery play a significant role in determining the overall performance of an electric vehicle; greater battery capacity is typically linked to better performance and acceleration.
Such an advantage from higher capacity batteries fuels segmental growth during the course of the predicted period. The second-largest market share belongs to the group of up to 50 kWh. The class provides superior performance, a good driving range, and costs that are well-balanced.
Regional Analysis
The market share for electric vans globally is now dominated by Asia Pacific. The significant demand for electric vehicles in China, Japan, and South Korea is said to be the cause of the growth. Due to their massive populations and quick urbanization, these nations are seeing an increase in demand for last-mile delivery vehicles like electric vans. Government regulations and agencies in these nations are also encouraging the use of EVs, which is boosting the market's expansion. The region's high concentration of manufacturers is another factor contributing to its dominance.
The cost of electric vans is being lowered in part because China is a big producer of these vans and has a sizable number of businesses devoted to creating and manufacturing these automobiles. While India has the region's fastest economic growth rate. Global market expansion is largely being driven by a mix of high demand, government backing, and a sizable number of manufacturers in the Asia Pacific area.
North America and Europe are also likely to create sizeable opportunities in the coming five years, driven by an expected rebound in vehicle production coupled with a paradigm shift from ICE to electric vehicles.
The electric van market is segmented into the following categories:
By Range Type
- Up To 100 Miles (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- 100-200 Miles (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Above 200 Miles (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Battery Capacity Type
- Up To 50 KWH (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Above 50 KWH (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By End-Use Type
- Last Mile Delivery (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Field Services (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Distribution Services (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Refrigerated Services (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Battery Type
- Nickle Manganese Cobalt (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Lithium-ion (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Propulsion Type
- BEV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- FCEV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- PHEV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and The Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Key Players
The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors, including price, product offerings, regional presence, etc. The following are the key players in the Electric Van market. Most of the major players are providing complete profile systems including profile seals.
- General Motors
- Renault
- Toyota Motor Corporation
- BYD
- Ford Motor Company
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s Electric Van market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for existing and new players.
- Key success factors.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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