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Electric Light Commercial Vehicle (LCV) Market Share

Report ID: GMI7624
Published Date: Apr 2024
Report Format: PDF

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Electric Light Commercial Vehicle Market Share

Ford Motor Company and Mercedes-Benz hold a significant market share of over 10% in the electric light commercial vehicle industry. Ford Motor's strategy in the electric light commercial vehicle industry involves a significant shift in investments toward its commercial vehicle unit. The company aims to bolster its presence in the market by quadrupling the sales of gas-electric hybrids over the next five years. This strategy reflects Ford's commitment to expanding its portfolio of eco-friendly commercial vehicles.

Mercedes-Benz delivers luxury and performance in the commercial vehicle segment. Both companies are investing heavily in research and development to enhance their electric vehicle offerings, aiming to capture the market share and meet the growing demand for sustainable transportation solutions in the commercial sector.

Electric Light Commercial Vehicle Market Companies

Major companies operating in the electric light commercial vehicle industry are:

Arrival Ltd.
BAIC Group
Bollinger Motors
BYD Motors Inc.
Dongfeng Motor Corporation
Ford Motor Company
Fuso
General Motors Company
Groupe Renault
Maxus (SAIC Motor Corporation)
Mercedes-Benz
Nissan Motor Company Ltd
Rivian Automotive LLC
Stellantis N.V.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of electric light commercial vehicle (LCV) reached USD 22.7 billion in 2023 and is set to depict over 10.3% CAGR from 2024 to 2032, owing to the increasing environmental awareness and the growing need to mitigate carbon emissions.

The commercial segment accumulated 64% share in 2023, due to the strict emission regulations and sustainability goals.

Asia Pacific market held over 50% revenue share in 2023, on account of the exponential growth of e-commerce platforms and the corresponding surge in online shopping activities.

Arrival Ltd., BAIC Group, Bollinger Motors, BYD Motors Inc., Dongfeng Motor Corporation, Ford Motor Company, Fuso, General Motors Company, Groupe Renault, Maxus (SAIC Motor Corporation), Mercedes-Benz, Nissan Motor Company Ltd, Rivian Automotive LLC, and Stellantis N.V. are some of the leading electric LCV companies worldwide.