Market Size of electric commercial vehicle battery pack Industry
| Icons | Lable | Value |
|---|---|---|
|
Study Period | 2017 - 2029 |
|
Market Size (2024) | USD 16.5 Billion |
|
|
Market Size (2029) | USD 31.72 Billion |
|
Largest Share by Propulsion Type | BEV |
|
|
CAGR (2024 - 2029) | 13.97 % |
|
Largest Share by Region | Asia-Pacific |
Major Players |
||
|
||
|
*Disclaimer: Major Players sorted in no particular order |
Electric Commercial Vehicle Battery Pack Market Analysis
The Electric Commercial Vehicle Battery Pack Market size is estimated at 16.5 billion USD in 2024, and is expected to reach 31.72 billion USD by 2029, growing at a CAGR of 13.97% during the forecast period (2024-2029).
16.5 Billion
Market Size in 2024 (USD)
31.72 Billion
Market Size in 2029 (USD)
5.72 %
CAGR (2017-2023)
13.97 %
CAGR (2024-2029)
Largest Segment by Body Type
60.74 %
value share, LCV, 2023
Growth in the e-commerce sector, logistics activities, commercial projects related to infrastructure has raised demand for LCV in commercial vehicles.
Largest Segment by Propulsion Type
99.52 %
value share, BEV, 2023
Zero emissions, cheaper technology than PHEV, little maintenance, and government regulations make BEVs the most popular commercial vehicle class.
Largest Segment by Battery Chemistry
31.32 %
value share, NMC, 2023
NMC batteries are the most popular type of batteries in commercial vehicles because to its fast charging, high energy density, and low weight.
Largest Segment by Battery Form
46.50 %
value share, Prismatic, 2023
Commercial vehicles use prismatic batteries because to their easy installation, high energy density, good ductility, and good safety.
Leading Market Player
32.20 %
market share, Contemporary Amperex Technology Co. Ltd. (CATL), 2022
Contemporary Amperex Technology Co., Ltd. (CATL) dominates APAC CV market due to its wide reach, robust production capability, and large Asian exports of batteries.
The growing interest in light electric delivery vans is driving battery capacity expansion
- Commercial vehicles have been more popular in recent years but have also greatly contributed to pollution and climate change. Therefore, in recent years, there has been a rise in demand for electric commercial vehicles and the batteries that power them in numerous regions worldwide. China is not just a major producer of batteries but also a driving force behind the global boom in demand for electric vehicles, with 90.24% of all-electric trucks sold in 2021. The increasing demand for electric CVs has boosted the battery sector, resulting in a 34.38% increase in the global demand for electric CV battery packs of different kinds, including LFP and NMC, in 2021 compared to 2017.
- Demand for electric trucks has increased worldwide, impacting the market for various battery types in different parts of the world. NMC, NCM, and LFP batteries are rapidly expanding in several regions. Over 90% of the market for several types of electric CV batteries comes from China, a global leader in producing electric CVs and batteries. As a result, worldwide demand for commercial vehicle batteries of all varieties expanded by 32.11% in 2022 compared to 2021.
- Considering the growing demand for electric vehicles due to the rise in various industries, such as e-commerce, logistics, and infrastructure users, the demand for electric commercial vehicles, such as BEV and PHEV, is expected to show significant growth during the forecast period in various countries globally.
Understand The Key Trends Shaping This Market
The APAC region takes the lead in the electric CV battery pack market, driven by adoption in China, Japan, and South Korea
- The electric CV battery pack market is experiencing dynamic growth across different regions. The APAC region has experienced remarkable growth in the battery pack market. The rising adoption of electric vehicles in countries like China, Japan, and South Korea has fueled the demand for battery packs. China's massive growth in the EV market has propelled the Asian region to the forefront of the global electric CV battery pack market.
- Europe witnessed a significant surge in the market. This can be attributed to the strong push toward the electrification of vehicles, stringent emission regulations, and supportive government policies. The region has become a hub for electric vehicle production, leading to increased demand for battery packs. Investments in battery research and development, coupled with the establishment of charging infrastructure, further drive the growth of the market. The battery pack market in North America has been steadily growing over the years. Factors driving this growth include rising consumer demand for electric vehicles, government incentives and regulations promoting clean energy, and advancements in battery technology. The increasing capacity and investments in battery pack manufacturing reflect the region's commitment to sustainable transportation and energy storage solutions.
- The growth of the battery pack market can be attributed to several factors, including the growing demand for electric vehicles, supportive government policies, technological advancements, and the need for sustainable energy storage solutions. As countries worldwide strive for cleaner transportation and energy systems, the market is poised for continued growth and innovation.
Electric Commercial Vehicle Battery Pack Industry Segmentation
Bus, LCV, M&HDT are covered as segments by Body Type. BEV, PHEV are covered as segments by Propulsion Type. LFP, NCA, NCM, NMC, Others are covered as segments by Battery Chemistry. 15 kWh to 40 kWh, 40 kWh to 80 kWh, Above 80 kWh, Less than 15 kWh are covered as segments by Capacity. Cylindrical, Pouch, Prismatic are covered as segments by Battery Form. Laser, Wire are covered as segments by Method. Anode, Cathode, Electrolyte, Separator are covered as segments by Component. Cobalt, Lithium, Manganese, Natural Graphite, Nickel are covered as segments by Material Type. Asia-Pacific, Europe, Middle East & Africa, North America, South America are covered as segments by Region.
- Commercial vehicles have been more popular in recent years but have also greatly contributed to pollution and climate change. Therefore, in recent years, there has been a rise in demand for electric commercial vehicles and the batteries that power them in numerous regions worldwide. China is not just a major producer of batteries but also a driving force behind the global boom in demand for electric vehicles, with 90.24% of all-electric trucks sold in 2021. The increasing demand for electric CVs has boosted the battery sector, resulting in a 34.38% increase in the global demand for electric CV battery packs of different kinds, including LFP and NMC, in 2021 compared to 2017.
- Demand for electric trucks has increased worldwide, impacting the market for various battery types in different parts of the world. NMC, NCM, and LFP batteries are rapidly expanding in several regions. Over 90% of the market for several types of electric CV batteries comes from China, a global leader in producing electric CVs and batteries. As a result, worldwide demand for commercial vehicle batteries of all varieties expanded by 32.11% in 2022 compared to 2021.
- Considering the growing demand for electric vehicles due to the rise in various industries, such as e-commerce, logistics, and infrastructure users, the demand for electric commercial vehicles, such as BEV and PHEV, is expected to show significant growth during the forecast period in various countries globally.
| Body Type | |
| Bus | |
| LCV | |
| M&HDT |
| Propulsion Type | |
| BEV | |
| PHEV |
| Battery Chemistry | |
| LFP | |
| NCA | |
| NCM | |
| NMC | |
| Others |
| Capacity | |
| 15 kWh to 40 kWh | |
| 40 kWh to 80 kWh | |
| Above 80 kWh | |
| Less than 15 kWh |
| Battery Form | |
| Cylindrical | |
| Pouch | |
| Prismatic |
| Method | |
| Laser | |
| Wire |
| Component | |
| Anode | |
| Cathode | |
| Electrolyte | |
| Separator |
| Material Type | |
| Cobalt | |
| Lithium | |
| Manganese | |
| Natural Graphite | |
| Nickel | |
| Other Materials |
| Region | ||||||||||||
| ||||||||||||
| ||||||||||||
| Middle East & Africa | ||||||||||||
| ||||||||||||
| South America |
Need A Different Region Or Segment?
Electric Commercial Vehicle Battery Pack Market Size Summary
The Electric Commercial Vehicle Battery Pack Market is experiencing significant growth, driven by the increasing demand for electric commercial vehicles worldwide. This surge in demand is largely due to the global push for sustainable transportation solutions to combat pollution and climate change. The market is characterized by the rapid expansion of various battery types, including NMC, NCM, and LFP, with China leading the charge as a major producer and consumer. The Asia-Pacific region, particularly China, Japan, and South Korea, has seen remarkable growth in battery pack adoption, propelled by China's dominant position in the electric vehicle market. Europe and North America are also witnessing substantial market growth, supported by stringent emission regulations, government incentives, and advancements in battery technology. These regions are becoming hubs for electric vehicle production, further driving the demand for battery packs.
The market is moderately consolidated, with key players such as BYD Company Ltd., Contemporary Amperex Technology Co. Ltd. (CATL), LG Energy Solution Ltd., Panasonic Holdings Corporation, and Samsung SDI Co. Ltd. holding significant shares. These companies are actively investing in research and development, expanding production capacities, and forging strategic partnerships to maintain their competitive edge. The market's growth is further fueled by the rising consumer demand for electric vehicles, supportive government policies, and the need for sustainable energy storage solutions. As countries continue to prioritize cleaner transportation and energy systems, the electric commercial vehicle battery pack market is poised for continued expansion and innovation, with major players like BYD and Tesla leading the way in electric vehicle sales and technological advancements.
Electric Commercial Vehicle Battery Pack Market Size - Table of Contents
-
1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
-
1.1 Body Type
-
1.1.1 Bus
-
1.1.2 LCV
-
1.1.3 M&HDT
-
-
1.2 Propulsion Type
-
1.2.1 BEV
-
1.2.2 PHEV
-
-
1.3 Battery Chemistry
-
1.3.1 LFP
-
1.3.2 NCA
-
1.3.3 NCM
-
1.3.4 NMC
-
1.3.5 Others
-
-
1.4 Capacity
-
1.4.1 15 kWh to 40 kWh
-
1.4.2 40 kWh to 80 kWh
-
1.4.3 Above 80 kWh
-
1.4.4 Less than 15 kWh
-
-
1.5 Battery Form
-
1.5.1 Cylindrical
-
1.5.2 Pouch
-
1.5.3 Prismatic
-
-
1.6 Method
-
1.6.1 Laser
-
1.6.2 Wire
-
-
1.7 Component
-
1.7.1 Anode
-
1.7.2 Cathode
-
1.7.3 Electrolyte
-
1.7.4 Separator
-
-
1.8 Material Type
-
1.8.1 Cobalt
-
1.8.2 Lithium
-
1.8.3 Manganese
-
1.8.4 Natural Graphite
-
1.8.5 Nickel
-
1.8.6 Other Materials
-
-
1.9 Region
-
1.9.1 Asia-Pacific
-
1.9.1.1 By Country
-
1.9.1.1.1 China
-
1.9.1.1.2 India
-
1.9.1.1.3 Japan
-
1.9.1.1.4 South Korea
-
1.9.1.1.5 Thailand
-
1.9.1.1.6 Rest-of-Asia-Pacific
-
-
-
1.9.2 Europe
-
1.9.2.1 By Country
-
1.9.2.1.1 France
-
1.9.2.1.2 Germany
-
1.9.2.1.3 Hungary
-
1.9.2.1.4 Italy
-
1.9.2.1.5 Poland
-
1.9.2.1.6 Sweden
-
1.9.2.1.7 UK
-
1.9.2.1.8 Rest-of-Europe
-
-
-
1.9.3 Middle East & Africa
-
1.9.4 North America
-
1.9.4.1 By Country
-
1.9.4.1.1 Canada
-
1.9.4.1.2 US
-
-
-
1.9.5 South America
-
-
Electric Commercial Vehicle Battery Pack Market Size FAQs
How big is the Electric Commercial Vehicle Battery Pack Market?
The Electric Commercial Vehicle Battery Pack Market size is expected to reach USD 16.50 billion in 2024 and grow at a CAGR of 13.97% to reach USD 31.72 billion by 2029.
What is the current Electric Commercial Vehicle Battery Pack Market size?
In 2024, the Electric Commercial Vehicle Battery Pack Market size is expected to reach USD 16.50 billion.
