Electric Commercial Vehicle Market Share

Market Share of Electric Commercial Vehicle Industry

The electric commercial vehicle market is dominated by several key players, including BYD Motors Inc., AB Volvo, Daimler Truck AG, and Paccar Inc. The rapid expansion of electric commercial vehicle manufacturers across the country and the introduction of new models across major countries are expected to witness major growth for the market during the forecast period. For instance:

• In April 2024, Rizon, a brand of Daimler Truck AG, introduced class 4-5 electric trucks in Canada. The company will offer four variants of its battery-electric trucks, including the e16L, e16M, e18L, and the e18M, with GVW ratings ranging from 7.25 tons to 8.55 tons.
• In October 2023, Foton Motor introduced the Aumark next-generation light-duty truck and the Wonder next-generation micro-truck during a brand renewal and new product launch in Changsha, Hunan.
• In June 2023, the Bavarian State Government approved four out of five funding projects of MAN Truck & Bus. This funding supports the advancement of high-voltage batteries for electric trucks and buses. The government subsidy of USD 26.84 million at the Nuremberg site.

Electric Commercial Vehicle Market Leaders

1. AB Volvo

2. Traton SE

3. BYD Motors Inc.

4. Paccar Inc.

5. Daimler Truck AG

*Disclaimer: Major Players sorted in no particular order