Navigant: Market for light-duty commercial electric vehicles expected to have 33% compound annual 2019-2030 growth rate

Wednesday March 11, 2020 0 comments Tags: Boulder, Navigant Research, William Drier, PEVs

BOULDER -- Sales of plug-in EV (PEV) light-duty commercial vehicles (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%, according to a new report from Navigant Research.

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.NavigantNEWlogoUSE 

“The cost of electrified LCVs is falling due to improvements in battery technology and market maturity,” said William Drier, Navigant research analyst.

“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 reportLight 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 website.