The electric van market is estimated to reach USD 10,365.4 million in 2023, which will increase to USD 60,963.1 million, advancing at a 29.0% compound annual growth rate, by 2030.

The advancement of this industry is because of the increasing need for eco-friendly automobiles due to the rising worries over pollution as well as the growing emphasis on sustainable development. Additionally, there have been constant progresses in battery technologies to improve automobile speed, power, and range.

The 100–200 miles category, based on range, is leading the industry, with over 50% share, and it will further propel at a 28.7% CAGR, during this decade. This can be because of the extensive applications of electric vans in last-mile logistics, short-distance travel, and urban deliveries.

In these circumstances, a range between 100 to 200 miles is more than sufficient to handle daily operational necessities without requiring regular recharging. Therefore, automobiles that provide this running range on a full charge are beneficial and cost-effective for companies that function in small areas.

The above 50 kWh category, based on battery capacity, is dominating the industry, with approximately 65% share, and it will further propel at over 28% CAGR, during this decade. This can be because electric vans with batteries providing over 50 kWh of power capacity are generally better compared to 150 miles on a single charge.

The BEV category, based on propulsion, is the largest contributor to the electric van market, with a 55% share, and it will continue to grow at a 29.5% CAGR, during this decade. This can be because BEVs produce no emissions, which makes them eco-friendly as well as sustainable.

The Li-ion category, based on battery type, is leading the industry, with approximately 60% share, and it will continue to progress at approximately 28.4% CAGR, during this decade. These batteries can store a large amount of power in a relatively lightweight and dense package, therefore, enabling e-vehicles to run longer without increasing their size and weight.

APAC is the largest contributor to the industry, with a 45% share, and it will further observe a 28.8% CAGR, in the years to come. This can be primarily because of the swift urbanization and mounting populace in several regional nations, mainly India and China.

Europe is likely to propel at the fastest rate in the years to come. This is because of the existence of several major automakers, which are heavily funding in these vans to offer a wide range of choices to their consumers.

With the increase in the requirement for eco-friendly automobiles, the electric van industry will continue to progress in the years to come.

Source: P&S Intelligence