Electric Vehicle Market: Commercial Vehicles
Though we didn't find a source that expressly stated the overall market size or growth rate for the U.S. or North American commercial electric vehicle market, we were able to find market size data and growth rates for sub-sections within those markets. An explanation of the limitations we encountered in looking for data about the overall markets and how we conducted our research is provided in the Research Strategy section below. We provided every applicable insight we found during our research about the market size and growth rate for the commercial electric vehicle market in the U.S. and North America in our research findings that follow.
U.S. & North American Commercial Electric Vehicle Market
- An April 2019 article from Vehicle Remarketing stated that electric vehicles account for "less than 1% of the" U.S. commercial vehicle fleet.
- An October 2018 article published by Fleet Owner stated that by 2030, it's projected "that between 250,000 and 300,000 new commercial electric vehicles will be sold in the U.S."
- The compound annual growth rate for "the U.S. electric trucks market" was projected at over 40% between 2017 and 2025.
- In 2020, there are expected to be 800 "commercial electric light trucks" in the U.S.
- The following are the projected number of "commercial electric light trucks" in the U.S. by year: 2,600 in year 2022; 4,400 in year 2024; 6,300 in year 2026; 8,200 in year 2028; and 10,400 in year 2030.
- In the U.S. "[a]t the end of 2018, only 600 battery-electric and fuel cell buses, also known as zero-emission buses (ZEBs), were in operation."
- With regard to North America, a September 2019 article said "[t]here are an estimated 70,000 and 100,000 electric commercial trucks in all of Europe and North America."
- BloombergNEF's report titled "Electric Vehicle Outlook 2019" said that electric vehicles will account for "56% of light commercial vehicle sales in Europe, the U.S. and China within the next two decades, plus 31% of the medium commercial market."
We looked thoroughly for available data about the overall market size and growth rate for the U.S. and North American commercial electric vehicle markets, but could not find data pertaining to the overall market for either region. We used four different research approaches in looking thoroughly for that data pertaining to the overall market. First, we looked through many market research reports regarding the U.S. and global commercial electric vehicle markets. We looked at global market reports because they often breakdown data by region, which for our purposes was North America. Though there were many market research reports involving that subject, the vast majority were paywalled and thus did not disclose any data. The few that were only partially paywalled either provided global-level data, without further specifying by region, or provided data about various sub-segments within the commercial electric vehicle market (which we provided above, as applicable). Those limitations within the market research reports were true for both market size and growth rate data.
Second, we tried to triangulate the market size or growth rate through the limited data provided by a few market research reports. For example, we had hoped to find either the U.S. or North America's share of the commercial electric vehicle market, which we then could have used to calculate market share based on the global market size (which was available). However, not one of the numerous sources we looked at throughout the entirety of our research provided that market share for either the U.S. or North America, which thereby negated the triangulation option.
Third, we checked the Statista database to see if there were any data reports about the U.S. or North American commercial electric vehicle market size or growth rate. There was no new data within Statista that we had not previously covered through our other findings, as most of the information was either about unrelated facets of the market or pertained to other countries.
Fourth, we conducted broad searches for any articles that might have provided this information or information that would have equipped us to triangulate the overall market size or growth rate, either for the U.S. or North America. Though we didn't find any articles that provided that information we sought about the overall market, a few did provide some relevant insights about sub-categories within the market, which were published by Fleet Owner and Quartz. Although those four research approaches didn't yield data about the overall commercial electric vehicle market size or growth rate in the U.S. or North America, they did yield relevant data about several sub-categories of that market, all of which we provided in our research findings above.