Sales of plug-in electric light-duty commercial vehicles are expected to grow from about 238,000 in 2019 to almost 5.5 million in 2030, at a compound annual growth rate of 33%.
A new report from Navigant Research examines the global market for light-duty commercial vehicles across electric powertrains, providing forecasts for vehicle populations and sales through 2030.
In the LCV segment, internal combustion engine vehicles continue to be the leading powertrain. However, plug-in hybrid and battery electric vehicles are quickly closing the gap and becoming more competitive.
“The cost of electrified LCVs is falling due to improvements in battery technology and market maturity,” says William Drier, research analyst with Navigant Research. “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, fleets and consumers can take advantage of government incentives to help bring electric LCV purchase price toward parity with their ICE counterparts. Fleets and manufacturers can use these LCVs across use segments to achieve emissions and air quality targets, while improving their bottom line via reduced fuel, operations, and maintenance costs.
