The global electric commercial vehicle market is expected to increase to 2.02 million units in 2028

The international market research institute recently released an electric commercial vehicle report that the global electric commercial vehicle market size is expected to grow from 129,000 units in 2020 to 2.
026 million units in 2028, with a compound annual growth rate of 41.
1%.

The growth of the electric commercial vehicle market can be attributed to the increasing focus on the electrification of public transportation in various countries and the growing
demand for zero-emission vehicles in the logistics sector.
Advances in battery pack technology and electric powertrains are some of the major factors
driving the development of the electric commercial vehicle industry.

As pollution and environmental hazards intensify, stringent government regulations, and fierce competition force automotive OEMs to produce fuel-efficient and environmentally friendly vehicles
.
Therefore, the electric commercial vehicle market is expected to witness significant growth
in the future.

From the perspective of market region, Asia Pacific is expected to lead the global market
during the forecast period.
In 2019, Asia Pacific was the world's largest market
for electric commercial vehicles.
It consists of some of the fastest growing and developed economies in the world, such as China, India, and Japan
.
The market growth in this region can be attributed to China's dominance in the electric bus market and the presence of market-leading OEMs in the country, resulting in exponential growth
in the electric commercial vehicle market in the Asia-Pacific region.
The massive demand for electric buses, favorable regulations for electric commercial vehicles, and fast-growing logistics industry are expected to drive the electric commercial vehicle market
in the region.

However, from a CAGR, the North American electric van segment is expected to grow
at the highest CAGR.
Due to the high demand for electric vans in the logistics industry, the North American electric van segment is expected to be the fastest growing market
at a CAGR.
Growth in the logistics and e-commerce segment is expected to drive the electric van market
during the forecast period.
The use of electric vans in the logistics sector will minimize transportation costs
.
Many leading logistics companies in North America and Europe have started using electric vans for transportation
.
For example, DHL, one of the world's leading logistics companies, is using electric vans, while Amazon has announced plans to use electric delivery vans
made by Rivian.

The United States is the largest market in North America, followed by Canada
.
Similarly, the U.
S.
is home to many established OEMs offering electric vehicles, and the adoption rate of electric commercial vehicles is also higher
.
The United States is a hub
for major players such as Proterra (California, USA), Tesla (California, USA), Workhorse Group (Ohio, USA), Nikola Motor Company (Arizona, USA) and Rivian (Michigan, USA).
North America is an important region
for technological advancement and innovation in electric vehicles, battery technology, and charging solutions.