(IN BRIEF) A new report from market intelligence firm IDTechEx, Electric Light Commercial Vehicles 2025-2045: Markets, Players, Forecasts, predicts significant growth for electric light commercial vehicles (eLCVs), forecasting sales to surpass 11 million units by 2045. The report highlights how government regulation has been a key driver in accelerating the adoption of eLCVs, with measures such as purchase grants, local emissions restrictions, and outright bans on fossil fuel-powered LCVs helping to mitigate the higher upfront costs of electric vehicles. Europe, in particular, has been a leader in legislation, with the EU’s planned 2035 ban on combustion engine vehicles and the UK’s potential move to advance its ban to 2030. The global demand for zero-emission logistics solutions is expected to rise sharply as factors like population growth, increased income levels, and a growing e-commerce sector drive up demand for light-duty road freight. The report also provides a detailed analysis of regulation, sales trends, and key players, along with long-term forecasts, offering a comprehensive look at the future of the eLCV market.
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(PRESS RELEASE) CAMBRIDGE, 19-Nov-2024 — /EuropaWire/ — Government regulation has been key to the electrification of light commercial vehicles (LCVs) to date. It has led to electric LCVs (eLCVs) making up over 5% of annual sales. The new report from market intelligence firm IDTechEx, “Electric Light Commercial Vehicles 2025-2045: Markets, Players, Forecasts” expects this trend to continue – with regulation being a key driver for eLCV market growth in the short- and medium-term future. IDTechEx is forecasting rapid expansion of the eLCV market out to over 11 million units in 2045.
As governments stretch to meet their Paris Agreement goals and other sustainability targets, global demand for light-duty road freight is set to more than double between 2020 and 2050. A growing global population, rising income levels, and a booming e-commerce industry all factor into this increase in demand. As such, there is an imminent need for zero-emission logistics solutions to be rolled out quickly. While an eLCV is still more expensive than a diesel variant and thus less desirable for end-users, governments have responded by passing a whole host of measures to foster eLCV adoption.
Common regulations applied for this purpose include purchase grants/subsidies, local restrictions on emitting vehicles entering designated areas, as well as mandating outright bans on the sale of fossil fuel LCVs. All three are used to some degree around the world, but IDTechEx’s new report lays out how a handful of regions have been far more proactive than others in fuelling the EV transition.
Pranav Jaswani, Technology Analyst at IDTechEx, advises: “Europe has been the most enthusiastic in legislating LCV emissions out of all the global regions. Its most well-known measure is the EU’s planned 2035 ban on all combustion engine cars and LCVs. The UK is even considering moving its own ban forward from 2035 to as early as 2030! Both these policies will place significant pressure on OEMs as well as LCV operators and fleets to electrify quickly.”
Fossil fuel bans will accelerate the already fast rate of adoption in the European market. Much of the growth so far has itself been a result of regulation. Individual European countries institute their own purchase grant programs, varying anywhere from €3,000-€10,000. Most major cities also have local bans on fossil fuel LCVs operating within designated areas, often the city centers. LCV operators are therefore forced to use zero-emission models, with any additional upfront cost having to be attributed as simply the cost of doing business.
The electrification of LCVs is going to be of critical importance if governments are to meet their stated aims. As it stands today, governments are ramping up efforts in this area, encouraging manufacturers and purchasers to increase their presence in the market through new regulation.
“Electric Light Commercial Vehicles 2025-2045: Markets, Players, Forecasts” highlights the transformation that lies in the near future for LCVs. It provides more in-depth analysis of regulation and goes further into sales trends, key players, and total costs of ownership too. 20-year granular forecasts broken down by region and powertrain provide critical insight into the key markets driving this change within the industry. Learn more at www.IDTechEx.com/eLCV.
About IDTechEx
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact research@IDTechEx.com or visit www.IDTechEx.com.
Media contact:
Charlotte Martin
Subscriptions Marketing Manager
press@IDTechEx.com
+44(0)1223 812300
FAQs: Electric Light Commercial Vehicles (eLCVs) 2025-2045 Report
- What is the main focus of the IDTechEx report on Electric Light Commercial Vehicles (eLCVs)?
The report, Electric Light Commercial Vehicles 2025-2045: Markets, Players, Forecasts, focuses on the rapid growth of the eLCV market, highlighting the role of government regulations in accelerating adoption, sales trends, key players, and long-term forecasts for eLCVs. - How has government regulation impacted the adoption of eLCVs?
Government regulation has been crucial in driving the adoption of eLCVs. Measures such as purchase grants, local restrictions on emitting vehicles, and outright bans on fossil fuel-powered LCVs have helped to offset the higher upfront costs of electric vehicles, especially in highly regulated industries like financial services, manufacturing, and the public sector. - What regions are leading the way in eLCV adoption?
Europe has been the most proactive region in legislating emissions reductions for LCVs. Notably, the EU has set a 2035 ban on all combustion engine vehicles, and the UK is considering advancing its ban to 2030. Many European countries also offer purchase grants and impose bans on fossil fuel LCVs in city centers. - What is the expected growth for the eLCV market?
IDTechEx forecasts that the eLCV market will grow rapidly, with sales reaching over 11 million units by 2045. The global demand for light-duty road freight is expected to more than double between 2020 and 2050, further driving the need for zero-emission logistics solutions. - How does the eLCV market fit into broader global sustainability goals?
As governments work to meet their Paris Agreement targets and other sustainability goals, the electrification of LCVs is seen as a key solution to reducing carbon emissions in the logistics sector. The shift to electric vehicles is critical to reducing global emissions from the growing demand for light-duty road freight. - What does the report provide in terms of market insights?
The report offers detailed analysis of regulation, sales trends, key industry players, total cost of ownership, and forecasts broken down by region and powertrain type, offering a comprehensive look at the future of the eLCV market. - Where can I access the full report?
The full report is available for purchase on the IDTechEx website at IDTechEx eLCV Report.
SOURCE: IDTechEx
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