Electric commercial vehicle market was valued at $65.4 billion in 2025 and is projected to reach $199.8 billion by 2035, growing at a CAGR of 11.9% during the forecast period (2026-2035). Global electric bus sales exceeded 70,000 units in 2024, supported by renewed growth in China. Sales outside China rose by 5% in 2024 and have nearly tripled since 2020. Nation such as India has experienced rapid expansion in electric bus deployment, with the fleet increasing from fewer than 3,000 units in 2020 to more than 11,500 by the end of 2024. This growth has been supported by improving cost competitiveness, policy incentives, and strengthened government backing for charging infrastructure. Programmes such as the National Electric Bus Programme, which aims to deploy an additional 40,000 electric buses by 2027, have strengthened demand, created sizable order pipelines, and enabled cost reductions through aggregated procurement. In 2024, the availability of electric heavy-duty vehicle models has expanded steadily, reflecting rising demand alongside declining battery costs. China leads in model availability with nearly 450 options, over half of which are electric buses. The US offers more than 140 models, dominated by medium-duty trucks. While Europe has approximately 150 electric heavy-duty models, showing a relatively balanced mix across buses, medium-duty trucks, and heavy-duty trucks.
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There is reasonable progress in the sale of electric buses and electric trucks over the years. While e-bus sales declined after 2019 and recovered gradually by 2024, e-truck sales accelerated sharply from 2022 onward, surpassing e-bus sales from 2023, indicating faster electrification adoption in freight and logistics segments.
E-Bus Sales and E-Truck Sales (2019-2024)
However the continued reliance on diesel buses had a notable influence on the pace of EV adoption in the public transportation sector. A substantial number of diesel buses continue to operate across the globe, owing to their established infrastructure, dependability, and cost-effectiveness. Diesel engines have long been the standard for public and private bus fleets, many nations where alternatives such as electric or hybrid vehicles are still being developed. These buses are popular because of their longevity and ability to travel long distances with large passenger loads. Despite ongoing efforts to transition to cleaner options, diesel buses continue to dominate the European Union's (EU) public transportation industry. In 2023, diesel-powered buses remained the most popular in the EU, accounting for 62.3% of all new bus sales. Meanwhile, electrically-chargeable buses continued to gain ground, accounting for 15.9% of the total EU bus market in 2023. Despite increasing interest in alternative propulsion technologies, diesel bus body building remains a key segment of the industry, driven by the ongoing demand for reliable and cost-effective public transport solutions.
Network Expansion and Electrification Initiatives by Market Players
The major companies operating in the global electric commercial vehicle market include BYD Company Ltd., Daimler Truck AG, Ford Motor Company, Tata Motors Ltd., and Volvo Group among others. Market players are increasingly focusing on network expansion and service localization to support the adoption of electric commercial vehicles across key regions. Additionally, manufacturers are investing in vehicle repowering and retrofit solutions to offer cost-effective electrification pathways for existing diesel fleets, particularly in urban and short-haul applications.
Market Coverage
Key questions addressed by the report.
Global Electric Commercial Vehicle Market Report Segment
Vehicle Type
By Range
By Application
Global Electric Commercial Vehicle Market Report Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
Middle East & Africa
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