Global production of electric light commercial vehicles to exceed 2.4 million units annually by 2030.

According to global consultants, IDTechEx, the light commercial vehicle market is at the dawn of an electric revolution. While the environment has long been the motivating factor behind fleets switching over to electric vehicles, IDTechEx believes that economics will soon be the new motivator for businesses around the world.

“Light commercial vehicle operators primarily base their purchase decisions on total cost of ownership calculations,” IDTechEx explained in a release, “and whilst the upfront cost of electric LCVs is currently greater than for a equivalent diesel model, the significant operational cost saving from using electricity as a fuel, in replacement of diesel, is increasingly being shown to offset the initial price difference.”

Over the next decade, as battery pack prices decrease, electric drivetrain efficiencies improve, and economies of scale savings are realized, electric vans will be the lowest cost solution.