April 13, 2023

The chart shows number of battery and hybrid plugin electric light commercial vehicles (LCV) in 2022.

Total number of all LCV worldwide in 2022 was 491,000. China accounted for almost half of all electric LCVs while Europe accounted for almost 28%, and North America 19%.

Although the sale of electric LCVs was only 5% of the total EV market, the size of the fleet almost doubled since 2021 and continues to increase.

Sales of new energy buses and trucks in China reached an all-time high of 238,000 units in 2022, an increase of 90% compared to 2021.

The light commercial vehicle market is currently valued at almost USD 550 billion, and it is expected to register an annual growth rate of about 7% over the next five years.

Source: IEA Global EV Outlook 2020 and Incorrys data