Himanshu Patel Foresees Electric Commercial Vehicles Market Soaring to $558bn by 2031

Electric commercial vehicles market to hit $558bn by 2031, expert says The demand for electric commercial vehicles could see the mark hit close to $600bn in the next seven years, according to one of the industry’s leading experts.

“There are many different ways to forecast the current growth rates, but whichever one you look at, it is phenomenal,” says Himanshu Patel, founder of New Jersey based Triton EV.

Current data suggests a minimum market size of $558bn by 2031, which represents a CAGR of 29.9% between 2022 and 2031.

“I actually think that’s conservative,” says Patel, adding: “Everywhere you look, whichever continent you want to pick, the story is the same: Governments are putting down very strict emission regulations, which means fleet owners have to move towards electric trucks and buses. There is no choice in that. But what’s really driving change is the developing countries, which are taking a number of steps to provide sufficient infrastructure for the charging of commercial vehicles,” Patel added.

Triton EV has already launched several commercial electric vehicles in India and has patented its own technology, the Power Home Link, which allows consumers to effectively sell back to the main grid the electricity they are not using.