Relationship advice- long post sorry

J • 30 | 🇨🇦 | 🧡 | ✈️
So Ive been seeing this guy for about 6 months now. We're technically casually dating and we have not yet put a "label" on it. I do refer to him as my boyfriend to other people if he comes up in convo and he's done the same when we're talking to strangers. I've met plenty of his friends and he's met mine. We're openly together in front of people and in public. I inadvertently met his step dad by accident at one point but I haven't officially met his parents and he hasn't met mine either. Although our families know about us. I don't like introducing men to my family unless it's serious. Well it's getting serious now and I want to make things official between is. But he has a very clear and evident fear of commitment. I'm the only one he's seeing (which I truly 100% believe) but when I bring up the idea of a public relationship he gets very uncomfortable. Even though that's exactly what we have right now minus the title. His dad passed away 3 years ago and I think he's afraid of losing loved ones. He's admitted to me that he's never been in love and the longest relationship has been 8 months (we're 24 years old) that ended mostly because he never said those words. The majority of his life he's been single. I'm starting to feel some major emotions for this guy and I can see myself falling for him sometime soon. But I'm afraid I'll fall in love with someone that will never be able to return the feelings. He wants to one day settle down and get married and have children but how tf is he supposed to do that when he's afraid of a relationship?
 My question is how can I help him overcome his fear of commitment? Should I even bother or should I give him an ultimatum and potentially leave to avoid wasting my time? I care about him a lot and he does so much for me. I know he feels the same for me.