Electric Commercial Vehicle market is expected to progress with the substantial CAGR during the period, 2019 to 2023. Global Electric Commercial Vehicle Market Research Report: Information by Vehicle Type, Component, Propulsion, Range, Region - Forecast Till 2023.
Key Players:
The prominent players in the electric commercial vehicle market include Tesla (US), Nissan (Japan), BYD (China), Daimler (Germany), Proterra (US), LG Chem (South Korea), Zhongtong Bus Holding Co., Ltd (China) and Panasonic (Japan). Mitsubishi Electric (Japan), Toshiba (Japan), Ballard Power Systems (Canada), Delphi (US), ABB (Switzerland), Continental (Germany), Siemens(Germany) are among others.
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Electric Commercial Vehicle market Highlights
The electric commercial vehicle market is increasing gradually, mainly due to the rising demand for environment-friendly vehicles. Spreading awareness towards the impact of fossil fuels on the environment has led to the development of emission-free electric vehicles. Commercial electric vehicles are garnering huge popularity, becoming an attractive option for reduced maintenance cost.
Countries, across the world, are striving to reduce vehicular carbon emission by promoting electric vehicle and creating the necessary infrastructure. According to Market Research Future (MRFR), the global electric commercial vehicle market is expected to garner colossal traction by 2023. In its recently published analysis, MRFR also asserts that the market would register a healthy CAGR throughout the review period (2018 – 2023).
Continuous development in technology and basic infrastructure requirements, to make these vehicles cost-effective and easily available, fosters the growth of the market. Rising government efforts, such as subsidy plans and incentive programs to encourage adoption of electric commercial vehicles, are impacting the regional market growth, positively.
Manufacturers of commercial electric vehicles are continuously working on developing low-cost, fast-charging battery technologies that support long-range and yield promising results. Changing consumer preference to adapt electric commercial vehicle in recent years is a major factor pushing the market for commercial electric vehicles ahead.
On the other hand, intense lobbying of oil companies against EV, limited battery power, and longer charging duration are some of the key factors expected to hamper the growth of the market.
Nevertheless, increasing demand from the logistics industry to minimize the additional liability of fuel expense would support the growth of the market. Also, increasing research activities for developing battery packs for EVs, which have high power storage capacity and require less charging time are expected to propel the growth of the electric commercial vehicle market.
Commercial Electric Vehicle Market Segmentation:
Electric commercial vehicle market is segmented on the basis of vehicle type, range, components, propulsion, and region.
On the basis of vehicle type, the market has been segmented into bus, truck and others. Bus vehicle sub segment is estimated to register the highest market growth during the forecast period. Increasing mandates to reduce fossil fuel-based public transportation system and to replace them with electric buses are expected to drive the passenger car sub segment growth.
Range segment is further classified as 0-150 miles, 151-250 miles, 251-500 miles and above 500 miles. Above 500 miles sub-segment is expected to register substantial growth rate during the forecast period, this growth is associated with the increased sale of electric bus.
The component segment is divided into electric motor, EV Battery, hydrogen fuel cell and others. EV battery sub segment is expected to lead the component segment owing to its increasing requirement in electronic buses.
Electric Commercial Vehicle market – Regional Analysis
The Asia Pacific region is expected to retain its dominance over the global electric commercial vehicle market. Growing demand for electric trucks with low operating cost and the development of sustainable, electric commercial vehicles in the region. A strong push for New Energy Vehicles (NEVs), especially in China, would impact the market growth positively, cutting down on pollution levels in urban areas. To earn international attention, further, some Chinese electric commercial vehicle companies have been exporting their automotive to developed regions, especially to the US.
High tax on batteries used in the commercial electric vehicle under the services tax practice might prove as a significant obstacle to the government’s drive to push e-truck. The government needs to invest in electric vehicle technology to help bring down the cost of batteries, encouraging the adoption of green mobility solutions.
The electric commercial vehicle market in the European region is growing at a substantial CAGR. Strict government regulations to control vehicular CO2 emissions alongside favorable incentives policies to buy commercial electric vehicles would propel the market growth in the region. Increasing focus on the development of the infrastructure required for electric commercial vehicles, such as charging stations, is expected to drive the regional market growth.
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Moreover, the lesser operating cost of electric mobility attracts users while increased discounts program and additional features or packages from manufacturers are boosting the sales of the electric commercial vehicles. Incentive policies to encourage sales in the market and stringent government policies to control vehicle emissions are major driving forces behind the market growth.
The North America electric commercial vehicle market is growing considerably. The stringent regulations enforced by the government for vehicular emission control is a key factor driving the regional market growth.
Other Related Market Research Reports:
According to the new market research report "Electric Commercial Vehicle Market by Propulsion Type, Vehicle Type, Range, Battery Type, Length of Bus, Power Output Type, Battery Capacity Type, Component Type, Autonomous Vehicles Type, and Region - Global Forecast to 2027", published by MarketsandMarkets™, The Electric Commercial Vehicle Market is projected to grow from 261 thousand units in 2020 to reach 1,890 thousand units by 2027, at a CAGR of 32.7%.Browse and in-depth TOC on "Electric Commercial Vehicle Market" 137 - Tables53 - Figures170 - Pages The growth of the Electric Commercial Vehicle Market can be attributed to the increasing focus of countries on the electrification of their public transport fleets and the increasing demand for zero-emission vehicles in the logistics sector.
Advancements in battery pack technologies and electric powertrains are some of the major factors driving the growth of the electric commercial vehicle industry.Factors such as a rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly vehicles.
It comprises some of the fastest developing and developed economies in the world, such as China, India, and Japan.
The market growth in the region can be attributed to the dominance of the Chinese market in the electric bus segment and the presence of market-leading OEMs in the country as well, resulting in the exponential growth of Electric Commercial Vehicle Market in the Asia Pacific.
The increasing demand for electric vans in the logistics sector and focus on the electrification of public transport fleet are driving the Electric Commercial Vehicle Market in Europe.
The region is a hub to major players such as AB Volvo (Sweden), VDL Bus and Coach (Netherlands), Daimler (Germany), CAF (Spain), EBUSCO (Netherlands), Scania (Sweden), and Emoss Mobile Systems (Netherlands).
