According to Market Research Future (MRFR)’s report, the global electric commercial vehicle industry has been forecasted to scale a healthy CAGR over the forecast period 2018 to 2023. The growth of the market is expected to be in line with the groundbreaking emission-free innovations. Electric cars are being widely adopted as a countermeasure to increasing carbon footprints.
Governments are working in order to curb carbon emissions from vehicles. Supportive laws are being enforced for the same, which is poised to catapult the electric commercial vehicle market on upward trajectory. Also, the shifts in the fueling infrastructure are prognosticated to favor the expansion of the market over the next couple of years.
The expansion of the transportation industry is supporting the proliferation of the electric commercial vehicle market. It is anticipated to exhibit similar traits through the assessment period. In addition, the efforts directed at the establishment of cost-effective charging facilities in conjunction with industry-leading charging technology innovations are forecasted to drive market growth in the upcoming years.
Investments are being made towards the development of efficient battery technologies which is likely to augment the global electric commercial vehicle market in the years to come. Also, increasing penetration of logistics industry coupled with rising fuel prices is expected to have a favorable impact on the expansion of the market. On the contrary, limited battery power and long charging durations remain impediments to market growth.
Market Segmentation:
By vehicle type, the global electric commercial vehicle market has been segmented into bus, trucks, and others.
By component, the electric commercial vehicle market has been segmented into electric motor, EV battery, hydrogen fuel cell, and others.
By propulsion, the global electric commercial vehicle market has been segmented into battery electric vehicle, hybrid electric vehicle, plug in hybrid electric vehicle, and fuel cell electric vehicle
By range, the electric commercial vehicle market has been segmented into 0-150 miles, 151-250 miles, 251-500 miles, and above 500 miles.
Regional Analysis:
By region, the global electric commercial vehicle market has been segmented into four major regions-North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is, at present, dominating the growth pattern of the market. China is undergoing the worst problem of pollution in the world. This, in turn, is motivating the growth of the electric commercial vehicle market in the region. Furthermore, the strengthening economic condition of the region is projected to catalyze the growth of the market in the region.
Competitive Dashboard:
The noted players of the global electric commercial vehicle market profiled in this MRFR report are Tesla (US), BYD (China), Nissan (Japan), Daimler (Germany), LG Chem (South Korea), Proterra (US), Zhongtong Bus Holding Co., Ltd (China), Panasonic (Japan), ABB (Switzerland), Delphi (US), Continental (Germany), Mitsubishi Electric (Japan), Siemens(Germany), Toshiba (Japan), and Ballard Power Systems (Canada).
Industry News:
In April 2019, China's highest profile car maker, Geely, which has investments in Volvo and Daimler, has announced the launch of ‘Geometry’ – a premium all-electric car brand.
In April 2019, BYD, China-based automobile manufacturer, has announced the introduction of the world’s longest pure electric bus K12A at Shenzhen. The bus has a passenger capacity of 250 people and can travel at a maximum speed of 70 kmph.
In April 2019, LDV Group Limited, an English van manufacturer, has announced the launch of a new small electric van at CV show 2019. The van has a range of 120-mile on a single charge. It is the first pure electric van by LDV manufactured and designed for the U.K. market and will be up for sale in 2020.
