Electric Commercial Vehicle Market

Market Research Future (MRFR), in its newly published research report, asserts that the global electric commercial vehicle market is booming and expected to grow exponentially over the review period, recording a substantial market valuation and a healthy CAGR in the forecast period.

Drivers and Restraints

The demand for commercial electric vehicles such as electric trucks in the logistics industry to reduce fuel expenses is already on its peak. Companies are working to improve EV battery capacity and enable the electric commercial vehicle to transport substantial loads over a more extended range. The growing demand for emission-free cars is expected to fuel market growth. Governments are promoting the usage of energy-efficient and less fossil dependent road transport system. Several countries are planning to ban the production of fossil fuel-powered vehicles. Continuous rise in awareness about the use of renewable transportation options; hence its shift from diesel to electric is likely to be happening faster. In recent times organizations are developing vehicles capable of operating on renewable sources within the spectrum of green transport. Efforts for technological improvements and innovation in transportation have been intensified, and fleets of vehicles using renewable sources are the new trend for public authorities, non-profit organizations and many private companies promoting sustainable development. On the other hand, limited battery power and longer charging duration are expected to limit the electric commercial vehicle market growth.

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Segmental Analysis

The global market for electric commercial vehicles has been segmented on the basis of propulsion type, vehicle type, range, and components.

Based on the propulsion type, the market has been segmented into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), and Fuel cell Electric Vehicle (FCEV).

Based on the vehicle type, the electric commercial market has been segmented into bus, truck, and others.

Based on the range, the market has been segmented into 0-150 miles, 251-500 miles, 151-250 miles, and above 500 miles.

Based on the components, the market has been segmented into electric motors, hydrogen fuel cells, EV battery, and others.

Regional Analysis

The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, and the Middle East, and Africa).

Among these, the Asia-pacific region is projected to dominate the market during the forecast period, followed by Europe and North America. Growing investment in the development of charging infrastructure and increasing initiatives to create awareness about the benefit associated with a commercial electric vehicle in countries like Japan, China, and South Korea are expected to fuel the electric commercial vehicle market growth in the Asia-Pacific region. China is expected to drive the electric commercial vehicle market Asia-Pacific region owing to the government policies to restrict urban pollution and the improved engagement of OEMs to develop electric commercial vehicles.

Europe is expected to account for a substantial market share during the forecast period. Increasing concentration on the development of the needed infrastructure, such as charging stations, is slated to fuel the electric commercial vehicle market in Europe over the foreseeable future.

The electric commercial vehicle market in the North America region is driven by the strict rules and regulations implemented by the government for vehicular emission control. The electric commercial vehicle market in the Rest of the World region is primarily driven by the increase in the purchasing power of consumers and the expected growth in electric vehicle charging infrastructure throughout the region.

Competitive Analysis

The major market players operating in the global market as identified by MRFR are Nissan (Japan), Tesla (US), BYD (China), Proterra (US), LG Chem (South Korea), Zhongtong Bus Holding Co., Ltd (China) and Panasonic (Japan), Ballard Power Systems (Canada), Delphi (US), ABB (Switzerland), Continental (Germany), Siemens(Germany), Mitsubishi Electric (Japan), Daimler (Germany),Toshiba (Japan), among others.