The Global Electric Commercial Vehicle market bolstering the market growth owing to emerging pollution level and depletion of oil reserves
Electric Commercial Vehicle
The Global electric commercial vehicle market will reach to 1700 thousand units at propelling CAGR by 2027. The changing environmental conditions, rising pollution level, increasing chronic diseases are occurring due to the hazardous pollution waste from the automobiles industry.
The adoption of the electric vehicle will help in transforming the environment conditions in a better way and promote greener mobility. The commercial electric vehicle is emerging in the market owing to its flexibility in transportation. It is cost-efficient as it runs on electricity rather than oil or battery. Thus, the charging cost of the vehicle is less than the vehicle operates on gasoline or oil.
Moreover, the government and other manufacturing companies are investing a considerable amount of money in manufacturing electric commercial vehicles and charging stations. The commercial electric vehicle will propel the market growth as most people use commercial vehicles for traveling a shorter distance, and it also saves money. With the adoption of an electric commercial vehicle, it will reduce both operating costs as well as pollution levels.
Propulsion typeOverview in the Global Electric Commercial Vehicle Market
Based on the propulsion type, the global electric commercial vehicle market attributed to BEV, HEV, PHEV, and FCEV. The Battery electric vehicle segment has captured the highest market value in the global electric commercial vehicle market in the forecast period from 2020-2027. The battery vehicle has an internal combustion engine, and hydrogen fuel cells used to charge the battery and cover the longest distance than ICEV vehicles.
Vehicle Type Overview in the Global Electric Commercial Vehicle Market
Based on the vehicle type, the global electric commercial vehicle market classified into Bus, Truck, and Pick-up Trucks. The bus segment has dominated the market share of the global electric commercial vehicle market. The bus is one of the most used commercial vehicles around the world as it can carry a considerable number of passengers at once and very cost-effective. Thus, the commercial electric market will propel its market growth with the adoption of electric buses as it reduces the operational cost and minimizes the pollution caused by gasoline.
RangeOverview in the Global Electric Commercial Vehicle Market
Based on the Range, the global electric commercial vehicle segmented into 0-150 Miles, 151-250 Miles, 251-500 Miles, and 500 Miles & Above. The range between the 151-250 miles segment has captured the largest market share in the global electric commercial vehicle market. It is mainly due to the charging of the bus at once can cover the distance up to 250 miles.
Component Overview in the Global Electric Commercial Vehicle Market
Based on the component, the global electric commercial vehicle classified into Electric Motor, EV Battery, and Hydrogen Fuel Cell. The electric motor has dominated the market share of the global electric commercial vehicle market. It is mainly owing to the ease of operation of the vehicle, less maintenance cost, flexibility in transportation, and zero carbon emission properties that are spurring the market value of the electric motor in the global electric commercial vehicle market.
Region Overview in the Global Electric Commercial Vehicle Market
Based on geography, the global electric commercial vehicle market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific region will be expecting to witness the highest growth during the forecast period from 2020-2027. It is Owing to rising disposable income, adoption of an electric vehicle, installation of the electrical station, and investment in the manufacturing of electric vehicles are fueling the market share of the electric commercial vehicle in the Asia Pacific region.
Global Electric Commercial Vehicle Market:Competitive Landscape
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