Electric & Hybrid Multi-Purpose Vehicle Market to Grow at a CAGR of 10.72% by 2026
Owing to rapid adoption of
EVs by fleet owners due to lower ownership costs and various tax exemptions, the
global electric & hybrid multi-purpose vehicle market is expected to
register a robust growth in the forecast period.
According
to TechSci Research report, “Global Electric
& Hybrid Multi-Purpose Vehicle Market By Tonnage Capacity (Up to 3.5
Ton & Above 3.5 Ton), By Fuel Type (Hybrid and Electric), By End Use
(Personal & Commercial), By Region (Asia-Pacific, North America and
Europe), Competition, Forecast & Opportunities, 2026”, Global
electric & hybrid multi-purpose vehicle market is estimated to reach 779.45
thousand units by 2026. According to a report published
by the European Federation for Transport and Environment AISBL, the European
Environment Agency estimates that road transport contributes to about 70% of
nitrogen dioxide (NO2) and about 30% of particulate matter (PM). It is
estimated that around 7% of the EU urban population is exposed to NO2 levels
above the EU/WHO limit value and that more than three-quarters of the urban
population is exposed to PM 2.5 levels exceeding the WHO guideline value. This
is a growing concern for all governments across the globe. Therefore, the governments
are actively involved in launching various incentive policies and tax rebates for
electric vehicle purchasers to promote green vehicle technology. The Electric
Vehicles Initiative (EVI) is a multi-government policy forum dedicated to
accelerating the introduction and adoption of electric vehicles worldwide. Fifteen
countries that are currently participating in EVI include: Canada, Chile,
China, Finland, France, Germany, India, Japan, the Netherlands, New Zealand,
Norway, Poland, Portugal, Sweden, and the United Kingdom. Moreover, with expansion
of EV charging infrastructure and lowered costs of EV batteries and other
components, various fleet owners and radio cab & taxi owners are actively
adopting electric & hybrid multi-purpose vehicles across the globe.
Numerous well-known companies and start-up companies are investing in electric
vehicle technologies and manufacturers are also involved in launching of
technologically advanced vehicle models, aiding the growth of electric &
hybrid multi-purpose vehicles along the course of the next five years.
Browse more than 78 market data Figures spread through 110 Pages and an
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According to the Office of Energy Efficiency & Renewable Energy, there
are two basic types of EVs: all-electric vehicles (AEVs) and plug-in hybrid
electric vehicles (PHEVs). AEVs include Battery Electric Vehicles (BEVs) and
Fuel Cell Electric Vehicles (FCEVs). PHEVs run on electricity for shorter
ranges (6 to 40 miles), then switch over to an internal combustion engine
running on gasoline when the battery is depleted. The flexibility of PHEVs
allows drivers to use electricity as often as possible while also being able to
fuel up with gasoline if needed.
Global electric & hybrid multi-purpose vehicle market can be
segmented based on tonnage capacity, fuel type, end use, region and company. On
the basis of tonnage capacity, the market is segmented among vehicles with
engine capacity of up to 3.5 tones and above 3.5 tones. Due to the perception
of MPVs as lighter usage than minibuses or vans, vehicles of capacity up to 3.5
tones are more popular among customers. Based on fuel type, the market is
segmented among hybrid vehicles and electric vehicles. Since electric vehicle
charging infrastructure is still in its budding stage, the adoption of electric
vehicles is still overseen by hybrid vehicles with better running range and
performance. In terms of end use, customers have better charging convenience at
their homes as compared to public charging stations for commercial purposes.
Therefore, when end use is concerned, personal users are dominating the market
currently. However, with rapid adoption of EVs & hybrid vehicles by radio
cab & taxi owners and other small & medium enterprises, commercial end
use is also gaining shares. Moreover, the market is segmented across the
geographical regions of Asia-Pacific, North America, and Europe. Asia-Pacific being
a group of developing nations and home to several EV manufacturing companies
like Toyota and Honda, accumulates a majority of the demand for electric &
hybrid multi-purpose vehicles.
In
the year 2020, to prevent the spread of COVID-19, the governments implemented
lockdown which impacted the supply chain, international trade, production as
well as sales. According to TechSci Research’s estimates, the market suffered a
decline of 13.32% in terms of volume. Globally, the aggregate investment
contracted massively at the time of lockdown, overall production declined, and imports
of goods and services witnessed a robust descent impacting the economy as well
as people purchasing power negatively in 2020. This decline left a remarkable
depreciation in the electric & hybrid vehicle market across most countries;
however, it is currently reviving and is set to overcome the descent in the 2021-2022
period owing to the government’s stimulus for economy revival and unlocking
international trades and investments. On the other hand, due to succumbed
growth in ICE vehicles, in various countries like China, Canada, United
Kingdom, Germany, etc., electric vehicles witnessed a massive growth in the
year 2020.
Toyota Motor Corporation, Renault-Nissan Alliance, Honda Motor Company,
Ltd., Stellantis N.V. (Citroen), Mercedes-Benz AG etc. are some of the leading
players operating in the global electric & hybrid multi-purpose vehicle
market. Apart from these flagship companies, many startup companies are also
increasing their footprint in the global electric & hybrid multi-purpose
vehicle market by pushing their low-cost products blended with ease of
availability.
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“Owing to various incentive schemes launched by the governments and development
of EV charging infrastructure, the growth of global electric & hybrid
multi-purpose vehicle market is accelerating. Also, increasing global EV brands’
market penetration and expansion of manufacturing capabilities are further
expected to back the growth of the global electric & hybrid multi-purpose
vehicle market in future years”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Electric & Hybrid Multi-Purpose Vehicle
Market By Tonnage Capacity (Up to 3.5 Ton & Above 3.5 Ton), By Fuel Type
(Hybrid and Electric), By End Use (Personal & Commercial), By Region
(Asia-Pacific, North America and Europe), Competition, Forecast &
Opportunities, 2026” has
evaluated the future growth potential of the global electric & hybrid
multi-purpose vehicle market and provides statistics and information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global
electric & hybrid multi-purpose vehicle market.
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