Europe Electric Commercial Vehicle Market to Grow at a CAGR of 25.12% through until 2027
Increasing
penetration of electric commercial vehicle manufacturers & sustained focus
of the government on adoption of green vehicles will lead to the growth of electric
commercial vehicles in the forecasted period.
According
to TechSci Research report, “Europe
Electric Commercial Vehicle Market- By Country, Competition Forecast and
Opportunities, 2017-2027”, Europe electric
commercial vehicle market is anticipated to grow at a CAGR of 25.12% in terms
of value, during the forecast period, owing to the increased rate of EV
adoption by commercial fleet management companies and growing government focus
on the implementation of electric buses. Europe electric commercial vehicle
market stood at around 88,950 units in the year 2021. France, being the largest
electric commercial vehicle market in Europe, is expected to grow at a CAGR of
23.11% in the forecast period in terms of volume. Moreover, several public and
private initiatives are expanding the charging infrastructure in the region.
Additional benefits are provided to the EV drivers like preferential parking
permits and ability to drive in bus and taxi lanes and subsidies in purchase
tax, VAT, toll road charges, registration tax, and annual circulation tax
giving a point of affordability to consumers and hence, sustained growth is
expected in the region.
Browse
over 47 market data Figures and spread through 90 Pages and an in-depth TOC on"Europe Electric Commercial Vehicle Market"
Europe
electric commercial vehicle market is classified based on propulsion type,
vehicle type, range, and country. Based on propulsion type, the market is
segmented into BEVs, HEVs, PHEVs, and FCEVs. Hybrid electric vehicles (HEVs)
currently constitute a majority of the market because they are relatively
inexpensive and provide better range/autonomy. However, the popularity of
battery electric vehicles is steadily increasing due to their lower ownership
costs and reliability, low maintenance, and easier & faster charging and
hence are expected to witness robust growth in upcoming years.
In
terms of vehicle type, electric commercial vehicles are distinguished into
three categories buses, trucks & light commercial vehicles (LCVs). On the
basis of purpose and variety of utility, the market is majorly contributed by
pick-up trucks. However, the penetration of electric buses & trucks is
increasing and is expected to continue to grow the market sustainably.
Based
on range, the market is segmented among vehicles with range/autonomy of up to
150 miles, 151-250 miles, 251-500 miles, and 501 miles & above. Vehicles
with a range of up to 150 miles contribute most of the market, but as
manufacturers are developing economical batteries with better capacities,
vehicles with a higher range will be growing the market in the next five years.
Download Sample Report
Customers can also request
for 10% free customization on this report.
A
major contribution to an EV’s cost is electric motors, EV batteries or a
hydrogen fuel cell. EV batteries constitute a great cost investment and are
driven by huge sales of battery-operated vehicles; the demand is currently
dominated by batteries in an electric vehicle. However, owing to intensive
research & developments, battery costs are contracting year-on-year, and
with increased implementation of performance-oriented motors in EVs, price is
sustainably expected to decrease in the forecast years and hence, give positive
rise to the electric commercial vehicles market in Europe.
In
addition to that, the market is distributed into France, Germany, United
Kingdom, Spain, Italy, Norway, Netherlands, Sweden, Belgium, and Poland.
Majority of electric commercial vehicle demand comes from France, Germany &
United Kingdom and will witness a growth of 23.11%, 20.69%, and 23.61% CAGRs,
respectively, in the next five years in terms of volume and will drive the overall
market in the forecast period.
Due
to the implementation of lockdown to prevent the COVID-19 pandemic in the year
2020, sales of all vehicles were halted and also affected consumer spending.
Nevertheless, in most of the regions across Europe, the market rapidly
recovered at the end of the third quarter of 2020.
Key
market players in the Europe electric commercial vehicle market include:
- Renault–Nissan–Mitsubishi Alliance
- Peugeot S.A.
- Ford Motors Corporation
- Toyota Motor Corporation
- Hyundai Kia Automotive Group
- Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF)
- BYD Auto Co. Ltd.
- AB Volvo
- Man SE
- Solaris Bus & Coach sp. z o.o
Renault–Nissan–Mitsubishi
Alliance currently dominates with two-digit shares in Europe electric
commercial vehicle market. Other market players include Peugeot S.A., Ford
Motors Corporation, Toyota Motor Corporation, Hyundai Kia Automotive Group,
Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF), BYD Auto Co. Ltd., AB
Volvo, Man SE, Solaris Bus & Coach sp. z o.o, etc. which will contribute
growth to the market in the forecast period.
Renault–Nissan–Mitsubishi
Alliance dominated the market in the year 2021 due to its remarkable dealership
network, which offers a wide range of economical yet qualitative products with
adaptive technological demands of their customers as well as withstanding
government’s safety and emission norms. The demand for commercial electric
vehicles is anticipated to increase in the coming years on account of increased
spending of fleet management companies on economic electric vehicles and the
growing government’s initiatives to promote electric vehicles will tend to grow
the market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Europe Electric Commercial Vehicle Market, By
Propulsion Type (BEV, HEV, PHEV and FCEV), By Vehicle Type (Bus, Truck, and LCV),
By Range (0-150 Miles, 151-250 Miles, 251-500 Miles and 501 Miles & Above),
By Country (France, Germany, United Kingdom, Norway, Netherlands, Italy, Spain,
Sweden, Poland, and Belgium), By Company and By Country, Forecast and
Opportunities, 2017-2027”, has evaluated the future growth potential of Europe electric
commercial vehicle market and provides statistics & 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 Europe electric commercial
vehicle market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Web:
https://www.techsciresearch.com