Electric Commercial Vehicle Market to register a CAGR of 19.43% until 2027
Increase in environmental concerns, supportive
government policies and regulations regarding EV adoption along with subsidies,
decreasing battery prices, and advancement in charging technologies will lead
to the growth of electric commercial vehicle all over the world during the
forecast period.
According to TechSci Research report, “Electric Commercial Vehicle Market- Global Industry Size By Vehicle Type, By
Propulsion Type, By Range, By Region, Competition, Forecast & Opportunities, 2017-2027F”, Global electric commercial vehicle market is anticipated
to grow at a robust growth rate of 19.43% during the forecasting period, owing to
sustainable government regulations. China, being the largest electric
commercial vehicle producer and market in the world, it is expected to grow at
a CAGR of 13.52% during the forecast period. According to the Government of
China, it is planning to improve the productivity of electric commercial
vehicles. China, which is the world's largest producer and consumer of electric
commercial vehicles, has a dominance in the EV market. Their government has
taken initiative, including providing subsidies for EV buyers, enacting laws
requiring all automakers to produce EVs in proportion to the volume of vehicles
they produce, providing significant funding for the installation of EV charging
stations throughout major cities, and enacting regulations against excessively
polluting vehicles. The EV market has also been expanding in Japan and South
Korea. Their governments installed EV charging stations, created pollution
standards, established deadlines for switching from ICE vehicles to full or
hybrid EVs, and other measures to assist the growth of EV demand. India is
striving to enhance its EV market demand.
Global electric commercial vehicle market is classified
based on vehicle type, propulsion type, range, and region. Based on propulsion
type the market is segmented into hybrid electric vehicle, battery electric
commercial vehicle, plug-in hybrid electric commercial vehicle, fuel cell electric
commercial vehicle. Based on vehicle type, the market is segmented into light
commercial vehicles and bus and trucks. Increase in demand for electric light
commercial vehicles is attributed to the increasing deployment for these
vehicles in logistic services.
Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on "Electric Commercial Vehicle Market"
In terms of propulsion type, FCEV
has the fastest growing segment during the forecast period. In the
forecasted period, the hybrid electric vehicle segment will account for
the highest volume of the market. During the forecast period, the battery
electric commercial vehicle market is anticipated to register a CAGR of 18.94%.
The expansion of the hybrid vehicle market can be ascribed to ongoing
technological advancements that have improved fuel economy and decreased
emissions.
On the basis of range, market is
segmented among 0-150 miles, 151-250 miles, 251-500 miles, and 500 miles & above.
The widespread usage of electric trucks and buses, particularly for
applications in public transportation and freight services, is primarily
responsible for this market segment's rapid expansion. A wide range of EVs,
including light commercial vehicles such as vans, pickup trucks, and utility
vehicles, have range between 151-250 Miles. The surge in fuel prices and
government measures to reduce fleet emissions of buses and vehicles are driving
the use of such EVs.
Asia-Pacific is the largest
region for electric commercial vehicles owing to high adoption of electric
vehicles in China. China accounted for largest market share in 2021 in
Asia-Pacific, with 50% of global sales, China has become the world's largest
market for electric commercial vehicles owing to subsidies on their purchase.
Due to the implementation of
lockdown to prevent COVID-19 pandemic, sales of electric commercial vehicles in
the end of first quarter of 2020 and substantially in second quarter fell in
most of the countries affecting current year’s performance. Nevertheless, in
most of the regions across the globe, the market rapidly recovered at the end
of second quarter and became wholesome in the third quarter. Hence, giving
positive outlook to the market forecast of year 2022.
Major players operating in global
electric commercial vehicle market are BYD Auto Co., Ltd., The General Motors
Company, Tesla, Inc., SAIC Motor Corp., Ltd., Nikola Motor Co., Rivian, Volvo
Trucks, Renault–Nissan–Mitsubishi Alliance, Ford Motors Corporation, and Toyota
Motor Corporation. Players are developing advanced technologies to stay
competitive in the market and enhancing their product portfolio in the regions
to increase their customer outreach.
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SAIC Motor Corp., Ltd. 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 norms. The demand for electric
commercial vehicles is anticipated to increase globally in the coming years, on
account of growing e-commerce delivery services and the increasing need for
greater fuel-efficient vehicles.”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Global Electric Commercial Vehicle Segmented By Vehicle Type (Light Commercial
Vehicle, Bus, Truck), By Propulsion Type
(Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric
Vehicle, Fuel Cell Electric Vehicle, By Range (0-150 Miles, 151-250 Miles,
251-500 Miles, 500 Miles & Above), By Region, Competition, Forecast & Opportunities, 2017-2027F,” has
evaluated the future growth potential of global 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 Global Electric Commercial Vehicle Market.
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