India Electric Commercial Vehicle Market is Growing Due to E-commerce and Logistics Industry

Rising focus on reduction in carbon emission, government initiatives and policies, and low operational and maintenance costs are driving the growth of India Electric Commercial Vehicle market.

According to the TechSci Research report, "India Electric Commercial Vehicle Market - By Region, Competition, Opportunity and Forecast, 2019-2029F", the market is anticipated to grow with the rapid CAGR in the upcoming years.

Due to growing public awareness of the risks to the environment and the harm that traditional petrol and diesel vehicles cause to the ecosystem, the market for electric commercial vehicles is growing fast. Commercial vehicles that run on electricity rather than petrol, crude oil, diesel or other by products, are the most popular on the market. Electric commercial vehicles will become increasingly common in the E- commerce and logistic companies E-commerce companies have embraced electrification in a big way, and a lot of logistics players have completely electrified fleets for the first and last mile. Many businesses are under pressure to go green, which is driving electrification in the small and light commercial segments.

The zero-emission strategy is growing the demand for commercial electric vehicles, and the government has already begun the green push by authorising electric garbage dumping trucks and intercity electric buses. The rising importance of environmental, social, and governance framework (ESG) is a critical cause for the commercial transportation industry's increased interest and investment in electrification. Managing environmental, social, and governance (ESG) issues is critical for automakers today. As a result, tiny and light CVs are developing as a sweet spot for operations. Furthermore, rising fuel costs are resulting in a large price gap with power rates. The government has set a target of electrifying 30% of the country's vehicle fleet by 2030 and has implemented several incentives and regulations to encourage the growth of the EV industry. The Union budget for FY24 has provided a significant boost to the sector in terms of electric car manufacturing, hydrogen acceptance, and emerging technology.

The adoption of electric vehicles is being driven by significant growth in industries such as logistics and supply chain organisations. Furthermore, the country's tough pollution restrictions are pressing many firms to electrify their automobiles, moving the market forward. Meanwhile, low-emission zones are forcing fleets to use cleaner diesel trucks. The market is booming because of the developments in battery technology and the extensive use of cutting-edge technologies such as ADAS, AI, IoT, and others in offering the most up-to-date features in their goods. Major firms make investments to boost OEM competition and market expansion. Players are also working together to develop new goods and infrastructure for electric commercial vehicles.

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The India Electric Commercial Vehicle market can be segmented by vehicle type, by propulsion type, by battery capacity, by end user and by region. By vehicle type, the market is segmented into Light Commercial Vehicle (LCV) and Heavy Commercial Vehicle (HCV). Due to increased demand for electric light commercial vehicles in the logistics industry, it is anticipated to grow at a significantly quick CAGR over the forecast period. Fuel price increases prompted logistics organisations to utilise electric vehicles to save transportation costs. Based on the Propulsion type, the market is divided in four categories Battery electric vehicle (BEV), Plug-in Hybrid Vehicle (PHEV), and Fuel cell electric vehicle (FCEV). Based on Battery capacity, the market is segmented into <50kwh, 50-150 kwh, >150kwh. Based on the end user, the market is divided into Logistics and Last Mile Delivery. Due to the increase in online selling and the quick growth of e-commerce, the last-mile delivery segment is predicted to grow at a considerably rapid CAGR throughout the forecast period.

Some of the major players operating in the India Electric Commercial Vehicle Market include:

·         Tata Motors Limited

·         PMI Electro Mobility

·         Olectra GreenTech

·         JBM Motor Limited

·         Ashok Leyland Ltd.

·         Infraprime Logistics Technologies Pvt Ltd.

·         Mahindra & Mahindra Limited.

·         Eicher Motors Limited

·         Omega Seiki Mobility Limited

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“With the increasing expansion of the E-commerce and logistics industry, this industry is adopting electric commercial vehicles for their supply chain & distribution, thereby increasing the Electric commercial vehicle market. Also with the environmental concerns, the government is promoting electric commercial vehicle adoption in the daily commute. Furthermore, many players are heavily investing in the electric vehicle ecosystem to have a competitive edge over others. Considering all the above factors, the India Electric Commercial Vehicle market have the potential to thrive in the upcoming years." Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“India Electric Commercial Vehicle Market by Vehicle type (Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Buses) By Propulsion Type (Battery Electric Vehicle (BEV), Plug in Hybrid Vehicle (PHEV)), Fuel Cell Electric Vehicle (FCEV)), By Battery Capacity (<50kwh, 50-150 kwh,>150kwh), By End User (Logistics, Last mile Delivery), By Region Competition Forecast & Opportunities, 2019- 2029F”, has evaluated the future growth potential of India 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 the India Electric Commercial Vehicle Market.