The global electric commercial vehicle market is probable to reach a substantial valuation by a remarkable CAGR by the end of the foretell period 2023, asserts Market Research Future (MRFR) in its extensive report. The study offers an in-depth summary of the electric commercial vehicle market, such as industry trend and analysis, competitive circumstances, and recent development in the market. It also offers a detailed portrayal of the scope and research methodology, which includes drivers, restraints, and its impact on the market, is provided.
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Market Drivers & Challenges
The rising awareness of environment-friendly vehicles has led to the development of fuel-efficient and emission-free vehicles at present. The commercial electric vehicles are becoming a mounting option as it provides reduced maintenance cost, and projects a greener technology to consumers as compared to other conventional options. Even the countries, all across the world are reducing the vehicular carbon emission by promoting electric vehicle and creating a necessary infrastructure to make these vehicles cost-effective and readily available. These factors are substantially contributing to the market’s growth with a higher valuation.
At the same time, the well-known market players are incessantly productive to develop low-cost, fast-charging battery technologies that could support long-range use looked set to yield promising results. Therefore, the varying consumer preference to adapt commercial electric vehicle in recent years has been a significant factor to the escalating demand of commercial electric vehicle in various regions.
As an add-on, the continuous development in technology, and the necessary infrastructure associated with the electric vehicle to make these vehicles cost-effective and readily available have also been contributing to the market’s growth. On the other side, the rising government subsidies and incentive programs to motivate the adoption of commercial electric vehicles along with the mounting demand from logistics industry to minimize the additional liability of fuel expense are also highly anticipated to drive the growth of commercial electric vehicle market.
Furthermore, the growth is further attributed to the recent research activities for developing various types of battery packs for EVs, which have elevated power storage capacity and require less charging time. On the flip side, the factor like intense lobbying of oil companies against EV, limited battery power, and longer charging duration may obstruct the market growth during the forecast period.
The outstanding players actively contributing to the global electric commercial vehicle market are listed as Proterra (US), Nissan (Japan), BYD (China), Daimler (Germany), Tesla (US), LG Chem (South Korea), Zhongtong Bus Holding Co., Ltd (China), Ballard Power Systems (Canada),and Panasonic (Japan). Among these, more players such as ABB (Switzerland), Continental (Germany), Delphi (US), Mitsubishi Electric (Japan), Toshiba (Japan), Siemens(Germany) are also equally contributing to the market’s growth during the growth period.
The world of the electric commercial vehicle market is segmented by vehicle type, propulsion, components, and range.
The vehicle type segment includes bus, trucks and others.
In terms of component: Electric motor, EV battery, hydrogen fuel cell, and more are the segments.
Propulsion segment is also classified among battery electric vehicle, hybrid electric vehicle, plug-in a hybrid electric vehicle, and fuel cell electric vehicle.
The range segment is categorized among 0-150 miles, 151-250 miles, 251-500 miles, and above 500 miles.
Geographically, the global commercial electric vehicle market, is studied among the four major regions of Europe, North America, Asia-Pacific, and the Rest of the World.
Among these, the Asia-Pacific region is expected to lead the market growth during the forecast period. China has the world’s worst pollution problem and to deal with that they are electrifying their fleets by imposing government mandates to curb urban pollution with the help of using emission-free vehicles. Also, the generous subsidies and tight regulations are the primary reasons behind China’s leading positions in the commercial electric vehicle market. Furthermore, escalating activities to generate awareness about the benefit connected with the commercial electric vehicle by governments all over the Asia-Pacific region are likely to drive the market during the forecast period.
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Table Of Contents
1. Executive Summary
2. Scope Of The Report
2.1. Market Definition
2.2. Scope Of The Study
2.2.2. Research Objective
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
3. Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat Of New Entrants
3.1.2. Bargaining Power Of Buyers
3.1.3. Threat Of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power Of Buyers
3.2. Value Chain/Supply Chain Analysis
3.3. Technology Trends
3.4. Patent Trends
3.5. Regulatory Landscape
4. Market Dynamics
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
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