- Rising incentive programs to encourage adoption of electric commercial vehicles are expected to drive the growth.
- The presence of very few supportive charging stations in underdeveloped and developing regions are expected to hamper market growth.
- The Asia Pacific region is expected to retain its dominance over the global electric commercial vehicle market.
Electric Commercial Vehicle market is expected to progress with the substantial CAGR during the period, 2018 to 2023. Global Electric Commercial Vehicle market: Information by Vehicle Type, Component, Propulsion, Range, Region Forecast Till 2023
The prominent players in the electric commercial vehicle market include Tesla (US), Nissan (Japan), BYD (China), Daimler (Germany), Proterra (US), LG Chem (South Korea), Zhongtong Bus Holding Co., Ltd (China) and Panasonic (Japan). Mitsubishi Electric (Japan), Toshiba (Japan), Ballard Power Systems (Canada), Delphi (US), ABB (Switzerland), Continental (Germany), Siemens(Germany) are among others.
Electric Commercial Vehicle Market Overview:
Conventional gasoline fuels are causing severe environmental damages, manufacturers from the automotive sector are continuously working to reduce dependency on fossil fuels and produce more efficient environment-friendly transportation system. Electric vehicles manufacturers are continually working to improve their drawbacks such as high cost, limited range, performance issues, long charge time, and a dearth of charging stations in order to compete with conventional vehicle manufacturers. Automotive giants like Tesla and Volvo are offering more affordable options to the consumer, altering public perception of commercial electric vehicles.
Rising incentive programs to encourage adoption of electric commercial vehicles, increasing awareness about the use of energy efficient transportation systems, and increasing demand from logistics industry to reduce the fuel expense are expected to drive the growth of commercial electric vehicle market. Various research activities for developing various types of battery packs for EVs, which have high power storage capacity, require less charging time and increasing battery capacity, which will enable electric commercial vehicle to carry heavy loads over longer range are going on to provide the efficient alternative to conventional vehicle system. However, the presence of very few supportive charging stations in underdeveloped and developing regions are expected to hamper the growth of commercial electric vehicle market during the forecast period.
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Global Electric Commercial Vehicle Market Segmentation:
The report is segmented into five key market dynamics to widen the scope of understanding,
- By Vehicle Type : Bus and Truck, among others.
- By Component : Electric Motor, Electric Vehicle Battery, and Hydrogen Fuel Cell, among others.
- By Propulsion: Hybrid Electric Vehicle (HEV), Battery Electric Vehicle (BEV), Plug-in-Hybrid (PHEV) Electric Vehicle, and Fuel Cell Electric Vehicle (FCEV), among others.
- By Range: 0-150 miles, 151-250 miles, 251-500 miles, and above 500 miles.
- By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World.
Electric Commercial Vehicle market – Regional Analysis
The Asia Pacific region is expected to retain its dominance over the global electric commercial vehicle market. Growing demand for electric trucks with low operating cost and the development of sustainable, electric commercial vehicles in the region. A strong push for New Energy Vehicles (NEVs), especially in China, would impact the market growth positively, cutting down on pollution levels in urban areas. To earn international attention, further, some Chinese electric commercial vehicle companies have been exporting their automotive to developed regions, especially to the US.
High tax on batteries used in the commercial electric vehicle under the services tax practice might prove as a significant obstacle to the government’s drive to push e-truck. The government needs to invest in electric vehicle technology to help bring down the cost of batteries, encouraging the adoption of green mobility solutions.
The electric commercial vehicle market in the European region is growing at a substantial CAGR. Strict government regulations to control vehicular CO2 emissions alongside favorable incentives policies to buy commercial electric vehicles would propel the market growth in the region. Increasing focus on the development of the infrastructure required for electric commercial vehicles, such as charging stations, is expected to drive the regional market growth.
Moreover, the lesser operating cost of electric mobility attracts users while increased discounts program and additional features or packages from manufacturers are boosting the sales of the electric commercial vehicles. Incentive policies to encourage sales in the market and stringent government policies to control vehicle emissions are major driving forces behind the market growth.