Global Market Electric Commercial Vehicle is USD 710.2 Billion during the Forecast Period 2021-2027

Posted October 5, 2021 by industryno1

VynZ Research is a global market intelligence company providing research reports.

The global electric commercial vehicle market is expected to witness a CAGR of 22% during the forecast period. The rising demand for transportation facilities in e-commerce, logistics, and public transportation is anticipated to drive the electric commercial vehicle market. Electric commercial vehicles provide electricity that is eco-friendly, quiet, and efficient than combustion engine vehicles. The various countries and organizations are implementing various proposals to diminish carbon footprint and pollution that leads to the development and manufacturing of electric vehicles and batteries, resulting in the growth of the electric commercial vehicle market during the projected period.

Moreover, electric commercial vehicles are driving smart cities proposals and shifting rural areas to semi-urban areas by using sustainable solutions like clean energy, smart buildings, smart vehicles, and others which will bolster the growth of the electric commercial vehicle market. In addition, the increasing consumer awareness about the low maintenance and operational cost of these vehicles will propel the growth of the electric commercial vehicle market further. Nevertheless, the development in battery technology and the adoption of the latest technologies such as ADAS, AI, IoT, etc, will create opportunities for the market's growth.

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The COVID-19 pandemic has brought many challenges to the automobile industry. The strict lockdown has limited the sale of vehicles globally and has disrupted the supply chain. It is anticipated that the industry will start picking its pace during the forecast period as the companies are gaining momentum by economic growth. There is a growth in many sectors such as logistics and supply chain industries resulting in the use of electric vehicles in emerging economies.

Browse 114 market data Tables and 60 Figures spread through 236 Pages and in-depth TOC on " Electric Commercial Vehicle Market by Component (Electric Motor, Hydrogen Fuel Cell, and EV Battery), by Range 0-150 Miles, 151-300 Miles, and 300 Miles & Above), by Propulsion Type (Battery, Plug-in Hybrid, Hybrid and Fuel Cell), by Power Output (Less than 100KW, 100-250KW, and Above 250 KW), by Vehicle Type (Electric Bus, Electric Van, Electric Trucks, and Electric Pick-up Trucks), by Cell Format (Pouch, Prismatic, and Round), by Battery Type (Lithium-iron-phosphate (LFP), Lithium-nickel-manganese-cobalt oxide (NMC), and others), by Battery Capacity (Less than 50kWh, 50-250 kWh, and Above 250kWh), and by Application (Last-Mile Delivery, Distribution Services, Field Service, Refuse Service, and Long Haul Transportation), and Region - Global Forecast to 2027"

Based on the vehicle type, the electric commercial vehicle market is segregated into the electric bus, electric van, electric trucks, and electric pick-up trucks. The electric van is expected to have the fastest growth during the forecast period as there is a rising demand for electric vans in the logistics sector and e-commerce sector. Thus, electric vans have a substantial impact on the electric commercial vehicle market owing to their availability for small range transportation, less maintenance cost, and running cost, and government assistance will propel the growth of the electric commercial vehicle market.

Geographically, APAC has the largest electric commercial vehicle market owing to favorable government incentives and subsidies, mandatory emission norms, and fuel-based vehicle replacement targets are the key drivers for the growth in demand for the electric commercial vehicle market. Moreover, the manufacturers are investing heavily in the advancement of electric commercial vehicles, thus driving the growth of the electric commercial vehicle market during the forecast period.

Some of the major players in the global electric commercial vehicle market include Tesla, Daimler, Panasonic, Nissan, Proterra, ABB, BYD, LG Chem, Delphi, Samsung SDI, and Continental.

Source: VynZ Research
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Last Updated October 5, 2021