The electric commercial vehicle market is anticipated to showcase a lucrative CAGR of 19.0% during the forecast period. Government purchase of the electric bus for public transportation, development of charging infrastructure, and stringent target to curb carbon emission are the prominent factors that are driving the global electric commercial vehicle market. Moreover, the entrance of a new player in the electric commercial vehicle industry and increasing research and development funding by the well-established automaker is also driving the market growth. These companies are regularly showcasing and launching new commercial vehicles with a higher traveling range and fewer charging time.
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The global electric commercial vehicle market is segmented on the basis of vehicle type, range, and application. Based on vehicle type, the market is segmented into electric bus, electric truck (medium and heavy-duty trucks), and electric pick-up trucks. Based on range, the market is segmented into less than 250 km, 250-500 km, and more than 500 km of range. Based on application, the market is segmented into public and private. Based on application, public sector is anticipated to hold the major share in the global market. The rising inclination of governments towards the adoption of green technology in the transportation sector is a key factor towards the high contribution of this market segment.
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Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific is anticipated to hold the largest market share in the. The presence of stringent government emission regulations in countries such as China, Japan, and India lead to an increase in demand for electric buses and trucks for transportation and logistics in this region. Europe is projected to exhibit considerable growth in the market due to the rising interest of countries towards the adoption of green technologies in automobiles.
BYD Co. Ltd; NFI Group, Inc.; Proterra, Inc; AB Volvo; Tesla Inc., and Daimler AG are the key players operating in the global electric commercial vehicle market. These companies provide electric buses and trucks of different sizes and different seating capacities. These companies are aggressively expanding in the new markets. For instance, in December 2020, Daimler India Commercial Vehicle (DICV) has revealed its plan to launch electric trucks in the Indian market.
Electric Commercial Vehicle Market -- Segmentation
Global Electric Commercial Vehicle Market by Vehicle Type
• Pick-up Truck
Global Electric Commercial Vehicle Market by Range
• Less than 250 km
• 250-500 km
• More than 500 km
Global Electric Commercial Vehicle Market by Application
Electric Commercial Vehicle Market – Segment by Region
• United States
• United Kingdom
• Rest of Europe
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East and Africa
• Anhui Ankai Automobile Co. Ltd.
• Arrival Ltd.
• Ashok Leyland Ltd.
• Avass Group of Companies
• BlueBird Corp.
• BYD Co. Ltd.
• Chanje Trucks
• Daimler AG
• Ebusco B.V.
• Ekova Electric A.S.
• Gillig LLC
• GreenPower Motor Co. Inc.
• Hunan CSR Times Electric Vehicle Co., Ltd.
• Iveco S.p.A
• King Long United Automotive Industry, Co. Ltd.
• Nikola Corp.
• NFI Group, Inc.
• Proterra, Inc.
• Rivian, LLC
• Scania AB
• Solaris Bus & Coach S.A.
• Tata Motors, Ltd.
• Tesla Inc.
• VDL Bus & Coaches B.V.
• Volvo AB
• Volkswagen AG
• Yinlong Energy Co Ltd.
• Zhongtong Yutong Group Co. Ltd.
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