The global electric commercial vehicle market is projected to reach USD 710.2 billion in 2027 from USD 168.7 billion in 2020, registering a CAGR of 22% during the forecast period 2021-2027. An electric vehicle has the ability to considerably diminish greenhouse gas releases, dependence on fossil fuels, and is free from noise pollution. A commercial vehicle is designed, maintained, or used for the transportation of property or persons.

The various types of commercial vehicles are buses, trucks, vans, and pick-up trucks for good transportation and public transportation. The global electric commercial vehicle market is growing at a significant rate, due to the increase in pollution and environmental hazards, reduction in the overall cost of the batteries, rising electrification of public transport fleets, tough competition, and government subsidies and regulations that have forced automotive OEMs to offer fuel-efficient and environment-friendly electric commercial vehicles.

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Acceptance of electrification, reduction in battery price, rapid acceptance of electric vehicles such as buses and vans, government regulations favoring the demand for electric vehicles and requirement for fuel effectual vehicles, and government providing subsidies or tax benefits on purchasing e-vehicles are the primary growth drivers for the electric commercial vehicle market.

Geographically, Asia-Pacific is the largest and anticipated to have the highest growth during the forecast period owing to government strategies to limit urban pollution. Implementation of high demand for electric buses in public transport fleets, expansion in charging infrastructure, rising investment in the development of the electric vehicles, rapidly growing logistics sector, and presence of leading OEMs to progress electric vehicles are also surging the growth of the Asia-Pacific electric commercial vehicle market.

Proterra introduced the ZX5, which is a fifth-generation battery-electric transit bus featuring a new streamlined vehicle design. The new Proterra ZX5 40 ft. electric bus can be equipped with 660KW of energy storage that can deliver up to 329 miles of drive range.

Tesla, Daimler, Panasonic, Nissan, Proterra, ABB, BYD, LG Chem, Delphi, Samsung SDI, and Continental are the key players offering electric commercial vehicle.

Source: VynZ Research