Electric Commercial Vehicle Market Overview:
Market Research Future (MRFR) study on the global electric commercial vehicle market is a precise assessment that provides an extensive and thorough overview of the market. The report provides a COVID-19 overview of the global electric commercial vehicle market and offers a detailed analysis of market segments, recent developments, projected growth, and market challenges from 2022 to 2027 (forecast period) to evaluate market opportunities.
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Growing awareness of environmentally friendly vehicles has led us to develop fuel-efficient and emission-free vehicles. Commercial electric vehicles are becoming an increasingly desirable choice as they provide reduced maintenance costs and provide consumers with greener technology compared to other conventional alternatives. Countries around the world are reducing vehicle carbon emissions by encouraging electric vehicles and creating basic infrastructure to make these vehicles cost-effective and readily available. Prominent industry players are continually working to develop low-cost, fast-charging battery technologies that enable long-range usage that is set to deliver promising results. Changing consumer preference to adapt electric commercial vehicles in recent years is a significant factor due to the growing demand for commercial electric vehicles.
Market Dynamics
Continuous advancement of technology and basic infrastructure related to electric vehicles to make these vehicles cost-effective and easily accessible. Rising government subsidies and incentive programs to promote the adoption of electric commercial vehicles, along with rising demand from the logistics industry to reduce the additional liability of fuel costs, are expected to drive the growth of the commercial electric vehicle market. The Electric Commercial Vehicle Market growth is further due to recent research activities on the development of different types of EV battery packs, which have a high storage capacity and need less charging time. Nevertheless, strong lobbying by oil companies against EVs, limited battery power, and longer charging duration can impede market development.
Market Segmentation
The global electric commercial vehicle market has been segmented on the basis of vehicle type, components, propulsion, and range.
By vehicle type, the global electric commercial vehicle market has been segmented into bus, trucks, and others.
By component, the global electric commercial vehicle market has been segmented into electric motor, EV battery, hydrogen fuel cell, and others.
By propulsion, the global electric commercial vehicle market has been segmented into battery electric vehicles, hybrid electric vehicles, plug in hybrid electric vehicles, and fuel cell electric vehicles.
By range, the global electric commercial vehicle market has been segmented into 0-150 miles, 151-250 miles, 251-500 miles, and above 500 miles.
Regional Analysis
Geographically, the global electric commercial vehicle market has been segmented into the four major regions of North America, Europe, Asia Pacific, and the Rest of the World.
The Asia Pacific is anticipated to accelerate the growth of the market during the forecast period. China has the worst pollution problem in the world and is faced with electrifying its fleets by imposing government mandates to reduce urban pollution by using emission-free vehicles. Furthermore, generous subsidies and strict regulations are the primary reasons behind China's dominant role in the commercial electric vehicle industry. In addition, increased awareness-raising activities about the benefits of electric commercial vehicles by governments across the AsiaPacific region are anticipated to drive the market during the forecast period.
Key Players
Notable players in the global 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). Delphi (US), ABB (Switzerland), Continental (Germany), Siemens (Germany), Mitsubishi Electric (Japan), Toshiba (Japan), Ballard Power Systems (Canada) are among others.
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