The global electric commercial vehicle market is growing at a significant rate, due to mounting alarm about environmental pollution and government assistance for electric commercial vehicles. The market has witnessed a high demand for the electric bus due to speedy economic growth and promising government guidelines to limit emission.
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On the basis of propulsion type, the electric commercial vehicle market is subdivided battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), hybrid electric vehicle (HEV) and fuel cell electric vehicle (FCEV). Of all the propulsion type, the BEV accounted the largest share and is expected to grow at the fastest rate in the market due to improvement in battery competence and decline of the EV battery cost.
Acceptance of electrification, decreasing battery price, speedy acceptance of electric vehicle such as buses and van, government assistance for electric vehicles and requirement for fuel effectual vehicles are the primary growth drivers for electric commercial vehicle market.
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Geographically, Asia-Pacific is the largest electric commercial vehicle market and is observed to witness the fastest growth in the market due to government strategies to limit urban pollution. Implementation of additional electric buses, expansion in charging infrastructure, mounting investment in the development of electric vehicle and assignation of OEMs to progress electric vehicle are also up surging growth of the Asia-Pacific electric commercial vehicle market.
Key players in the electric commercial vehicle industry are catering to the demand by collaborating with small players and investing on technologically advanced EVs across the globe. In July 2018, Daimler introduced Mercedes-Benz eCitaro, with new technological innovations in the public transport network. In addition, in May 2017, BYD introduced class 8 battery-electric refuse truck in the North American market. 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