According to the new market research report "Electric Commercial Vehicle Market by Propulsion Type, Vehicle Type, Range, Battery Type, Length of Bus, Power Output Type, Battery Capacity Type, Component Type, Autonomous Vehicles Type, and Region - Global Forecast to 2027", published by MarketsandMarkets™, The Electric Commercial Vehicle Market is projected to grow from 261 thousand units in 2020 to reach 1,890 thousand units by 2027, at a CAGR of 32.7%.
Browse and in-depth TOC on "Electric Commercial Vehicle Market"
137 - Tables
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The growth of the Electric Commercial Vehicle Market can be attributed to the increasing focus of countries on the electrification of their public transport fleets and the increasing demand for zero-emission vehicles in the logistics sector. Advancements in battery pack technologies and electric powertrains are some of the major factors driving the growth of the electric commercial vehicle industry.
Factors such as a rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly vehicles. Thus, the Electric Commercial Vehicle Market is expected to witness significant growth in the future.
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The Asia Pacific is expected to lead the global market during the forecast period
The Asia Pacific region is the largest Electric Commercial Vehicle Market in the world. It comprises some of the fastest developing and developed economies in the world, such as China, India, and Japan. The market growth in the region can be attributed to the dominance of the Chinese market in the electric bus segment and the presence of market-leading OEMs in the country as well, resulting in the exponential growth of Electric Commercial Vehicle Market in the Asia Pacific. The large demand for electric buses, favorable regulations for electric commercial vehicles, and the rapidly growing logistics sector are expected to boost the Electric Commercial Vehicle Market in the region.
The electric van segment is expected to grow at the highest CAGR
The electric van segment is expected to be the fastest market as there is a high demand for electric vans from the logistics sector, especially in the European region. The increasing demand for electric vans in the logistics sector and focus on the electrification of public transport fleet are driving the Electric Commercial Vehicle Market in Europe. The growth of the logistics and e-commerce sectors is expected to drive the market for electric vans during the forecast period. The usage of electric vans in the logistics sector would minimize the cost of transportation. Many leading logistics companies in Europe and North America have started using electric vans for shipping and delivery purposes. For instance, DHL, one of the leading logistics companies in the world, is using electric vans in some parts of the European region.
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Europe: France is expected to lead the European market
The European region is projected to be the fastest-growing market during the forecast period. The region is a hub to major players such as AB Volvo (Sweden), VDL Bus and Coach (Netherlands), Daimler (Germany), CAF (Spain), EBUSCO (Netherlands), Scania (Sweden), and Emoss Mobile Systems (Netherlands). Europe is a key region for innovations; significant R&D; and technological advancements in electric vehicles, battery technologies, and charging solutions.
France is the largest market in Europe, followed by Germany. France, which is one of the largest automotive hubs in the European region, is home to many established OEMs providing electric vehicles and also has a higher adoption rate for electric commercial vehicles.
The global Electric Commercial Vehicle Market is dominated by major players such as BYD (China), Yutong (China), Proterra (US), VDL Groep (Netherlands), and AB Volvo (Sweden).
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