Electric Commercial Vehicle Market Highlights
Governments are promoting the use of energy-efficient and less fossil dependent road transport system. Countries are planning to ban the production of fossil fuel powered vehicles. Norway and Netherlands considering the ban before 2025, along with India and Germany to impose similar bans in 2030. Continuous rise in awareness about use of renewable transportation options; hence the shift from diesel to electric is likely to be happen faster. In recent time organizations are developing vehicles capable to operate on renewable sources within the spectrum of green transport. Efforts for technological improvements and innovation in transport have been intensified and fleets of vehicles using renewable sources is the new trend for public authorities, non-profit organizations and many private companies promoting sustainable development. Demand of electric commercial vehicle such as electric truck in the logistics industry to curtail fuel expenses is already on its peak. Companies are working to increase EV battery capacity and enable electric commercial vehicle to transport substantial loads over longer range. Increasing demand of emission-free vehicle is expected to fuel the market growth. However, limited battery power and longer charging duration are expected to limit the electric commercial vehicle market growth.
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The prominent 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.
Market Research Analysis
In terms of region, the global electric commercial vehicle market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-pacific is estimated to dominate the market during the forecast period followed by Europe and North America. Increasing investment in development of charging infrastructure and increasing initiatives to create awareness about the benefit associated with electric commercial vehicle in countries like China, Japan, and South Korea are expected to drive the electric commercial vehicle market growth in Asia-Pacific region. China is expected to lead the electric commercial vehicle market Asia-Pacific region due to the government policies to restrict urban pollution and increased engagement of OEMs to develop electric commercial vehicles. Europe is expected to hold the substantial market share during the forecast period. Increasing concentration on the development of the required infrastructure, such as charging stations, is expected to drive the electric commercial vehicle market in Europe. The electric commercial vehicle market in North America region is driven by the stringent rules and regulations enforced by government for vehicular emission control. Electric commercial vehicle market in Rest of the World region is primarily driven by the increase in buying power of consumers and expected growth in electric vehicle charging infrastructure throughout the region.
Scope of the Report
This study provides an overview of the global electric commercial vehicle market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global electric commercial vehicle market by vehicle type, propulsion, range, component, and regions.
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug in Hybrid Electric Vehicle (PHEV)
Fuel cell Electric Vehicle (FCEV)
By Vehicle Type
Above 500 Miles
Hydrogen Fuel Cell
Rest of the World
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