New York, US, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Electric Commercial Vehicle Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “Electric Commercial Vehicle Market Research Report Information By Technology, Vehicle Type, Region - Forecast 2030”, the global market will reach 2,56,06,194 units at whooping 67.09% CAGR by 2030.
The favorable government initiatives to adopt electric commercial vehicles will boost market growth over the forecast period. When compared to conventional ICE-powered commercial vehicles, electric commercial vehicles have significantly lower maintenance expenses since they have fewer moving parts and require fewer fluid changes, lowering the cost of repair and replacement.
Robust Opportunities
The rise in logistics activities will offer robust opportunities for this Electric Commercial Vehicle Market in the forecast period. As technology takes hold and customer expectations evolve, logistics companies are confronting unprecedented transformation. New advanced technologies provide increased efficiency and more collaborative business structures. As a result, it is expected to be a driving element in the electric commercial vehicle industry.
Electric Commercial Vehicle Market Key Players
Eminent market players profiled in the electric commercial vehicle market report includes,
- AB Volvo (Sweden)
- Tesla (US)
- Daimler AG (Germany)
- PACCAR Inc. (US)
- BYD Company Limited (China)
- Proterra (US)
- Scania (Sweden)
- VDL (Netherlands)
- CAF (Spain)
- KING LONG (China)
- Renault Trucks (France)
- Yutong (China)
- NFI Group Inc. (Canada)
- EBUSCO (Netherlands)
- Anhui Ankai Automobile Co. Ltd. (China).
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Restraints
Poor Aftermarket Services to act as Market Restraint
The poor aftermarket services and underdeveloped charging infrastructure may act as market restraints over the forecast period.
Challenges
Limited Battery Capacity to act as Market Challenge
The limited capacity of the batteries and high price may act as market challenges over the forecast period.
COVID-19 Analysis of Electric Commercial Vehicle Market
Automakers in the United States and Asia-Pacific have extended their shutdown durations. Governments in several places appear to be imposing ever-stricter restrictions on social engagement, travel, and occupational attendance. These regions are experiencing comparable conditions, which are having a significant impact on the economy as well as society and producing major economic instability, with the automotive industry at the center of this turmoil, stifling global electric commercial vehicle growth.
Electric Commercial Vehicle Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 2030: 2,56,06,194 units |
| CAGR during 2022-2030 | 67.08% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Increasing logistics activities |
| Key Market Drivers | Government initiatives to encourage adoption of electric commercial vehicle Low operating cost |
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Electric Commercial Vehicle Market Segmentation
The electric commercial vehicle market is bifurcated based on technology and vehicle type.
By technology, BEV will lead the market over the forecast period. In general, battery electric vehicles (BEVs) utilize chemical energy that is stored in rechargeable battery packs. Instead of internal combustion engines, battery-powered electric commercial vehicles use motor controllers and electric controllers and are powered by battery packs.
By vehicle type, electric van will dominate the market over the forecast period. During the projected period, the electric van segment is expected to have the greatest CAGR and dominate the market share. Because electric vans emit no CO2 or NOx, their widespread adoption has the potential to improve air quality, particularly in urban areas. These vehicles are far quieter than diesel vans, but they do not drive as far on a single charge as conventional vans do on a single tank of fuel.
Electric Commercial Vehicle Market Regional Analysis
APAC to Lead Electric Commercial Vehicle Market
Automakers in the United States and Asia-Pacific have extended their shutdown durations. Governments in several places appear to be imposing ever-stricter restrictions on social engagement, travel, and occupational attendance. These regions are experiencing comparable conditions, which are having a significant impact on the economy as well as society and producing major economic instability, with the automotive industry at the center of this turmoil, stifling global electric commercial vehicle growth. This increases the demand for charging stations to facilitate the operation of electric buses in Japan.
During the forecast period, such factors are projected to fuel the expansion of the Asia-Pacific market for electric commercial vehicles. During the projection period, the Asia Pacific market is likely to account for a greater revenue share than other regional markets. The Chinese electrical bus sector is primarily driving revenue growth in the Asia Pacific market. According to one survey, China produces 99% of all electric buses. Rising demand for electric buses, pro-electric commercial vehicle legislation, and a rapidly expanding logistics industry are projected to fuel electric commercial vehicle market growth in the area during the research period.
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North America to Have Admirable Growth in Electric Commercial Vehicle Market
Truck driving in fact is one of North America's fastest-growing jobs. In 2019-2020, there were about 1.8 million heavy-duty and tractor-trailer truck driver jobs available, according to the US Bureau of Labor Statistics. In total, 7.4 million persons in the United States work in the transportation business. According to the American Trucking Associations, trucking transports 71% of all freight in the United States. The trucking business accounts for over 6% of all full-time jobs in the United States. Walmart (US) has been moving away from third-party contracts and hiring its own truckers in recent years, resulting in a boom in the hiring of new truck drivers. Thus, demand for electric trucks in the US is likely to rise during the projection period as more people consider truck driving as a full-time vocation.
As a result of the government's measures, the installation of electric vehicle charging stations will increase, propelling the sale of electric commercial vehicles across the country during the projection period. During the study period, such factors will fuel the growth of the North American electric commercial vehicle market. Because of innovations, considerable R&D, and technological improvement in EVs in the region, the North America market is likely to grow at a stable rate over the forecast period. The United States is one of the region's most important EV hubs.
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Furthermore, rising demand for electric commercial vehicles and increased awareness about the environmental impact of fossil fuels are likely to boost market revenue growth in this region.
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