New York, US, June 02, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR),”Electric Commercial Vehicles Market Research Report Information by Component, Region, Vehicle Type, and Propulsion - Forecast Till 2030”, the global Electric Commercial Vehicles market research predicts that the market is likely to bolster substantially during the review era from 2023 to 2030 at a substantial growth rate of around 29.90%. The reports further predict that the Electric Commercial Vehicles market size will be nearly USD 54.29 billion by the end of 2030. As per the study reports, the market was worth nearly USD 8.7 billion in the year 2022.
The global Electric Commercial Vehicles market has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the reduced cost of electricity. Furthermore, the rising gasoline prices, the depletion of petroleum reserves, lower operating expenses, and supportive government initiatives are also projected to positively impact the performance of the market around the world over the coming years.
Competitive Analysis
The listing of the prominent leaders across the global market for Electric Commercial Vehicles market includes players such as:
- Toshiba (Japan)
- Siemens (Germany)
- Tesla (US)
- Continental (Germany)
- Nissan (Japan)
- ABB (Switzerland)
- BYD (China)
- Delphi (US)
- Daimler (Germany)
- Panasonic (Japan)
- Proterra (US)
- Zhong tong Bus Holding Co Ltd (China)
- LG Chem (South Korea)
- Mitsubishi Electric (Japan)
- Ballard Power Systems (Canada)
- Among others.
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Market USP Covered
Market Drivers
The global Electric Commercial Vehicles market has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the reduced cost of electricity. Furthermore, the rising gasoline prices, the depletion of petroleum reserves, lower operating expenses, and supportive government initiatives are also projected to positively impact the performance of the market around the world over the coming years.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated. Furthermore, the elevated likelihood of accidents is also projected to restrict the market's development.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 54.29 Billion |
| CAGR during 2022-2030 | 29.90% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Key Market Opportunities | Increasing logistics activities |
| Key Market Dynamics | Initiatives by the government to promote the use of Electric commercial vehicles with low cost of operation |
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COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Electric Commercial Vehicles market is no different than others. The Electric Commercial Vehicles market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Segment Analysis
Among all the propulsion types, the BEV segment is anticipated to secure the leading position across the global market for commercial electric vehicles over the assessment era, given the most prevalent use for these cars.
Among all the types, the heavy truck segment is anticipated to secure the leading position across the global electric commercial vehicles market over the assessment era given to the initiatives announced by the top manufacturers of heavy-duty electric trucks.
Among all the components, the EV battery category segment is anticipated to secure the leading position across the global electric commercial vehicles market over the assessment era, given the increasing demand for EV and emission control systems.
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Regional Analysis
The global Electric Commercial Vehicles market is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the Asia-Pacific region secured the top position across the global Electric Commercial Vehicles industry in 2022 with the maximum revenue contribution of nearly USD 3.98 billion. The region has China and India as the leading growth contributors. The growing Chinese electrical bus industry is the main parameter supporting regional market expansion. Furthermore, the India Electric Commercial Vehicle market recorded the maximum growth rate in the Asia-Pacific region, while the China Electric Commercial Vehicle market had the largest market share.
The North American Regional Electric Commercial Vehicles market is projected to ensure considerable development over the review timeframe. The rapid number of innovations is the main parameter supporting regional market expansion. Furthermore, the extensive research and development coupled with the technical advancements in EVs in the area are also considered to be one of the crucial parameters enhancing the performance of the regional market. The region has the US as the leading growth contributor with the largest revenue share. The growth is mainly ascribed to the rising consumer demand for Electric commercial cars and growing public awareness of the risks of pollution from fossil fuels. On the other hand, the Canadian Electric Commercial Vehicles market is anticipated to showcase the maximum growth rate over the coming years.
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The European regional electric commercial vehicles market is anticipated to secure a significant position globally over the assessment period. The widespread acceptance of commercial EVs in countries around the region is believed to be the main reason causing a surge in regional market performance. Furthermore, factors such as rising consumer demand for low-emission, high-performance vehicles and Favorable government policies & regulations governing vehicle emissions are also likely to positively impact the growth of the regional market over the coming years. Further, the Germany Electric Commercial Vehicle market held the largest market share. On the other hand, the UK electric commercial vehicle market is anticipated to showcase the maximum growth rate over the coming years.
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