Covina, July 29, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global electric commercial vehicle market size and share are expected to grow steadily in the coming decade, registering a moderate CAGR of 22.9% from 2024 to 2034. The market is anticipated to reach a valuation of USD 72.1 Billion in 2024, which is expected to increase to USD 470.3 Billion by 2034.
Electric Commercial Vehicle Market Report Overview
The term "electric commercial vehicle" (ECV) defines cars tailored for business or industrial use that are powered ultimately by electricity. ECVs do without fossil fuels, powered with rechargeable batteries instead of internal combustion engines. There will be an ECV on everything from delivery vehicles and trucks to buses and specialty industrial equipment. Apart from reduced operation costs and emissions, electric cargo vehicles run very quietly and are increasingly in demand within both urban and ecologically sensitive markets. It has been the result of a development in battery technology and related charging infrastructure which then makes ECVs possible for many other commercial applications. It is part of the bigger picture of reducing carbon emissions from transport. Electric commercial vehicles, or ECVs, find application in various key industries.
EV applications are growing in construction, waste collection, public transport, and urban deliveries. They have several advantages also, including near-zero fuel management operational costs and minimal motor servicing. Moreover, ECVs reduce noise levels and improve air quality, both of which benefit the quality of life for people living in cities. Tighter emissions legislation and green credentials will benefit the corporate sector. Due to low-end torque, ECVs are suitable for applications with high loads. ECV performance, range, and charging speed are increasing as technology advances. Government incentives adoption for the ECVs drive change in commercial fleets. It is difficult to begin with fleet changeover due to limitations in charging infrastructure and high expenses.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Electric Commercial Vehicle Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Tesla, Inc.
- Daimler AG
- Volvo Group
- BYD Auto Co., Ltd.
- Proterra Inc.
- Wrightspeed Inc.
- Cummins Inc.
- Dongfeng Motor Corporation
- Hino Motors Ltd.
- Scania AB
- Navistar International Corporation
- Nikola Motor Company
- Tata Motors Limited
- VDL Groep
- Rivian Automotive LLC
- Chanje Energy Inc.
- Arrival Ltd.
- Foton Motor Group
- Lion Electric Company
- Mahindra & Mahindra Ltd.
- Xpeng Inc.
- NFI Group Inc.
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Analyst View:
ECVs are electric vehicles designed for business or industrial use, reducing operation costs and emissions. They become increasingly popular in urban and ecologically sensitive markets with the rise of battery technology and charging infrastructure. ECVs have applications in key industries such as construction, waste collection, public transport, and urban deliveries. They come with near-zero fuel management operational costs, minimal servicing of the motor, reduced noise levels, and improved air quality, all contributing toward the quality of life for citizens residing in cities. Tighter legislation on emissions, and green credentials, will help the corporate sector. Electrification is promoted through stricter emission laws that most governments around the world are enforcing, providing better public health quality and air quality. EVs attract customers and show care for the environment by reducing emissions and noise in cities, increasing delivery efficiency, and reducing traffic congestion. North America and Asia Pacific are the forerunners in ECV adoption, driven by rapidly expanding charging infrastructure and government incentives.
Market Dynamics:
Drivers:
Environmental awareness
- Electric vehicles are becoming increasingly popular because they have zero tailpipe emissions. EVs play an important role in mitigating climate change and reducing air pollution in metropolitan cities. Governments around the world are establishing stricter emission laws, which promote electrification and improve public health and air quality. The European Union will hasten the uptake of ECVs into the continent by implementing strict CO2 emission regulations for newly manufactured commercial vehicles.
Shifting Consumer Preferences
- The more businesses use electric commercial vehicles, the more it will attract customers and show their care towards the environment. There is a growing sense of awareness among customers, particularly young people, regarding the impact of businesses on the environment. Most of them reach out to companies following green measures. The rise of delivery vehicles due to e-commerce has raised several environmental problems. Electric commercial trucks minimize emissions and noise in cities. They can also be used during off-peak times, thereby increasing delivery efficiency while reducing traffic congestion.
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Market Trends:
Financial Gains
- EVs have a lot to offer to fleet managers, from reduced maintenance costs to lower operating costs, not to mention even government incentives. With electric cars normally costing less to run compared to diesel or gasoline, fleet operators can save on fuel. The regenerative braking systems and electric motors have fewer moving components. In addition, the wear on brakes is less, hence reducing brake downtimes and associated maintenance costs. Governments tend to offer many tax breaks, subsidies, and other incentives to encourage the use of ECVs, making them more economically attractive to enterprises. Some states and localities offer their own incentives, such as waived tolls or reduced registration fees. In addition, their longer life expectancy means fleet operators can save money overall on ownership of electric vehicles.
Segmentation:
Electric Commercial Vehicle Market is segmented based on the Propulsion System, Power Output, and Region.
Propulsion System Insights
- Battery electric vehicles run on an external combustion-powered electric battery. They are economically efficient, green, and highly efficient. They have very low running costs and zero emissions from the tail end. The PHEVs are a flexible option for locations that have limited charging infrastructure since they amalgamate the benefits that emanate from an internal combustion engine and an electric battery. The only by-product of the chemical reaction of hydrogen and oxygen in a fuel cell electric vehicle is water vapor. The vehicles are ideal for heavy-duty applications that involve long distances because they have comparable ranges and refueling times to ICEs.
Power Output Insights
- Electric vehicles can be, thereby, categorized into three: medium power, high power, and low power. Low-power electric vehicles with outputs less than 100 kW are suitable only for short distances and low speeds. Typical applications would be light labor or delivery missions within cities. The medium-power electric vehicle is powered between 100 kW to 250 kW and can be applied to various tasks, including high-speed midrange freight and inner-city logistics. High-power electric vehicles, which have outputs of more than 250 kW, are designed for long intercity trips and heavy work cycles. They are designed to offer high torque outputs and endurance in applications such as long-distance haulage, heavy lifting, and frequent public transport. However, they do require high sophistication in thermal management and a large battery capacity.
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Recent Development:
- In July 2024, Lohia launched new E3W models and plans to expand its network further. Lohia, an electric automotive manufacturer in India, has introduced new electric three-wheeler (E3W) models, signaling a renewed emphasis on the E3W category. Introducing these new models aims to establish a presence in the highly competitive entry-level E3W sector, which has grown tremendously. Lohia will introduce five new battery-powered rickshaw models in the L3 and L5 categories by the end of this month. These models feature a strong style with modern graphics and are reasonably priced, making electric mobility more accessible to a broader audience.
Regional Insights
- North America: Fast-growing charging infrastructure and government support in terms of subsidies and regulations related to electric commercial vehicles drive the North American market. The electric vehicle industry has huge investments in the region from leading automakers and technology firms.
- Asia Pacific: Europe is very much at the forefront of electric commercial vehicle adoption. Government incentives, strict pollution regulations, and a well-built charging infrastructure back this up. The leading countries in terms of promoting electric vehicles through different governmental measures and green programs were the United Kingdom, Germany, and France.
Browse Detail Report on "Electric Commercial Vehicle Market Size, Share, By Vehicle Type (Buses, Trucks, Pickup trucks, and Vans), By Propulsion System (Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, and Fuel Cell Electric Vehicles), By Power Output (Low Power, Medium Power, High Power), By End-User (Delivery Companies, Logistics & Transportation Companies, Public Transportation), and By Region - Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/electric-commercial-vehicle-market-5524
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