Dublin, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The "Electric Commercial Vehicles - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Electric Commercial Vehicles Market to Reach 679.7 Thousand Units by the Year 2026
The global market for Electric Commercial Vehicles estimated at 185.4 Thousand Units in the year 2020, is projected to reach a revised size of 679.7 Thousand Units by 2026, growing at a CAGR of 26.3% over the analysis period.
The outlook for the world commercial vehicles market for the near-term remains stable encouraged by the improving global economic growth, promising signs of slow resurgence in pent-up demand and gradual picking up of growth momentum in both developed and developing countries.
Against this backdrop for CVs, electric CVs are poised to witness strong demand supported by the confluence for factors encompassing recovering fleet expansion plans, stringent emission norms, regulations phasing out of fossil fuel vehicles, declining cost of EVs and improving performance and conducive regulations and incentives for purchase of EVs.
As a result, electrification of commercial vehicles will continue to emerge as a prominent trend that is expected to find penetration in both off- and on-highway segments. A large number of OEMs and startups are developing fully-electric commercial vehicles, even before the regulatory push. The increasing focus on fuel economy and sustainability is bound to drive the significance of electrically-powered trucks and lithium-based batteries.
BEV, one of the segments analyzed in the report, is projected to grow at a 27.7% CAGR to reach 776.5 Thousand Units by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Other Propulsion Types segment is readjusted to a revised 20.9% CAGR for the next 7-year period. This segment currently accounts for a 24.5% share of the global Electric Commercial Vehicles market.
The U.S. Market is Estimated at 17.9 Thousand Units in 2021, While China is Forecast to Reach 402.5 Thousand Units by 2026
The Electric Commercial Vehicles market in the U.S. is estimated at 17.9 Thousand Units in the year 2021. The country currently accounts for a 9.33% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of 402.5 Thousand Units in the year 2026 trailing a CAGR of 25.6% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 23.1% and 22.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 25.6% CAGR while Rest of European market (as defined in the study) will reach 555.6 Thousand Units by the end of the analysis period.
Electric CVs are already finding favor in all the regional markets across the world, and their uptake remains visibly high in the developed regions of North America, Europe and Japan. While the US continues to retain its standing as a leading commercial vehicle manufacturing nation, the Asia-Pacific market is developing into a region laden with tremendous potential in terms of production.
Growing demand for commercial vehicles including buses and trucks in economies such as China and India is driving an increase in domestic production of CVs in Asia.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Hard-Nosed Focus on Sustainability Provides the Foundation for Growth in the Market
- Sustainability, a Disrupter for a Better Future
- Transportation Industry in the Spotlight for its Unsustainable Increase in Carbon Footprint
- Stringent Regulations Encompassing Emission Control & Phase-Out of Fossil Fuel Vehicles Prep the Auto Industry for an Electrified Future
- Difficult to Reduce Carbon Footprint of Fossil Fuel Vehicles, Brings the Auto Industry into the Spotlight as a Major Area for Sustainability Action
- The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Headed in 2021?
- These are Times When Questions Abound & Answers Are Few
- So How Fast Or Slow Are We Moving?
- Split Scenarios Unfold: The Great Vaccine Divide Emerges
- Progress on Vaccinations, Why Should Businesses Care?
- With IMF's Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish About an Economic Comeback Despite a Continuing Pandemic
- How the Commercial Vehicles (CV) Industry Was Impacted by the Pandemic & What's the New Normal?
- CV Industry Likely to See Significant Changes in Post COVID Period
- Everything You Need to Know About Commercial Vehicles & Electric Vehicles (EVs)
- Recent Market Activity
- Innovations
2. FOCUS ON SELECT PLAYERS (Total 112 Featured)
- AB Volvo
- Anhui Ankai Automobile Co.,LTD.
- BYD Auto Co., Ltd.
- Daimler AG
- EBUSCO B.V.
- Ford Motor Company
- NFI Group Inc.
- Olectra Greentech Limited
- Proterra Inc.
- Rivian
- Tata Motors Limited
- Tesla Inc.
- Traton SE
- VDL Groep
- Xiamen King Long United Automotive Industry Co., Ltd.
- Zhengzhou Yutong Bus Co. Ltd
- Zhongtong Bus Holding Co., Ltd.
3. MARKET TRENDS & DRIVERS
- Encouraging Outlook for CVs Bodes Well for Electric CVs
- The Outlook Brings Good News for Electric CVs
- Joe Biden's Clean Energy Policy to Boost Sales of EVs in the United States
- A Strong Freight Trucking Industry Supported by Rise in Global Trade & Retail Brings Cheer for Electric Trucks
- Global Chip Shortage Mars the Expected Recovery of the Auto Industry in 2021 & 2022. Electric CVs to Also Feel the Pain
- Chip Shortages Trigger Production Halts
- Big Blow to Planned Production Impacts All in the Supply Chain
- Long Gestation Periods for Capacity Expansion, a Prime Factor Challenging a Quick Supply Rebound
- Automakers Left With NO Alternative But to Brace for Continued Pain
- Distributed Energy (DE) Provides the Infrastructure Foundation for the Adoption & Proliferation of Electric CVs
- The World Plans for a Distributed Energy Future
- Here's How it Benefits the EV Charging Infrastructure
- Robust Spike in e-Commerce Sales Bodes Well for Electrified Last Mile Delivery
- e-Commerce Induced Growth in Urban Logistics Drives Opportunities for EV Last Mile Delivery
- Rising Average Vehicle Life Provides a Fertile Environment for Upgrading to Low-Emission and Fuel Efficient CVs
- Hybrid Commercial Vehicles in the Spotlight
- Advancements in Battery Technologies Remains Vital for Electric Vehicle Domination
- Nanotechnology-Based Thin-Film Lithium-Ion Batteries
- "Smart' Membrane for Fast Charging of Batteries
- Fuel Cell EVs (FCEVs): Not a Threat to BEVs
- Innovations in EV Charging Crucial to Future Market Growth
- With the Future of Commercial Transportation Being Electric, Here's How Fleet Operators Can Be Prepared
- Commercial EVs Disrupt Fleet Management
- AI Powers the Rapidly Evolving EV Ecosystem
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/95fv6i
