New York, United States, March 05, 2024 (GLOBE NEWSWIRE) -- The Global Electric Van Market Size is to Grow from USD 10.14 Billion in 2023 to USD 125.22 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 28.58% during the projected period.
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An electric van is a vehicle powered by an electric motor, which gets electricity from a battery and may be charged from an external source. Electric vans use an electric motor rather than an electric combustion engine. Electric vans have zero tailpipe emissions, which helps reduce global warming as well as air pollution. The battery electric car uses only electric energy provided by the motor and generates no exhaust gases. Electric vans which are regularly utilized for business purposes like last-mile deliveries and freight transportation are powered by traction battery packs, which are recharged by plugging the vehicle into a wall outlet or charging station. Furthermore, governments all around the world are establishing and launching initiatives to encourage the use of electric vehicles while also forcing automakers to reduce CO2 emissions from diesel fuel combustion, address greenhouse gas emissions, and advance in upcoming electric vans. Electric vans with higher range, shorter charging times, and longer lifespans will be developed as a result of continued advances in battery technology, resolving major difficulties faced by both businesses and customers. However, the cost is heavily affected by battery and transmission units. In addition, another restraining factor is the limited electric vehicle charging facilities available in several countries throughout the world.
Browse key industry insights spread across 200 pages with 115 Market data tables and figures & charts from the report on the “Global Electric Van Market Size, Share, and COVID-19 Impact Analysis, By Range (Up to 100 miles, 100 to 200 miles, above 200 miles), By Battery Capacity (Up to 50 kWh, above 50 kWh), By Propulsion (Battery Electric Van, Plug-in Hybrid Electric Van), By Application (Personal, Commercial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The 100 to 200 miles segment is anticipated to hold the greatest share of the global electric van market during the projected timeframe.
On the basis of range, the global electric van market is divided into up to 100 miles, 100 to 200 miles, and above 200 miles. Among these, the 100 to 200 miles segment is anticipated to hold the greatest share of the global electric van market during the projected timeframe. This range is ideal for a wide range of urban and regional delivery applications that don't require regular recharging. Electric vehicles with ranges of 100 to 200 miles are often less expensive than those with larger ranges. For this reason, readily availability and locate charging facilities.
The above 50 kWh segment is anticipated to grow at the fastest pace in the global electric van market during the projected timeframe.
On the basis of battery capacity, the global electric van market is divided into up to 50 kWh, and above 50 kWh. Among these, the above 50 kWh segment is anticipated to grow at the fastest pace in the global electric van market during the projected timeframe. Battery size and weight are essential factors in electric van performance; bigger battery capacity generally results in better performance and acceleration, as well as ideal driving range, cost-effectiveness, and performance.
The battery electric van segment is predicted to grow at the highest pace in the global electric van market during the estimated period.
On the basis of propulsion, the global electric van market is divided into battery electric vans and plug-in hybrid electric van. Among these, the battery electric van segment is predicted to grow at the highest pace in the global electric van market during the estimated period. The segmental growth can be attributed by zero emission and no pollution, due to which increases the demand of electric van battery.
The commercial segment is predicted to grow at the highest pace in the global electric van market during the estimated period.
On the basis of application, the global electric van market is divided into personal, and commercial. Among these, the commercial segment is predicted to grow at the highest pace in the global electric van market during the estimated period. Growth can be attributed to the use of electric vans for commercial purposes, raising awareness of greenhouse gas emissions regulations, and providing several financial incentives. The electric van reduced running expenses and CO2 emissions.
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Asia Pacific is expected to hold the largest share of the global electric van market over the forecast period.
Asia Pacific is expected to hold the largest share of the global electric van market over the forecast period. Governments are creating standards and incentives to promote electric vehicles, reflecting the growing importance of environmental sustainability. The dense urban populations of the megacity, combined with the need for efficient, clean transportation solutions, are driving demand for electric vehicles. Furthermore, the region's excellent manufacturing capabilities have allowed it to develop electric vehicles at competitive prices, increasing its appeal throughout the Asia Pacific.
North America is predicted to grow at the fastest pace in the global electric van market during the projected timeframe. The regional growth can be attributed to the rising government incentives & regulations, and increasing the adoption of electric vehicles in this region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global electric van market include Mercedes-Benz Group AG, BYD Company Ltd., Volkswagen Group, Tesla Inc, Workhorse Group, Inc., Honda Motor Company Ltd., Ford Motor Company, Toyota Motor Corporation, Renault, Stellantis N.V., Hyundai Motor Company, General Motors, Nissan Motor Co. Ltd., Daimler AG, London Electric Vehicle Company, Others
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Recent Developments
- In May 2022, Ford Motor Company introduced E-Transit in Europe, with a range of 236 miles.
- February 2022, The MG 4, an electric vehicle that MG Motors plans to launch in India later in 2022, was on display. The EV will have a 61.1 kWh battery pack and should have a range of approximately 400 kilometres.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global electric van market based on the below-mentioned segments:
Global Electric Van Market, By Range
- Up to 100 miles
- 100 to 200 miles
- above 200 miles
Global Electric Van Market, By Battery Capacity
- Up to 50 kWh
- above 50 kWh
Global Electric Van Market, By Propulsion
- Battery Electric Van
- Plug-in Hybrid Electric Van
Global Electric Van Market, By Application
- Personal
- Commercial
Global Electric Van Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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