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The Global Electric Commercial Vehicle Market is estimated to reach USD 62.4 billion in 2021 and is expected to grow at a CAGR of 17.3% during the forecast period. Growing demand for electric commercial vehicles in the transportation and logistics industry and zero-emission vehicles will drive the market growth. Government support for environment-friendly vehicles and technologies will contribute to market growth.
Electric vehicles have a huge impact on environmental change, as they emit low greenhouse gas emissions than diesel or petrol vehicles,s and hence the government incentives to adopt electric vehicles have significantly boosted the market growth. Electric vehicles have been ranged from ground vehicles, airborne electric vehicles to seaborne electric vehicles. The electric commercial vehicle includes trucks, buses, vans, and pick-up trucks. These vehicles specifically assist in public transportation, delivery and distribution, and goods transportation. Most of the electric vehicles have lithium-ion batteries and hence, the rising innovative technologies on battery development will have a huge impact on the demand for electric vehicles.
The technological advancements in batteries will reduce their cost, which will reduce electric vehicle cost and hence support the market growth. However, initial high development costs for the same can hamper the market growth. The limited battery capacity can also be challenging to the market growth. Furthermore, the adoption of electric vehicles in developing countries will open new opportunities in the market.
TABLE 1: GLOBAL ELECTRIC COMMERCIAL VEHICLE MARKET OVERALL SNAPSHOT
Market Segmentation
The global electric commercial vehicle market report has been segmented by vehicle type, components, propulsion type, battery capacity, power output, range, application, and region.
FIGURE 2: GLOBAL ELECTRIC COMMERCIAL VEHICLE MARKET SEGMENTATION
Global Electric Commercial Vehicle Market, by Vehicle Type
Based on vehicle type, the market is divided into electric buses and electric trucks. The electric bus is further classified based on the length, which includes less than 9m, 9–14m, and above 14m. The electric truck is further classified into the heavy-duty electric truck, electric pick-up truck, and electric van.
The electric truck segment is expected to grow significantly during the forecast period. The rising demand for transportation for long-range and zero-emission vehicles will contribute to the demand for electric pick-up trucks and heavy-duty electric trucks. Technological advancements in battery technology are expected to drive the electric truck segment growth. The electric van segment is also expected to have a significant impact on the market due to its availability for small-range transportation.
According to American Public Transportation Association in 2019, 9.9 billion trips were taken by Americans on public transportation. Thus, the rise in population will support the growth of public transportation facilities, which require zero-emission vehicles and thus will drive the electric bus segment. Furthermore, a minibus can be utilized perfectly for compact roads, and hence its demand will also contribute to the market growth.
Global Electric Commercial Vehicle Market, by Components
Based on components, the market is segmented into electric motor and battery type. The battery type is further divided into lithium iron phosphate, lithium nickel, manganese cobalt oxide and others. The battery segment will drive the market during the forecast period. The most common type of battery utilized in almost all vehicles is the lithium-ion battery. They have a higher longer life span, high power density, and high energy density. Technological advancements in battery type will reduce the battery cost and increase the life span, decreasing the cost of electric vehicles and driving the market.
The electric motor is also an important component in electric vehicles, which assists in the power output of any electric vehicle. Most of the energy from the battery is converted into mechanical energy to drive the motor. Hence, innovative technologies for the efficient use of batteries and motors will boost the market growth.
Global Electric Commercial Vehicle Market, by Propulsion Type
Based on propulsion type, the market is divided into battery electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles. The battery-electric vehicle segment is expected to witness significant growth during the forecast period. These vehicles are considered to be pure electric vehicles as they use chemical energy stored in batteries. The battery-electric vehicles have a huge presence in the market and hence will dominate the commercial vehicle market.
The fuel cell electric vehicles segment is expected to grow rapidly in the market during the forecast period. They are considered to be zero-emission vehicles because they generate electricity using oxygen from the air and compressed hydrogen and emit water and heat. The adoption of fuel cell electric vehicles in North America will drive the market.
Global Electric Commercial Vehicle Market, by Battery Capacity
Based on battery capacity, the market is divided into less than 50KWh, 50–250KWh, and above 250 KWh. The less than 50 KWh segment is expected to observe significant growth during the forecast period. The rising adoption of electric vans for small-range travel will drive the less than 50KWh segment. Small delivery vehicles required to travel within the city for courier or transporting services will have a huge impact on battery capacity for less than 50KWh. They have minimum charging time, require low maintenance, and are affordable, which is expected to contribute to segment growth. The battery capacity above 250KWh will be driven by electric buses and heavy electric trucks.
Global Electric Commercial Vehicle Market, by Power Output
Based on power output, the market is segmented into less than 100KW, 100–250KW, and above 250 KW. The above 250KW segment is expected to observe significant growth during the forecast period. The size of the motor affects the power output of the vehicle. The demand for heavy electric trucks for transporting goods for the long-distance range will contribute to the above 250KW segment growth. For instance, the Volvo FM Electric truck of AB Volvo has a power output of up to 490KW, which can travel up to 180 miles. The truck is capable of container transports, grocery deliveries, crane services, and others. Furthermore, the rising demand for small trucks and vans will contribute to less than 100KW and 100-250 KW segments.
Global Electric Commercial Vehicle Market, by Range
Based on range, the market is divided into less than 150 miles, 150–300 miles and above 300 miles. The less than 150 miles segment will lead the market during the analysis period. This may include small size trucks or vans which are required for transporting goods within city or intercity transportation.
Commercial vehicles that have a range of less than 150 miles are affordable and cost-effective. The electric buses having a range of 150–300 miles are expected to boost the market. Furthermore, advancements in battery technology or motor technology will assist the growth of commercial vehicles with above 300 miles range.
Global Electric Commercial Vehicle Market, by Application
Based on application, the market is segmented into distribution services, field service, and long-haul transportation. The distribution services segment is expected to grow significantly during the forecast period. The distribution/last-mile delivery service is an ideal solution for deliveries within the city for couriers, food, and good delivery. The rising online food orders and e-commerce is expected to contribute to the demand for distribution or last-mile delivery services. The COVID-19 pandemic has positively impacted the e-commerce sector, which is expected to drive the market demand for delivery or distribution services.
Global Electric Commercial Vehicle Market, by Region
Based on region, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America and Europe are expected to witness significant growth during the forecast period. The rising demand for electric vehicles in North America contributes to market growth. The growing awareness regarding fossil fuel emissions and their impact on the environment is urging the government to support the electric vehicles market. In July 2020, the California AIR Resources Board approved the policy to electrify all heavy trucks by 2045. The 15 U.S. states joined together for the same to sell zero-emission vehicles.
The electric commercial vehicles demand in Europe is also growing. According to the Society of Motor Manufacturers and Traders (SMMT), commercial vehicles accounted for 13.1% of all vehicles in Britain. This includes 14,021 battery electric vehicles and plug-in hybrid vans. Government support and the presence of electric vehicle companies in this region will have a major impact on the market growth. In June 2020, Germany announced that all petrol stations in the country to offer electric vehicle charging. Thus, consumer shift towards electric vehicles will significantly contribute to the electric commercial vehicles market.
TABLE 2: GLOBAL ELECTRIC COMMERCIAL VEHICLE MARKET OVERVIEW
FIGURE 3: GLOBAL ELECTRIC COMMERCIAL VEHICLE MARKET (USD BILLION), 2021–2030
Recent Developments in the Global Electric Commercial Vehicle Market
What Does This Report Provide?
This report provides a detailed understanding of the global electric commercial vehicle market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market. The major market drivers, challenges, and opportunities for the global electric commercial vehicle market have been covered in the report. This report further includes the market shares of the leading companies operating in the global market, along with their production capacities and the growth strategies adopted by them.
Market Segmentation:
By Vehicle Type:
By Components:
By Propulsion Type:
By Battery Capacity:
By Power Output:
By Range:
By Application:
By Region:
North America Electric Commercial Vehicle Market
Europe Electric Commercial Vehicle Market
Asia-Pacific Electric Commercial Vehicle Market
Middle East and Africa Electric Commercial Vehicle Market
South America Electric Commercial Vehicle Market
Major Companies: In this report, the major companies studied are: AB Volvo, BYD, Chanje, Dailmer Trucks, Nikola Motors, Rivian, Tesla, and Workhorse.
Objectives of this Report:
Key Questioned Answered in the Study:
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