Global Electric Commercial Vehicle Market Research Report by Vehicle Type (Bus, Truck, Others), Component (Electric Motor, Electric Vehicle Battery, Hydrogen Fuel Cell, Others), Propulsion (BEV, HEV, PHEV, FCEV), Range, Region – Forecast Till 2023
Historical market trends, market dynamics, forecast, market value by region as well as by segmentation, country-level analysis for each market segment, key player’s market share analysis and market factor analysis which covers supply chain and Porter’s five forces analysis of the market.
Electric Commercial Vehicle Market Snapshot
Global electric commercial vehicle market has seen remarkable growth; expected to rise at substantial CAGR.
Continuous development in technology, and basic infrastructure related to electric vehicle to make these vehicles cost-effective and easily available. Rising government subsidies and incentive programs to encourage adoption of electric commercial vehicles along with the increasing demand from logistics industry to minimize the additional liability of fuel expense are expected to drive the growth of commercial electric vehicle market. The growth is further attributed to the recent research activities for developing various types of battery packs for EVs, which have high power storage capacity and require less charging time. However, strong lobbying of oil companies against EV, limited battery power, and longer charging duration may hamper the market growth.
The prominent players in the Electric Commercial Vehicle Market are-
The prominent players in the global electric commercial vehicle market include Tesla (US), Nissan (Japan), BYD (China), Daimler (Germany), Proterra (US), LG Chem (South Korea), Zhongtong Bus Holding Co., Ltd (China) and Panasonic (Japan). Delphi (US), ABB (Switzerland), Continental (Germany), Siemens(Germany), Mitsubishi Electric (Japan), Toshiba (Japan), Ballard Power Systems (Canada), are among others.
Market Research Analysis
In terms of region, the global electric commercial vehicle market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-pacific is estimated to dominate the market during the forecast period followed by Europe and North America. Increasing investment in development of charging infrastructure and increasing initiatives to create awareness about the benefit associated with electric commercial vehicle in countries like China, Japan, and South Korea are expected to drive the electric commercial vehicle market growth in Asia-Pacific region.
China is expected to lead the electric commercial vehicle market Asia-Pacific region due to the government policies to restrict urban pollution and increased engagement of OEMs to develop electric commercial vehicles. Europe is expected to hold the substantial market share during the forecast period. Increasing concentration on the development of the required infrastructure, such as charging stations, is expected to drive the electric commercial vehicle market in Europe. The electric commercial vehicle market in North America region is driven by the stringent rules and regulations enforced by government for vehicular emission control. Electric commercial vehicle market in Rest of the World region is primarily driven by the increase in buying power of consumers and expected growth in electric vehicle charging infrastructure throughout the region.
Scope of the Report
This study provides an overview of the global electric commercial vehicle market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global electric commercial vehicle market by vehicle type, propulsion, range, component, and regions.
By Propulsion
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug in Hybrid Electric Vehicle (PHEV)
- Fuel cell Electric Vehicle (FCEV)
By Vehicle Type
- Bus
- Trucks
- Others
By Range
- 0-150 Miles
- 151-250 Miles
- 251-500 Miles
- Above 500 Miles
By Component
- Electric Motor
- EV Battery
- Hydrogen Fuel Cell
- Others
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