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Electric Commercial Vehicle Market segmentation By Propulsion (BEV, HEV, PHEV, FCEV), By Vehicle Type (Bus, Truck, Van, Pick-up Trucks), By Range (0-150 miles, 151-250 miles, 251-500 miles, 500 miles and above), By Component (Electric Motor, EV Battery, Hydrogen Fuel Cell) - Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2022 to 2027

Published: January, 2022
ID: 8683
Pages: 175
Formats: report pdf report excel report power bi report ppt

Market Overview:

The global electric commercial vehicle (ECV) market calculated revenue of $145 billion in 2021 and is predicted to succeed in $363 billion by 2026, exhibiting a CAGR of 13.3% between 2021 and 2026.

Electric commercial vehicle is self-driving transportation machines used for goods also as passengers using power stored in batteries with the assistance of both electric motors working in tandem and combustion engine or electric motors. Electric vehicles are electrified using collector system off-vehicle sources of electricity or chargeable batteries, solar panels, etc.

The expansion of the global ECV market is especially attributed to the increasing concern over greenhouse emission (GHG) emissions. The rising level of pollution and exhausting resources has motivated the manufacturers to style electric commercial vehicles. Governments, across the world, are encouraging the utilization of electric commercial vehicles, thus enhancing the demand in this market in the next few years. 

Recent Developments:

  •  Volvo has introduced the beginning of sales of its Volvo FL and Volvo FE electric trucks in specific markets in Europe, meeting the rising interest for sustainable transport solutions in city environments.
  •  Alexander Dennis is growing the UK’s largest range of low and 0 emission buses with the new Enviro (400ER) stove hybrid double-deck bus. Evolved with BAE Systems, the Enviro400ER offers geofenced 0 emission capability, making it a perfect solution for pollution hotspots in towns and cities.
  •  (ADL) Alexander Dennis Limited and BYD Europe jointly introduced that Glasgow Airport has switched its long-stay parking lot shuttle to 0 emission electric mobility with the launch of three BYD ADL Enviro200EV battery buses.
  • The conclusion from the tie-up between Alstom and NTL, Aptis may be a new 100%-electric mobility solution that gives all the benefits of the tram during a bus. Designed to make sure a clean and efficient transport system for cities, Aptis offers a replacement experience to its passengers with its low floor and 20% more glass surface.

Drivers and Restraints of Electric Commercial Vehicle Market:

Drivers:

The growth of the global electric commercial vehicle market is often attributed to the rising focus of nations on the electrification of their conveyance fleets and the increasing interest for zero-emission vehicles within the logistics sector. Improvements in battery pack techniques and electric powertrains are a number of the main factors driving the expansion of the global electric commercial vehicle industry. Functions like an increase in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to form fuel-efficient and environment-friendly vehicles. However, the electric commercial vehicle market is predicted to witness significant growth within the future.

Restraints:

Lack of sufficient charging stations for electric vehicles may be a key factor expected to hamper the growth of the global electric commercial vehicles market. Additionally, the high cost related to the primary development of these vehicles is another factor expected to hinder the growth of the target market over the foreseen phase.

Market Segmentation:

 By Propulsion Type:

  • BEV
  • HEV
  • PHEV
  • FCEV

Based on propulsion, battery electric vehicles (BEV) segment is predicted to carry the most important share within the global ECV market, in both volume and value, over the foreseen period, due to the rising government support within the sort of subsidies, incentives, and other financial benefits, to market the adoption of eco-friendly commercial electric vehicles.

 By Vehicle Type:

  • Bus
  • Truck
  • Van
  • Pick-up Trucks

The electric van segment is predicted to be the fastest market as there's a high interest for electric vans from the logistics sector, especially within the European region. The surge in need for electric vans in the logistics industry and specialize in the electrification of the conveyance fleet is driving the electric commercial vehicle market in Europe. The expansion of the logistics and e-commerce sectors is predicted to drive the marketplace for electric vans during the foreseen phase. The usage of electrical vans within the logistics sector would minimize the value of transportation. Various foremost logistics companies in Europe and North America have started using electric vans for shipping and delivery purposes.

 By Range:

  • 0-150 Miles
  • 151-250 Miles
  • 251-500 Miles
  • 500 Miles & Above

 By Component:

  • Electric Motor
  • EV Battery
  • Hydrogen Fuel Cell

Electric Commercial Vehicle Market Region-wise analysis:

Marked Segmentation based on the region:

  1. North America
    1. U.S
    2. Canada
  2. Europe
    1. Norway
    2. Germany
    3. Sweden
  3. Asia Pacific
    1. China
    2. India
    3. Japan
  4. Latin America
    1. Brazil
    2. Mexico
    3. Argentina
  5. Middle East and Africa

a. Middle East

b. Africa

The European electric commercial vehicle market is estimated to be the quickest-growing because of the high adaption rate of electrical vans within the logistics sector in the region. Factors like an increase in pollution and environmental hazards, stringent government regulations, and stiff opposition have compelled automotive OEMs to form fuel-efficient and environment-friendly vehicles. During this pursuit, automotive OEMs and component producers are exploring ways to develop and style commercial vehicles that will meet the standards of fuel efficiency also as vehicle emission.

The Asia Pacific area is the most considerable electric commercial vehicle market across the world. It comprises a number of the fastest developing and developed economies within the world, like China, India, and Japan. The market growth within the area is often credited to the lead of the Chinese industry in the electric bus making and the availability of leading OEMs in the country, resulting in the exponential growth of electrical commercial vehicle business in Asia Pacific. The massive demand for electric buses, favorable regulations for electric commercial vehicles, and the rapidly growing logistics sector are expected to spice up the electric commercial vehicle market in the vicinity.

Key Players of Market:

Some of the major players engaged in the electric commercial vehicles market across the globe include AB Volvo, Alexander Dennis Ltd., Alstom–NTL, Anhui Ankai Automobile Co. Ltd., Ashok Leyland Ltd., Bluebus SAS, Bozankaya A.S., BYD Co. Ltd., Caetanobus - Fabrico De Autocarros E Carrocarias S.A., Chariot Motors, Dongfeng Motor Corp., Ebusco B.V., Nanjing Golden Dragon Bus Co. Ltd., Proterra Inc., and Tata Motors Ltd. The major electric truck manufacturers are Cummins Inc., E-Force One AG, Hino Motors Ltd. Isuzu Motors Ltd., Iveco S.p.A., Nikola Corp., Nissan Motor Co. Ltd., Scania AB, and Workhorse Group Inc

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