Some of the major drivers of this market are the need for fuel-efficient and emission-free vehicles and the increasing demand for an electric commercial vehicle such as electric truck in the logistics industry to minimize the additional liability of fuel expenses. Innovations in EV battery capacity, which will enable the electric commercial vehicle to carry heavy loads over longer range, can create new revenue generation opportunities. Whereas, oil companies lobbying against EV, limited battery power, and longer charging duration are few challenges for the global market.
Critical Questions: *Where will all these zero-emission commercial vehicles take the industry in the long term? *Will the industry cop up with the challenge of lower vehicle range in electric trucks? *How do you see the demand of electric commercial vehicles in the Nordic countries?
The global market is segmented by the propulsion system, vehicle type, components, range, charging infrastructure, autonomous vehicle, and region. The report discusses four propulsion systems of an electric commercial vehicle, namely, battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), fuel cell electric vehicle (FCEV). BEV accounts for the largest market share in this market, by propulsion, and is estimated to grow with the highest CAGR during the forecast period because of its wide application in several types of vehicles.
The bus segment is estimated to be the fastest-growing market, in terms of volume, for the electric commercial vehicle, by vehicle, followed by van, pick-up truck, and truck. Various government mandates and individual country targets to phase out fossil fuel-based public transportation system and to replace them with electric buses will help the bus market grow over the forecast period.
Above 500 miles range segment of the market is expected to grow the most. In this segment, the market growth will be propelled mostly by bus. The growth is expected with anticipation that most of the electric commercial vehicles produced and sold over the forecast period will be buses. Efforts have been on to make buses that can travel longer range on a single charge.
*Automobile industry as an end-use industry *Automobile organizations/associations *Battery manufacturers *Charging infrastructure suppliers *Compliance regulatory authorities *EV component suppliers *Government agencies *Information Technology (IT) companies & System integrators *Investors and Venture Capitalists (VCs) *Legal and regulatory authorities *OEMs *Raw material suppliers
The Asia Pacific is forecasted to have the largest market share, in terms of volume, followed by Europe. This growth is mainly fuelled by the growth in adoption of electric buses in Asia Pacific countries such as China, South Korea, and Japan and government mandates for curbing out urban pollution by using emission-free vehicles. Increasing investment in the development of electric vehicles, development in charging infrastructure, activities to create awareness about the benefit associated with electric commercial vehicle (for instance, reduction of additional expenses for users), and increasing ECV sales are projected to drive the growth of the global market in this region.
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