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Electric commercial vehicles is gaining traction in the market. Vehicle manufacturers are equipping vehicles with latest technologies to recover the energy lost during vehicle operations. Electric commercial vehicles require an uninterrupted power supply for smooth operations. Hence, manufacturers are integrating various evolving technologies such as solar panels and regenerative braking. For instance, in 2017, Audi developed thin film solar panels that can be fitted on the glass roofs of electric vehicles. These panels are likely to enhance power recovery, and eventually will contribute to the growth of electric commercial vehicles market throughout the forecast period.
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The rising preference of long-haul trucks or tractor trailers among the consumer segments is contributing to the growth of the market. Long-haul trucks or tractor trailers are crucial for long-distance freight transportation by road. These tractor trailers are primarily used by freight transportation companies to move large amounts of freight through roadways. However, there are significant fuel costs associated with freight transportation. Hence, the key vehicle manufacturers are increasing focus on developing electric long-haul trucks that have increased range capabilities to reduce operational costs for freight operators. For instance, in 2017, Daimler Trucks launched a Mercedes-Benz electric long-haul truck with a capacity of over 25 tons. This innovative drive train design is expected to increase the preference for electric long-haul trucks, which eventually is going to drive the global electric commercial vehicle market over the forecast period. Electric long-haul trucks as one of the primary driving factors for the growth of this market during the next few years. Our market research analysts predict that in terms of units, this market will grow at a CAGR of close to 42% by 2022
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