Global Electric Commercial Vehicle Market to See High CAGR Growth of 39.25% by 2026
Global Electric commercial vehicle By Propulsion (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle, Vehicle Type (Bus, Trucks, Pick-Up Trucks, Van), Range (0-150 Miles, 151-250 Miles, 251-500 Miles, 500 Miles & Above), Component (Electric Motor, EV Battery, Hydrogen Fuel Cell)
Market Definition: Global Electric Commercial Vehicle MarketElectric commercial vehicle is an automobile which is driven by one or more electric motors and uses energy stored in rechargeable batteries. They are not limited to roads and rail vehicles but also for surface and underwater vessels, electric aircraft and electric spacecraft. Electric commercial vehicles have the potential to significantly diminish greenhouse gas emissions and pollution and reduce per-mile operational and maintenance costs as they don’t hamper the environment while its operations.
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Market Drivers:
- Rapid adoption of electrification by logistic industries is driving the market for electronic commercial vehicles
- Rising demand for fuel efficient, high-performance and emission free vehicles has also acted as market expansion for electronic commercial vehicles
- Decrease in prices of batteries has also led to growth of electronic commercial vehicles
Market Restraints:
- High manufacturing cost hampers the growth of the market
- Less availability of support charging station has also acted as market restraints for electric commercial vehicles market
Global Electric commercial vehicle is registering a healthy CAGR of 39.25% in the forecast period of 2019-2026. This rise in the market can be attributed due to rising automation technology and expansion in automotive industry.
Segmentation: Global Electric Commercial Vehicle MarketBy 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
- Pick-Up Trucks
- Van
By Range
- 0-150 Miles
- 151-250 Miles
- 251-500 Miles
- 500 Miles & Above
By Component
- Electric Motor
- EV Battery
- Hydrogen Fuel Cell
Competitive Analysis:
Global electric commercial vehicle market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of electric commercial vehicle market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Developments in the Market:
- In March 2018, Tata Motors and Mahindra announced its innovative launch of electric powertrains for their small commercial vehicles in the sub 2-tonne category. Extensive charging stations like buses for transporting goods is not required by these vehicles which is one of its speciality. Hence such innovative launches in the electronic commercial vehicle will lead to its growth in nearby future
- In July 2019, MG Motor UK announced the launch of their ZS Electric SUV which is the company's first electric vehicle. This new vehicle is totally based on the ICE version and is five seater SUV. The main aim of the launch is to enter the electric market and encouraging more buyers to switch into electric commercial vehicle market.
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