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Global Electric Commercial Vehicle Market is Expected to Grow at a CAGR of 17.3% from 2021 to 2030

| July 12, 2021

The global electric commercial vehicle market is estimated to reach USD 62.4 billion in 2021

The global electric commercial vehicle market is estimated to reach USD 62.4 billion in 2021 and is projected to grow at a CAGR of 17.3% during the forecast period. The demand for transportation facilities in the e-commerce sector, logistics, and public transportation is expected to drive the market.

The electric commercial vehicles powered by electricity are eco-friendly, quiet and are efficient than combustion engine vehicles. The common electric commercial vehicles include buses, trucks, vans for good transportation and public transportation. These electric vehicles have ability to reduce the greenhouse gases, dependence on fossil fuels and are noise-free. The demand for electric buses and vans will drive the public transportation in the coming years. According to American Public Transportation Association in 2019, 9.9 billion trips were taken by Americans using public transportation.

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Currently different countries and organizations together are implementing the proposals to reduce the carbon footprint and pollution which includes the advancements and manufacturing of electric vehicles and batteries, this in result will support the market growth in the future. Furthermore, electric commercial vehicles are also a part of smart cities. Many developing countries are continuously working towards the development of smart cities and conversion of rural areas to semi urban areas by adopting sustainable solutions like clean energy, smart buildings, smart vehicles and others, which will also contribute to the market growth. For instance, in 2015 the smart city plan was launched in India, where bigger automobile industries are also part in the development of the smart city project which includes the sustainable electric vehicles.

Technological advancements in batteries will reduce their costs and increase the life span. This will decrease the cost of electric vehicles and hence drive the market. However, initial high development costs for the battery technology can hamper the market growth. The limited battery capacity can also be a challenge to the market growth.

 Some Significant Market Developments Considered in the Report:

  • May, 2021, Daimler Trucks North America launched line of chargers and consulting services for electric commercial vehicle in support of fleets in deployment of electric trucks.
  • April, 2021, Fiat launched the electric version of its Ducato medium van. The company also stated the two battery size availability with 90KWh of motor, range of 174 miles and the price of e-Ducato is USD 73,369, twice the diesel vehicle cost.
  • January, 2021, General Motors announced the new commercial electric vehicle brand, Brightdrop. The company also acknowledged that the vehicle has hub motor and is powered with electric pallet which assists in easy movement of goods over short distance.

COVID-19 Impact on the Global Electric Commercial Vehicle Market

The QMI team is closely monitoring the impact of COVID-19 on the global electric commercial vehicle industry, and it has been observed that the demand for electric commercial vehicle is uncertain during the pandemic time. But it is expected to grow sharply during the analysis period. To control the spread of the pandemic, many countries across the globe have put a strict lockdown, which is hampering business activities.

The demand and supply of raw materials and product manufacturing and distribution have been completely disrupted due to the closing down of the marketplace. Among various industries, transportation, energy, manufacturing, and other industries have suffered huge financial losses. This has created weak demand for several products and components, and electric commercial vehicle is one of them.

Global Electric Commercial Vehicle Market, by Vehicle Type

Based on vehicle type, the market is divided into electric bus and electric truck. The electric bus is further classified base on length which includes less than 9m, 9-14m and above 14m. The electric truck is further classified into heavy duty electric truck, electric pick-up truck and electric van.

The electric truck segment is expected to grow significantly during the forecast period. The rising demand for heavy transportation and no harmful emission will enhance the demand for an electric pick-up truck and heavy-duty electric truck. Furthermore, the development of electric trucks by key market players will further drive the growth of electric trucks. The electric van will also have a significant impact on the market due to its availability for small range transportation, low-cost maintenance, and running costs and government incentives will support the market growth. Furthermore, electric buses offer sustainable solutions as compared to private vehicles or diesel buses. The dependence on fossil fuels, air and noise pollution, and GHG emissions are reduced with electric buses. The aforementioned factors will boost market growth.

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Global Electric Commercial Vehicle Market, by Components

Based on components, the market is segmented into electric motor and battery type. The battery type is further divided into lithium iron phosphate, lithium nickel, manganese cobalt oxide, and others. The battery segment is expected to drive the market during the forecast period. The most common type of battery utilized in almost all vehicles is a lithium-ion battery. It has a higher longer life span, high power density, and high energy density. Furthermore, the electric motor is another important component in electric vehicles which assists in the power output of any electric vehicle. Most of the energy from the battery is converted into mechanical energy to drive the motor.

Global Electric Commercial Vehicle Market, by Propulsion Type

Based on propulsion type, the electric commercial vehicle market is divided into battery electric vehicle, plug-in hybrid electric vehicle, and fuel cell electric vehicle. The battery-electric vehicle segment is expected to witness significant growth during the forecast period. The battery vehicles have huge presence in the market and hence dominate the market growth. These vehicles are considered pure electric vehicles as they use chemical energy stored in the batteries. Also, fuel cell electric vehicles are considered zero-emission vehicles because they generate electricity using oxygen from the air and compressed hydrogen, and hence their demand is expected to increase. The adoption of fuel cell electric vehicles in North America will drive the market.

Global Electric Commercial Vehicle Market, by Battery Capacity

Based on battery capacity, the market is divided into less than 50KWh, 50-250KWh and above 250 KWh. The less than 50 KWh segment is expected to observe significant growth during the forecast period. The rising adoption of electric vans for small range will drive the segment of less than 50KWh. Small delivery vehicles, which are required to travel within city for courier or transporting services will have huge impact on battery capacity for less than 50KWh. As they have minimum charging time, require low maintenance and are affordable, hence will boost the market growth. The battery capacity for above 250KWh will be driven by the electric buses and heavy electric trucks.

Global Electric Commercial Vehicle Market, by Power Output

Based on power output, the electric commercial vehicle market is segmented into less than 100KW, 100-250KW and above 250 KW. The power output with above 250KW is expected to drive the market as the demand of heavy electric trucks for transporting goods for high range will contribute in the growth of market. For instance, the Volvo FM Electric truck of AB Volvo has a power output of up to 490KW, which can travel up to 180 miles. The truck is capable of container transports, grocery deliveries, crane services and others. Furthermore, the rising demand for small trucks and vans will contribute to less than 100KW and 100-250 KW segments.

Global Electric Commercial Vehicle Market, By Range

Based on range, the electric commercial vehicle market is divided into less than 150 miles, 150-300 miles and above 300 miles. The less than 150 miles include small size trucks or vans which are required for transporting goods within city or intercity transportation, which will lead the market. Furthermore, the commercial vehicles those have range of less than 150 miles are affordable and cost effective. Moreover, advancements in battery technology or motor technology will assist the growth of commercial vehicles with above 300 miles range.

Global Electric Commercial Vehicle Market, By Application

Based on application, the electric commercial vehicle market is segmented into distribution services, field service and long haul transportation. The distribution services segment is expected to grow significantly during the forecast period. The distribution services or last mile delivery service is an ideal solution for deliveries within the city or intercity for couriers, food and good delivery. Also, current COVID-19 pandemic has positively impacted the e-commerce sector which in result will drive the electric commercial vehicles for delivery or distribution services.

Global Electric Commercial Vehicle Market, By Region

Based on region, the vehicle market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America and Europe are expected to witness the significant growth in the market during the forecast period. The rising demand of electric vehicles, growing awareness regarding the fossil fuels emissions and its impact on environment is urging the government to support the electric vehicles market in North America. In July 2020, the California AIR Resources Board approved the policy to electrify all heavy trucks by 2045. The 15 U.S. states joined together for the same to sell zero emission vehicles.

Government support and presence of electric vehicle companies in Europe will have the major impact in the market growth. In June, 2020 Germany announced that all petrol stations in the country will offer electric vehicle charging. Thus, consumer shift towards the electric vehicles will significantly contribute to electric commercial vehicles market.

Some Major Findings of the Electric commercial vehicle Market Report Include:

  • Major global market trend and forecasts analysis along with a country-specific market analysis for up to 25 countries.
  • An in-depth global electric commercial vehicle market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors.
  • Profiles of major market players operating in the global electric commercial vehicle market, which include AB Volvo, BYD, Chanje, Dailmer, Nikola Motors, Rivian, Tesla, Workhorse, Nissan, ProterrA, ZHONGTONG BUS HOLDING, Anhui Ankai Automobile Co., Ltd, Xiamen King Long United Automotive Industry Co., Ltd, and Ebusco.
  • Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years.
  • Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global electric commercial vehicle market.
  • Impact of COVID-19 on the global electric commercial vehicle market.

Category: Electric Vehicles, Equipment, Featured, Fuel & Oil, General Update, Green, News, Vehicles

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