According
to a new market report published by BlueWeave Consulting, The Global Electric Commercial Vehicles Market is
expected to reach a value of US$ 149,316 Mn by 2024, supported by government
subsidies and tax rebates for commercial electrical vehicles. The market is projected to
expand at a CAGR of 13.0% during the forecast period from 2018 to 2024 by
value. The market is expected to reach 1,440,820 units by end of 2024. The
market is expected to expand at the CAGR of 10.4% by volume. Need for
fuel-efficient and emission-free vehicles and the increasing demand for 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 electric commercial vehicle to carry heavy loads
over longer range,
can create new revenue generation opportunities.
Need for
fuel-efficient and emission free-vehicle and the available government subsidies
and tax rebates to fuel the growth of the electric commercial vehicle market
Policies and mandates to curb
urban pollution menace and the subsequent demand of emission-free vehicle and
the increasing demand for electrified vans and trucks from the logistics
industry are the driving factors for the electric commercial vehicle market.
Whereas, the less number of charging stations and high cost involved in the
initial development of electric commercial vehicle are restraining factors for
the electric commercial vehicle market. Government funds and incentive programs
to encourage adoption of electric commercial vehicles such as public buses and
electric trucks will be creating opportunities in upcoming years. Increasing
incorporation of telematics & communication capabilities in electrical
commercial vehicles is anticipated to boost market growth. Growing food &
beverage industry is another key factor driving industry growth over the next
seven years owing to increasing food trucks and refrigerated vehicles demand.
Electric
Commercial Vehicles Market: Scope of the Report
The electric commercial vehicle
market can be segmented on the basis propulsion type, vehicle type, component,
and region. Based on propulsion type, the global electric commercial vehicle
market is classified into battery electric vehicle (BEV), hybrid electric
vehicle (HEV), Plug-in hybrid electric vehicles (PHEV) and fuel cell electric
vehicle (FCEV). The battery electric vehicle segment dominates the market due
to government initiatives to promote green transportation across the globe.
Battery electric buses require less fuel and maintenance. Hybrid electric buses
require conventional fuel along with electric prolusion system to operate.
These hybrid vehicles require large batteries and motors to meet its power
requirement, which makes hybrid commercial vehicles costlier. Based on electric
vehicle type, the global electric commercial vehicle market can be fragmented
into bus, truck, vans and others.
On the basis of components, the electric commercial vehicle market can be
segmented into motors, electric batteries, and others.
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The Asia Pacific is expected to lead the global electric
commercial vehicle market during the forecast period
On the basis of region, the
electric commercial vehicle market can be segmented into North America, Europe,
Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounts for a major share of the global electric
commercial vehicle market. China dominated the electric commercial vehicle
market. China is electrifying their fleets as the country has the world’s worst
pollution problem. Countries such as Japan and South Korea are investing in the
development of electric vehicles and charging stations and creating awareness
regarding the benefits related to electric commercial vehicles.
The Asia Pacific region is
estimated to hold the largest volume share of global electric commercial
vehicle market in year 2017.
The segment is estimated to grow with a significant CAGR in the forecast period.
The high adoption of electric buses to curb pollution and the subsequent
increase in sales of electric commercial vehicles such as buses are expected to
fuel electric commercial vehicle market in the Asia Pacific region.
Global
Electric Commercial Vehicles Market: Competitive Dynamics
The research study includes
profiles of leading companies operating in the global electric commercial
vehicles market. Some of the key players profiled in the report include Daimler
(Germany), Tesla (US), BYD (China), NISSAN (Japan), Proterra (US), Toyota, BYD
Company Limited, ZHONGTONGBUS Bus Holding Co., Ltd, ABB group etc.
Global
Electric Commercial Vehicles Market, by Propulsion
· BEV
· HEV
· PHEV
· FCEV
Global
Electric Commercial Vehicles Market, by Vehicle Type
· Bus
· Truck
· Van
· Others
Global
Electric Commercial Vehicles Market, by Component
· Motor
· Battery
· Others
Global
Electric Commercial Vehicles Market, by Geography
North
America
· U.S.
· Canada
· Rest of
North America
Europe
· Germany
· Italy
· Finland
· Denmark
· Norway
· France
· U.K.
· Rest Of
Europe
Asia
Pacific (APAC)
· India
· China
· Japan
· Rest of
APAC
Middle
East & Africa (MEA)
· GCC
· South
Africa
· North
Africa
· Rest Of
Middle East & Africa
Latin
America
· Brazil
· Argentina
· Mexico
· Rest of
Latin America
Access Detailed Research methodology of this Research Report@
1.
Preface
1.1 Market Definition and Scope
1.2 Market Segmentation
1.3 Key Research Objectives
2.
Research Methodology
3.
Executive Summary
3.1 Market Overview
3.2 Market Outlook
3.3 Market Absolute $ Opportunity (US$ Mn)
3.4 Key Players
4.
Market Introduction & Market Dynamics
4.1 Introduction
4.2 Market Dynamics
4.3 Drivers
4.4 Restraints
4.5 Value Chain Analysis
4.6 Taxonomy
4.7 Research Methodology
5.
Electric Commercial Vehicle Market Development
5.1 China electric commercial vehicle Sales
— 2011–2017
5.2 Growth in Number of electric commercial
vehicles Sales in China in 2017
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