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.
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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.
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.
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.
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