Increasing awareness of the pollution menace, government policies and mandates to restrict pollution, reduction in battery prices, and rapid adoption of electric vehicles such as buses and vans are some of the major factors driving the growth of electric commercial vehicle market. A key driver for the increase in adoption of electric commercial vehicle in recent years is the changing consumer preference. Strategies to minimize the dependence on fossil fuel in developing economies are propelling the electric commercial vehicle market. Whereas, electric commercial vehicles are used extensively by transportation companies in countries such as China, The Netherlands, and Sweden. All these factors are driving the market for the electric commercial vehicle market.
The Electric Commercial Vehicle Market, in terms of volume, is estimated to be 125,212 Units in 2017 and is projected to grow at a CAGR of 39.85% to reach 1,831,865 Units by 2025.
Some of the major players in the electric commercial vehicle market are Daimler (Germany), Tesla (US), Proterra (US), BYD (China), and NISSAN (Japan).
The Asia Pacific is forecasted to have the largest market share, in terms of volume, followed by Europe. This growth is mainly fuelled by the growth in adoption of electric buses in Asia Pacific countries such as China, South Korea, and Japan and government mandates for curbing out urban pollution by using emission-free vehicles. Increasing investment in the development of electric vehicles, development in charging infrastructure, activities to create awareness about the benefit associated with electric commercial vehicle (for instance, reduction of additional expenses for users), and increasing ECV sales are projected to drive the growth of the global market in this region.
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The global market is segmented by the propulsion system, vehicle type, components, range, charging infrastructure, autonomous vehicle, and region. The report discusses four propulsion systems of an electric commercial vehicle, namely, battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), fuel cell electric vehicle (FCEV). BEV accounts for the largest market share in this market, by propulsion, and is estimated to grow with the highest CAGR during the forecast period because of its wide application in several types of vehicles.
The bus segment is estimated to be the fastest-growing market, in terms of volume, for the electric commercial vehicle, by vehicle, followed by van, pick-up truck, and truck. Various government mandates and individual country targets to phase out fossil fuel-based public transportation system and to replace them with electric buses will help the bus market grow over the forecast period.
Above 500 miles range segment of the market is expected to grow the most. In this segment, the market growth will be propelled mostly by bus. The growth is expected with anticipation that most of the electric commercial vehicles produced and sold over the forecast period will be buses. Efforts have been on to make buses that can travel longer range on a single charge.
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