According to the latest report by IMARC Group, titled “Electric Commercial Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global electric commercial vehicle market is growing at a double digit CAGR by 2025. Electric commercial vehicles refer to self-propelling automobiles that are designed to operate on battery-based electric engines. These vehicles include numerous low- to heavy-duty automobiles, such as buses, vans, trucks, tractors, harvesters and loaders. Widely used for transporting goods as well as passengers, these vehicles are characterized by several operational benefits and low maintenance costs. Consequently, they find numerous applications across the agriculture, mining, logistics and construction sectors.
The electric commercial vehicle market is primarily driven by the increasing demand for eco-friendly commercial vehicles across numerous industries. These electric commercial vehicles are mostly powered by unconventional power sources, such as rechargeable batteries or solar panels, thereby providing a boost to their sales across the globe. This is further supported by the implementation of several favorable governmental regulations that promote the use of electric vehicles. Various governments are now offering tax rebates and subsidies for purchasing these vehicles, which is acting as another major growth-inducing factor. Some of the other factors contributing to the market growth include the increasing focus on electrification of public transport fleets and rising investments for the upgradation of electric vehicle (EV) charging infrastructures.
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Electric Commercial Vehicle Market Competitive Analysis and Segmentation:
The competitive landscape of the electric commercial vehicle market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
The report has segmented the global electric commercial vehicle market on the basis of vehicle type, propulsion type, application, battery type, battery capacity and region.
Breakup by Vehicle Type:
Breakup by Propulsion Type:
Breakup by Application:
Breakup by Battery Type:
Breakup by Battery Capacity:
Breakup by Region:
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Key highlights of the report:
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