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According to the analysis reports by MRFR, Electric Commercial Vehicle Market Research Report: Information by Propulsion, Vehicle Type, Range, Component, and Region – Forecast Till 2030, the market is estimated to be valued at approximately USD 315.57 Billion with 2,56,06,194 units by the end of 2030. The report further predicts the market to flourish at a robust CAGR of over CAGR of 67.08% during the assessment timeframe from 2022 to 2030.
Electric Commercial Vehicle Market Overview:
Commercial vehicle refers to a motor vehicle utilized deliberately for transporting merchandise or goods. The commercial vehicle is an automotive used to transport goods, people, and materials. It is utilized across several industry areas, including agriculture, manufacturing, mining & construction, transportation & logistics, and several others. Heavy trucks, buses & coaches, and commercial vehicles are primary products included under the commercial vehicle market.
Report Scope:
|
Report Metrics |
Details |
|
Market Size |
2030: USD 315.57 Billion |
|
CAGR |
67.08% |
|
Base Year |
2021 |
|
Forecast Period |
2022-2030 |
|
Forecast Units |
Units |
|
Key Market Opportunities |
Increasing logistics activities |
|
Key Market Drivers |
Government initiatives to encourage adoption of electric commercial vehicle Low operating cost |
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The global market for electric commercial vehicles has been overgrown in recent times. The primary parameter supporting the market’s growth is the rise in e-commerce business. Furthermore, the rapid adoption of commercial vehicles for transportation is another prime aspect supporting the market’s growth. Moreover, aspects such as infrastructure development, adoption of e-mobility in commercial sectors, and increasing industrialization, which in turn are supporting the development and progress across the automotive industry, are also likely to influence the market growth over the review timeframe.
Competitive Analysis
The global market for electric commercial vehicles has prominent participants such as:
Electric Commercial Vehicle Market USP Covered
Market Drivers
The global market for electric commercial vehicles has exhibited massive growth in recent years owing to the aspects like government initiatives and the growing awareness among people.
Market Restraints
On the other hand, the development cost of such vehicles may restrict the market’s growth.
COVID-19 Impact
The global health crisis in the form of COVID-19 has impacted the majority of the industry areas across the globe. The social distancing norms and travel restrictions imposed by the governments worldwide led to causing significant disruption in the supply chain networks for the market areas. The global market electric commercial vehicle, like any other market area, witnessed several unexpected challenges during the pandemic. On the other hand, with the rapid vaccination across the globe, the global market for electric commercial vehicles is anticipated to exhibit substantial growth over the review timeframe.
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Electric Commercial Vehicle Market Segment Analysis
Among all the types, the electric van segment is anticipated to secure the top position across the global market for electric commercial vehicles over the coming years. the growing range of these vans with several advanced features is the main reason behind the growth of the segment. Furthermore, the expansion of the logistics and e-commerce sectors is another prime parameter boosting the segment’s global growth. In addition, the growing demand for these vans is also likely ascribed to the aspects such as several forms of government support, insignificant harmful emissions, and reduced operating costs.
Based on application areas, the last-mile delivery segment is anticipated to lead the global market for electric commercial vehicles over the coming years. the rapid growth in usage of electric commercial vehicles for last-mile delivery of goods from warehouses is the main parameter boosting the growth of the segment. Organizations are contemplating adding electric commercial vehicles, mainly pickup trucks and electric vans, to their portfolio to lower fuel expenses and mitigate emissions.
Based on the range, the less than 150 miles segment is predicted to secure the top position across the global market for electric commercial vehicles over the review era. Affordable and low-performance electric commercial vehicles generally have a range of fewer than 150 miles. Various OEMs provide electric vans and buses with low-cost batteries with a limited range of 100-150 miles.
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Electric Commercial Vehicle Market Regional Analysis
The global market of electric commercial vehicles is analyzed across five major regions: Europe, Asia-Pacific, North America, the Middle East & Africa, and Latin America.
According to the research reports by MRFR, the Asia-Pacific region is predicted to secure the leading position across the global market for electric commercial vehicles over the assessment era. The growth in demand for the expansion of greener technology to build a cleaner environment is the main parameter supporting the growth of the regional market. The early expansion has been experienced across the Asia-Pacific region in nations such as India, China, Korea, and Japan. The region has China as the leading growth contributor, given the huge sales volumes for electric commercial vehicles, particularly electric buses. The governments across these regions are implementing several supportive initiatives, which boost the regional market’s growth. In addition, the region is known to be home to several leading OEMs, particularly Chinese companies, leading the global market for electric commercial vehicles. Additionally, there have been several product launches and various technological developments, which are also likely to influence the growth of the regional market over the review timeframe.
The electric commercial vehicles market for Europe and the North American region is anticipated to grow substantially over the evaluation era. The expansion in demand for these vehicles across developed countries such as Canada, the Us, Germany, France, etc. is also likely to boost the regional market’s growth over the assessment timeframe.
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