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Global Commercial Electric Vehicles Market Overview 2033 : Forecasted Market Size And Growth Rate | Tesla Inc., Nissan Motor Co. Ltd., Bayerische Motoren Werke AG, General Motors Company
Commercial Electric Vehicles Global Market Report 2024
The commercial electric vehicles market size is expected to see exponentially grown in the next few years. It will grow to $447.04 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%. The growth in the forecast period can be attributed to increasing charging infrastructure, increasing urbanization and last-mile delivery demand, public awareness and education, investments in the automotive industry. Major trends in the forecast period include electrification of fleets, electrification of commercial transit, integration of autonomous technology, battery recycling and second-life applications, fleet management solutions, electrification of medium and heavy-duty vehicles.
Market Overview -
Commercial electric vehicles are electrically powered, self-propelled electric vehicles used for transportation that help reduce greenhouse gas emissions (GHG) and pollution and work with the help of both electric motors working in tandem.
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Government Subsidies Drive Electric Vehicle Adoption For Carbon Emission Reduction
Government subsidies to consumers and manufacturers help with the adoption of electric vehicles. The adoption of electric vehicles has been identified as an effective method to reduce carbon emissions and dependency on fossil fuels. So, the governments of many countries are providing direct subsidies to both buyers and manufacturers to increase the adoption rate of electric vehicles. For example, in order to make electric vehicles (EVs) accessible to all Americans for both short- and long-distance travel, the federal government has set the 2030 target of having half of all new vehicles sold in the country be zero-emissions vehicles. It has also committed to developing a practical and equitable network of 500,000 chargers.
Competitive Landscape -
Major companies operating in the commercial electric vehicles market include Tesla Inc., Nissan Motor Co. Ltd., Bayerische Motoren Werke AG, General Motors Company, Ford Motor Company, Volkswagen AG, Kia Corporation, Audi AG, BYD Co. Ltd., Daimler AG, Volvo Group, JAC Motors, Zhejiang Geely Holding Group Co. Ltd., Hyundai Motor Company, ZD (Zhongsheng Group), Zotye Auto Co. Ltd., Beijing Automotive Industry Group Co. Ltd., Tata Motors Limited, Hero Electric Vehicles Pvt. Ltd., Mahindra Electric Mobility Limited, YOBykes Electric Bikes, TVS Motor Company, Ashok Leyland Limited, Emflux Motors Pvt. Ltd., Menza Motors, Fiat Group Automobiles S.p.A., Renault Group, Škoda Auto a.s., Infiniti a division of Nissan Motor Co. Ltd., Stellantis N.V., GAC Group, SAIC Motor Corporation Limited, Chery Automobile Co. Ltd., Polestar AB, Changan Automobile Co. Ltd., DAF Trucks N.V., Dongfeng Motor Corporation, Great Wall Motors Company Limited, Hino Motors Ltd., Isuzu Motors Limited, Mitsubishi Fuso Truck and Bus Corporation, Navistar International Corporation, Nikola Corporation, PACCAR Inc., Proterra Inc., Traton SE
Technological Advancements Fueling Progress In Commercial Electric Vehicles
Technological advances to improve charging speed and enhance battery design are the latest trend in the commercial electric vehicle market. Manufacturers are looking at solid-state batteries that use graphene as the potential solution and are expected to increase both the range and the charging speed of the batteries in electric vehicles. Apart from the improvements in battery design and charging speed, there will be a significant shift toward diversifying the sources of power for EVs. Solar panels have already become much more efficient at capturing the sun's energy. With the recent development of three-phase charging, the most modern electric vehicles can charge up to 80% in just 30 minutes. For instance, Earthday, a Catalan startup, introduced fast-charging graphene-based batteries that weigh only 55 kg and use a paste-like electrolyte based on graphene. Earthday claims that the graphene-based battery charges up to 1350 times faster than normal batteries based on lithium technology.
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Key Segments -
The commercial electric vehicles market covered in this report is segmented -
1) By Technology: Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles
2) By Vehicle: Bus, Truck, Pick-Up Truck, Van
3) By Charging Infrastructure: Pantograph, Plug-in, Inductive
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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