Global Electric Commercial Vehicle Market is expected to reach USD 418. billion in 2030

The global electric commercial vehicle market is projected to reach USD 418. billion in 2030 from USD 144.5 billion in 2021, registering a CAGR of 12.6% during the forecast period 2022-2030. An electric vehicle has the ability to considerably diminish greenhouse gas releases, dependence on fossil fuels, and is free from noise pollution. A commercial vehicle is designed, maintained, or used for the transportation of property or persons.
The various types of commercial vehicles are buses, trucks, vans, and pick-up trucks for good transportation and public transportation.

The global electric commercial vehicle market is growing at a significant rate, due to the increase in pollution and environmental hazards, reduction in the overall cost of the batteries, rising electrification of public transport fleets, tough competition, and government subsidies and regulations that have forced automotive OEMs to offer fuel-efficient and environment-friendly electric commercial vehicles. Due to speedy economic growth and promising government guidelines to limit greenhouse gas emissions, the market has witnessed a high demand for electric buses.

Request to get the sample pages of the report @ https://www.vynzresearch.com/automotive-transportation/electric-commercial-vehicle-market/request-sample

The COVID-19 had an adverse impact on various sectors. Various companies such as AB Volvo, Daimler, etc. had closed their plants temporarily and had temporarily laid off their employees. However, there is a steady recovery post-2020 owing to the rise in the sale of vehicles.

Market Segmentation
Insight by Component

Based on the component, the electric commercial vehicle market is segmented into the electric motor, hydrogen fuel cell, and EV battery. Among all the components, the EV battery segment is accounted for the largest share in the market, as it is the most important component of an EV and it makes the up significant cost of an EV due to its high cost. Moreover, the electric motor is also a significant component in electric commercial vehicles and assists in the power output of an electric vehicle.

Insight by Range

Based on range, the electric commercial vehicle market is divided into 0-150 miles, 151-300 miles, and 300 miles & above. Among all the range, 0-150 miles will lead the market as it is used in small trucks or vans for transporting goods within city or intercity transportation. Moreover, owing to development in battery technology or motor technology will help in the growth of the commercial vehicles having a range of 300 miles and above, thus grow at the fastest rate in the electric commercial vehicle market.

Insight by Propulsion Type

Based on the propulsion type, the electric commercial vehicle market is categorized into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), hybrid electric vehicle (HEV), and fuel cell electric vehicle (FCEV). Among all the propulsion types, the BEV dominates the market due to improvement in battery competence, rising government assistance in the form of subsidies, incentives, and other financial benefits in promoting eco-friendly vehicles, and the decline of the EV battery cost.

Insight by Power Output

Based on power Output, the electric commercial vehicle market is divided into less than 100KW, 100-250KW, and above 250 KW. The power output of above 250KW is projected to drive the market because there is a demand for heavy electric trucks to transport goods of the high range, thus the electric commercial market will grow. For example, AB Volvo's Volvo FM electric truck has a power output of up to 490KW and a driving range of up to 180 miles. The truck can perform container transportation, grocery delivery, crane services, etc. In addition, the growing demand for small trucks and vans will help the market segments of less than 100KW and 100-250 KW.

Insight by Vehicle Type

Based on the vehicle type, the electric commercial vehicle market is segregated into the electric bus, electric van, electric trucks, and electric pick-up trucks. Of all vehicle types, the electric bus accounted for the largest share in the electric commercial vehicle market due to speedy economic growth, stringent government guidelines to limit emission, implementation of extra electric buses, and mandatory government guidelines to phase out fossil fuel-based public transportation. Electric buses reduce dependence on fossil fuels, air and noise pollution, and greenhouse gas emissions. The above factors will promote the growth of the market. The electric truck is anticipated to grow substantially during the forecast period owing to the increasing demand for heavy transportation and zero harmful emission will raise the demand for an electric pick-up truck and heavy-duty electric truck. Moreover, the electric van is anticipated to witness the fastest growth during the forecast period.

Insight by Cell Format

Based on cell format, the electric commercial vehicle market is divided into the pouch, prismatic, and round. The round cells are anticipated to be the fastest-growing segment in electric commercial vehicle market during the forecast period as it provides high energy density as compared to others.

Insight by Battery Type

Based on battery type, the electric commercial vehicle market is divided into lithium-iron-phosphate (LFP), lithium-nickel-manganese-cobalt oxide (NMC), and others. Among all the battery types, the lithium-ion battery dominates the market owing to its high and long life span, more power density, and high energy density.

Insight by Battery Capacity

Based on battery capacity, the electric commercial vehicle market is segregated into less than 50kWh, 50-250 kWh, and above 250kWh. Among all the segments, less than 50kWh is anticipated to dominate the market during the forecast period owing to the increasing usage of electric vans for a small range. Moreover, they require less charging time, low maintenance, and affordability, thus bolstering the market growth. The above 250kWh battery capacity is adopted by electric buses and heavy electric trucks.

Insight by Application

Based on application, the electric commercial vehicle market is categorized into last-mile delivery, distribution services, field service, refuse service, and long haul transportation. Among all the categories, the distribution services segment is anticipated to grow substantially during the forecast period as it is an ideal solution for deliveries within the city or intercity for couriers, food, and good delivery. Also, the current COVID-19 pandemic has positively impacted the e-commerce industry resulting in driving the growth of electric commercial vehicles for delivery or distribution services.

Browse full report @ https://www.vynzresearch.com/automotive-transportation/electric-commercial-vehicle-market

Industry Dynamics
Growth Drivers

Acceptance of electrification, reduction in battery price, rapid acceptance of electric vehicles such as buses and vans, government regulations favoring the demand for electric vehicles and requirement for fuel effectual vehicles, and government providing subsidies or tax benefits on purchasing e-vehicles are the primary growth drivers for the electric commercial vehicle market. Moreover, advancements in the automobile sector have led to the innovation of economically sustainable electric vehicles for commercial purposes, increasing consumer awareness about low maintenance and operational cost, rising penetration on smart vehicle technologies such as wireless connectivity, telematics devices, advanced driver-assistance systems (ADAS), GPS, touch sensors, etc., are bolstering the growth of the market.

In addition, an increase in the demand for efficient free commercial vehicles, the growing use of electric vehicles in the logistics industry, government strategies and instructions to control air pollution, and rising concern about environmental pollution are also the factors that are driving the growth of the electric commercial vehicle market. Moreover, technological development in batteries of the commercial electric vehicle will reduce the cost, increase the life span, and the growing preference for long-haul trucks are also contributing to the growth of the electric commercial vehicle market. For instance, battery OEMs are doing R&D activities for improving various types of battery packs to upsurge their traveling span.

Challenges

Lack of supportive charging stations, in-progress IC engine improvements, supplementary environment-friendly fuel products, oil companies promoting contrary to EV, and high development cost are the major challenges for the growth of the electric commercial vehicle market. In addition, limited battery capacity, charging stations for these batteries are not available in the market, and longer charging durations are also hampering the growth of the market.

Opportunities

The government is focusing on electrification of the public transport fleet, rising demand for zero-emission vehicles in the e-commerce and logistics industry is creating promising opportunities for OEMs to provide more revenue and have their presence globally. Moreover, the rising adoption of electric commercial vehicles in emerging economies will further create opportunities in the electric commercial vehicle market.

Industry Ecosystem

The industry players are capitalizing on market growth by product launch. Moreover, the industry players are innovating and developing new battery technologies to reduce the cost of electric vehicles and compete with gasoline vehicles in terms of price and performance. During the forecast period, industry leaders are expected to significantly reduce the cost of these vehicles and improve the performance of these vehicles, leading to mass adoption. Nevertheless, macroeconomic factors such as rising demand for vehicles in e-commerce and retail industries in emerging economies and the growing freight movement will accelerate the growth in the electric commercial vehicle market.

Enquiry before purchasing the report @ https://www.vynzresearch.com/enquiry-now/electric-commercial-vehicle-market

Geographic Overview

Geographically, Asia-Pacific is the largest and anticipated to have the highest growth during the forecast period owing to government strategies to limit urban pollution. Implementation of high demand for electric buses in public transport fleets, expansion in charging infrastructure, rising investment in the development of the electric vehicles, rapidly growing logistics sector, and presence of leading OEMs to progress electric vehicles are also surging the growth of the Asia-Pacific electric commercial vehicle market.

Competitive Insight

Key players in the electric commercial vehicle industry are catering to the demand by collaborating and building strategic partnerships with other players and investing in R&D and technologically developed EVs across the globe. Moreover, companies are following strategies such as new product development, contracts & agreements to sustain their market position and have a competitive edge over other players in the industry.

Proterra introduced the ZX5, which is a fifth-generation battery-electric transit bus featuring a new streamlined vehicle design. The new Proterra ZX5 40 ft. electric bus can be equipped with 660KW of energy storage that can deliver up to 329 miles of drive range.

Tesla, Daimler, Panasonic, Nissan, Proterra, ABB, BYD, LG Chem, Delphi, Samsung SDI, and Continental are the key players offering electric commercial vehicle.

Explore more research reports by VynZ Research

Global Automotive Fabrics Market Research Report: https://www.vynzresearch.com/automotive-transportation/automotive-fabrics-market

Global Automotive Turbocharger Market Research Report: https://www.vynzresearch.com/automotive-transportation/automotive-turbocharger-market

Global Electric Vehicle (EV) Charging Cable Market Research Report: https://www.vynzresearch.com/automotive-transportation/electric-vehicle-ev-charging-cable-market

Global ADAS Market Research Report: https://www.vynzresearch.com/automotive-transportation/adas-market

VynZ Research
Call: +91-996-028-8381
Toll-Free (U.S. and Canada): +1-888-253-3960
Email: marketing@vynzresearch.com

About VynZ Research
VynZ Research is a global market research firm offering research, analytics, and consulting services on business strategies. VynZ have a recognized trajectory record and our research database is used by many renowned companies and institutions in the world to strategize and revolutionize business opportunities. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies.

This release was published on openPR.