Electric Commercial Vehicle Market Share, Size, Growth, Opportunity and Forecast 2020-2025

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Electric Commercial Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025

Market Overview:

The global electric commercial vehicle market grew robustly during 2014-2019. Electric commercial vehicles include a wide variety of low- to heavy-duty automobiles that operate on battery-based electric engines. They majorly include buses, trucks, vans, tractors, harvesters, loaders, excavators, etc. Electric commercial vehicles have gained traction as an eco-friendly alternative to gasoline-powered vehicles owing to their zero carbon emissions. Furthermore, these vehicles also offer low maintenance costs and various operational benefits in the commercial sector. As a result, electric commercial vehicles are widely adopted across several industries, including transportation, logistics, construction, mining, etc.

Electric Commercial Vehicle Market Size Report

Global Electric Commercial Vehicle Market Trends and Drivers:

In recent times, several upgradations in the automobile sector have led to the development of economically sustainable electric vehicles for commercial purposes. The rising consumer awareness towards the low maintenance and operational costs of these vehicles is currently driving the market growth. Additionally, the implementation of favorable regulations pertaining to the reduction of fuel-driven vehicles is also inducing the demand for electric commercial vehicles. Furthermore, several government bodies are providing subsidies or tax benefits on the purchase of e-vehicles, thus promoting the adoption of these vehicles in the commercial sector. The increasing focus on the electrification of public transport fleets coupled with the rising adoption of electric vehicles for several logistic applications is also driving the market growth. Moreover, continuous efforts are being made by the battery manufacturers to provide reliable, safe, and environmentally conducive batteries for powering heavy-duty electric vehicles. The declining costs of high capacity Li-ion batteries have provided ample opportunities for lowering the overall vehicle cost, thereby bolstering the global demand. Moreover, the growing investments in the upgradation of several vehicle charging infrastructures are also propelling the demand for electric commercial vehicles. Besides this, the increasing penetration of smart vehicle technologies, including wireless connectivity, telematics devices, Advanced driver-assistance systems (ADAS), GPS, touch sensors, etc., is further driving the market growth.

The recent outbreak of the COVID-19 pandemic, in early 2020, however, has negatively impacted the electric commercial vehicle market. Due to national lockdowns, the demand for these vehicles in the transportation and logistics sectors has declined. Furthermore, the global lockdowns have also resulted in the temporary shutdown of plants which manufacture these vehicles. The market for electric commercial vehicles, however, is expected to recover from 2021 onwards and exhibit strong growth during 2021-2025.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global electric commercial vehicle market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on vehicle type, propulsion type, application, battery type, battery capacity and region.

Breakup by Vehicle Type:

Electric Bus
Electric Pickup Truck
Electric Truck
Electric Van

Breakup by Propulsion Type:

BEV
HEV
FCEV
PHEV

Breakup by Application:

Cargo
Passenger

Breakup by Battery Type:

Lithium-Nickel-Manganese-Cobalt Oxide Batteries
Lithium-Iron-Phosphate Batteries
Others

Breakup by Battery Capacity:

Less Than 50 kWh
50-250 kWh
Above 250 kWh

Breakup by Region:

North America
- United States
- Canada
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa
- Turkey
- Saudi Arabia
- Others

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being AB Volvo, Anhui Ankai Automobile Co. Ltd., BYD Company Ltd., Construcciones y Auxiliar de Ferrocarriles S.A., Daimler AG, Ebusco B.V., King Long United Automotive Industry Co. Ltd, NFI Group Inc., Proterra Inc., VDL Groep B.V., Zhengzhou Yutong Bus Co. Ltd. and Zhongtong Bus Holding Co. Ltd.

Key Questions Answered in This Report:

How has the global electric commercial vehicle market performed so far and how will it perform in the coming years?
What has been the impact of COVID 19 on the global electric commercial vehicle market?
What are the key regional markets?
What is the breakup of the market based on the vehicle type?
What is the breakup of the market based on the propulsion type?
What is the breakup of the market based on application?
What is the breakup of the market based on the battery type?
What is the breakup of the market based on the battery capacity?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global electric commercial vehicle market and who are the key players?
What is the degree of competition in the industry?