According to the latest report by IMARC Group, titled "Electric Commercial Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global electric commercial vehicle market is expected to grow at a CAGR of 31.8% during 2022-2027. Electric commercial vehicles refer to eco-friendly automobile variants that generally operate on electric power. These vehicles are equipped with motors and rechargeable batteries. As a result, they are widely utilized as a preferred alternative to gasoline-powered automobiles due to their lower carbon footprint. Additionally, there has been a significant rise in the preference for electric commercial vehicles as they are a cost-effective solution for fleet operators. Along with this, they aid in improving air quality and minimizing noise levels while providing a secure mode of transportation to the commuters.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Electric Commercial Vehicle Market Trends:
The global market is primarily driven by the increasing preference for commercial transportation services. Coupled with the rising environmental concerns among individuals, this has created a positive outlook for the market across the globe. Moreover, significant growth in the automotive sector and continual technological advancements in the industry are providing an impetus to the market growth. Furthermore, the rising investments by leading players in the deployment of advanced functions in order to enhance the overall efficiency of electric commercial automobiles are creating a positive outlook for the market. For instance, the widespread integration of wireless charging and advanced driver-assistance systems (ADAS) technologies with these vehicles are positively influencing the market growth across the globe. Also, the introduction of silicone-based EV batteries that offer a seamless driving experience is also catalyzing the market growth. Some of the other factors contributing to the market growth include rapid urbanization and extensive research and development (R&D) activities conducted by key players to introduce improved variants.
- On the basis of the vehicle type, the market has been categorized into electric bus, electric pickup truck, electric truck and electric van.
- Based on the propulsion type, the market has been segregated into BEV, HEV, FCEV and PHEV.
- On the basis of the application, the market has been bifurcated into cargo and passenger.
- Based on the battery type, the market has been classified into lithium-nickel-manganese-cobalt oxide batteries, lithium-iron-phosphate batteries and others.
- On the basis of the battery capacity, the market has been segmented into less than 50 kWh, 50-250 kWh and above 250 kWh.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and Middle East and Africa (Turkey, Saudi Arabia and others).
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include 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.
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