Electric Commercial Vehicle Market

OREGAON, PORTLAND, UNITED STATES , September 7, 2023/EINPresswire.com/ -- Allied Market Research published a report, titled, “Electric Commercial Vehicle Market by Propulsion (Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-in Hybrid Electric Vehicle (PHEV)), by Vehicle Type (Light duty trucks, Medium duty trucks, Heavy duty trucks, Buses), by Battery Capacity (Less Than 50 kWh, 50 to 250 kWh, Above 250 kWh), by Range (Less Than 150 Mile, 150 to 300 Mile, Above 300 Mile): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global electric commercial vehicle industry generated $43.5 billion in 2021, and is anticipated to generate $558.4 billion by 2031, witnessing a CAGR of 29.9% from 2022 to 2031.

➡️ 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/32331

𝐋𝐢𝐬𝐭 𝐎𝐟 𝐤𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

◙ 𝐀𝐁 𝐕𝐨𝐥𝐯𝐨,
◙ 𝐁𝐘𝐃 𝐂𝐨𝐦𝐩𝐚𝐧𝐲 𝐋𝐭𝐝.,
◙ 𝐃𝐚𝐢𝐦𝐥𝐞𝐫 𝐓𝐫𝐮𝐜𝐤𝐬,
◙ 𝐃𝐨𝐧𝐠𝐟𝐞𝐧𝐠 𝐌𝐨𝐭𝐨𝐫 𝐂𝐨𝐦𝐩𝐚𝐧𝐲,
◙ 𝐍𝐅𝐈 𝐆𝐫𝐨𝐮𝐩 𝐈𝐧𝐜.,
◙ 𝐌𝐚𝐧 𝐒𝐄,
◙ 𝐏𝐫𝐨𝐭𝐞𝐫𝐫𝐚,
◙ 𝐒𝐜𝐚𝐧𝐢𝐚,
◙ 𝐓𝐚𝐭𝐚 𝐌𝐨𝐭𝐨𝐫𝐬,
◙ 𝐕𝐃𝐋 𝐆𝐑𝐎𝐄𝐏 𝐁𝐕.

Increase in demand for fuel-efficient, high-performance, & low-emission buses, government initiatives for promotion of e-mobility, and reduction in cost of electric vehicle batteries drive the growth of the global electric commercial vehicle market. However, high cost of investment & complication in operating advanced systems and lack of charging infrastructure restrict the market growth. Moreover, increasing demand for electric trucks from the logistics sector, technological advancements, and proactive government initiatives for adoption of e-buses create lucrative growth opportunities for the market.

𝐓𝐡𝐞 𝐁𝐚𝐭𝐭𝐞𝐫𝐲 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 (𝐁𝐄𝐕) 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝
Based on propulsion, the Battery Electric Vehicle (BEV) segment held the highest market share in 2021, accounting for around four-fifths of the global electric commercial vehicle market size, and is estimated to maintain its leadership status throughout the forecast period, owing to the adoption of electric buses and trucks in developing as well as developed countries. However, the Fuel Cell Electric Vehicle (FCEV) segment is projected to manifest the highest CAGR of 32.7% from 2022 to 2031, as hydrogen fuel cell vehicles emit water as a by-product and are considered environmentally friendly vehicles.

𝐓𝐡𝐞 𝐛𝐮𝐬𝐞𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝
Based on vehicle type, the buses segment held the highest market share in 2021, accounting for more than four-fifths of the global electric commercial vehicle market, and is estimated to maintain its leadership status throughout the forecast period, owing to increasing government initiatives for electrification in public transport service. However, the heavy-duty trucks segment is projected to manifest the highest CAGR of 33.3% from 2022 to 2031, owing to an increase in demand for heavy-duty trucks from the automotive and logistics sector, reduction in fuel & maintenance costs, and incentives for adopting zero-emission vehicles.

➡️ 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 - https://www.alliedmarketresearch.com/electric-commercial-vehicle-market/purchase-options

𝐓𝐡𝐞 𝟏𝟓𝟎 𝐭𝐨 𝟑𝟎𝟎 𝐌𝐢𝐥𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝
Based on range, the 150 to 300 Mile segment accounted for the largest share in 2021, contributing to nearly half of the global electric commercial vehicle market, and is projected to maintain its lead position during the forecast period, as various electric commercial vehicle manufacturers operating in the market are offering a new range of electric commercial vehicles with advanced battery systems to improve the range of electric commercial vehicles. However, the above 300 mile segment is expected to portray the largest CAGR of 33.4% from 2022 to 2031, owing to reduced running costs in all-electric truck category, and increasing demand for long-haul electric trucks in commercial sectors.

Significant factors that impact the growth of the electric commercial vehicle market comprise an increase in government initiatives for the promotion of e-mobility, stringent emission norms imposed on fossil-fuel-powered commercial vehicles, and a reduction the cost of electric vehicle batteries. However, factors such as the lack of charging infrastructure in developing countries and the high cost of electric buses and trucks are expected to hamper the market growth. Furthermore, the adoption of autonomous commercial vehicles and technological advancements in electric commercial vehicles are expected to create new growth opportunities for the electric commercial vehicle market during the forecast period.

Asia-Pacific dominated the global electric commercial vehicle market in 2021. China is expected to hold a dominant revenue share throughout the forecast period owing to the presence of key companies such as Dongfeng Motor Corporation, and BYD Auto Co. Ltd., among others. In addition, the rapid infrastructure development in developing countries of Asia-Pacific, technological developments, and growing environmental concerns are some of the key factors driving the growth of the electric commercial vehicle market in the region.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘
➤By propulsion, the battery electric vehicle (BEV)segment is anticipated to exhibit significant growth in the near future.
➤By vehicle type, the bus segment is anticipated to exhibit significant growth in the near future.
➤By battery capacity, the 50 to 250 kWh segment is anticipated to exhibit significant growth in the near future.
➤By range, the 150 to 300 Mile segment is anticipated to exhibit significant growth in the near future
➤By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

➡️ 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/32331

𝐈𝐦𝐩𝐚𝐜𝐭 𝐎𝐟 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗

The outbreak of COVID-19 led to reduced demand for electric trucks and buses. However, post-pandemic, several governments are focused on infrastructural development to enhance their public transport and zero-emission. The sales of electric vehicles increased in 2020 and 2021 due to the growing trend of vehicle electrification around the world. This sector was thus, less affected by the pandemic. The demand for electric trucks had similarly decreased in the first half of 2020 and increased thereafter. Being a newly growing segment of the EV market, the demand for these vehicles has been increasing in the past months in countries such as China, the U.S., Germany, France, and UK.

𝐑𝐄𝐋𝐀𝐓𝐄𝐃 𝐓𝐀𝐆𝐒

𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐂𝐡𝐚𝐫𝐠𝐢𝐧𝐠 𝐒𝐲𝐬𝐭𝐞𝐦 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.alliedmarketresearch.com/electric-vehicle-charging-systems-market
𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.alliedmarketresearch.com/electric-vehicle-market
𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐨𝐭𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.alliedmarketresearch.com/electric-vehicle-motor-market
𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐁𝐚𝐭𝐭𝐞𝐫𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.alliedmarketresearch.com/electric-vehicles-battery-market

David Correa
Allied Analytics LLP
+1 800-792-5285
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