Pune, India, Sep 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Electric Commercial Vehicle Market.
An electric commercial vehicle is either partially or fully powered on electric power instead of diesel or gasoline. Electric commercial vehicles have low running costs as they have fewer moving parts for maintenance and are also very environmental-friendly as they use little or no fossil fuels (petrol or diesel).
Electric Commercial Vehicle Market Synopsis
According to the MRFR analysis, the global electric commercial vehicle market size is projected to reach 2,56,06,194 Units by 2030 at a CAGR of 67.08%.
Over the last few years, the efforts for technological improvements and innovation in transport have intensified, and fleets of vehicles using renewable sources are the new trend for public authorities, non-profit organizations, and many private companies promoting sustainable development. Increased focus of government authorities on the electrification of public transport fleets and an increase in demand for zero-emission vehicles in the e-commerce & logistics sector will create opportunities for OEMs to expand their revenue stream and geographical presence. Changing consumer preference to adopt electric commercial vehicles in recent years is a major factor attributed to the increasing demand for commercial electric vehicles market.
With the continuous spread of the novel coronavirus across the world, automakers are taking extreme measures in the form of plant closures to halt the spread of COVID-19. In various regions, the countries' governments are applying seemingly ever-more stringent conditions on social interaction, travel, and workplace attendance. These regions are experiencing similar situations, which are having a marked effect on the economy as well as society and causing massive economic disruption, with the automotive industry at the center of this turmoil impacting the global electric commercial vehicle market growth.
Browse Full Report: https://www.marketresearchfuture.com/reports/electric-commercial-vehicle-market-6921
Electric Commercial Vehicle Market Competitive Landscape
The global electric commercial vehicle market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger electric commercial vehicle market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain the market growth.
AB Volvo, Tesla, Daimler AG, PACCAR Inc., BYD Company Limited, and Proterra are some of the key players operating in the global electric commercial vehicle market.
Electric Commercial Vehicle Market Based on technology:
- BEV: Battery electric vehicles (BEVs) generally use chemical energy, which is stored in rechargeable battery packs. The battery-powered electric commercial vehicles use motor controllers and electric controllers instead of using internal combustion engines and get the power from battery packs. Battery electric vehicles are energy efficient, produce fewer greenhouse gases, do not create any noise, and pollute less than internal combustion engine vehicles.
- PHEV: Plug-in hybrid electric vehicles (PHEVs) mainly use rechargeable batteries and other energy storage devices that can be charged by plugging it with external electric power. PHEVs start in ‘all electric’ mode, run on electricity, and when the batteries are low in charge, it calls on the internal combustion engine to boost or charge up the battery pack. PHEVs can charge their batteries directly from the grid. They also have the facility to utilize regenerative braking. They consume less fuel and reduce associated costs.
- FCEV: Fuel cell electric vehicles (FCEVs) are powered by hydrogen. A hydrogen fuel cell is similar to a battery that generates electricity from an electrochemical reaction. Hydrogen fuel cell vehicles are classified as zero-emission vehicles, which emit only water and heat. The hydrogen fuel cell electric vehicles lower pollutant emissions, greenhouse gas emissions, and petroleum consumption.
Electric Commercial Vehicle Market Based on vehicle type:
- Electric bus: Electric buses are a type of electric vehicle, which means that it is fueled by electricity rather than other fuel types such as diesel or gasoline. Unlike a hybrid vehicle, which combines battery power with an IC engine, an electric bus relies solely on electricity for power. Electric buses draw electricity from the power grid and store it in a battery, which can be recharged once the electricity has been used up. These buses are a newer alternative to conventional buses.
- Electric truck: An electric truck consists of medium and heavy-duty trucks. Medium-duty trucks are vehicles, or a combination of vehicles operated as a unit, which ranges with a gross vehicle weight rating, which is greater than 10,000 pounds but less than or equal to 26,000 pounds. Medium-duty trucks are used for various lighter-duty applications.
- Electric pickup truck: An electric pickup truck is a fully electric pickup truck with all the same capabilities as regular internal combustion-powered pickups. Electric pickup trucks offer high towing values, solid payload ratings, and versatility compared to traditional pickup trucks. Some electric pickup trucks are even designed to be extreme off-roaders. Most of electric pickup trucks are hugely capable, and some come with high price tags, but the selection of upcoming electric pickups will soon be vast enough to suit most budgets and tastes.
- Electric van: Electric vans produce no CO2 or NOx emissions, which means their widespread adoption has the potential to improve air quality, especially in urban areas. These vans are much quieter than diesel vans, but electric vans will not travel as far on a single charge as conventional vans will on a single tank of fuel. The use of electric vans in the logistics sector would minimize the asportation cost.
Electric Commercial Vehicle Market Based on region:
- North America: Truck driving is one of the fastest-growing occupations in North America. According to the US Bureau of Labor Statistics, there were more than 1.8 million heavy-duty and tractor-trailer truck driving jobs in 2019-2020. Overall, a total of 7.4 million citizens in the US have jobs that are tied to the trucking industry. Thus, the demand for electric trucks in the US is expected to increase as more people are looking at truck driving as a full-time profession in the US during the forecast period. Also, in March 2020, Proterra (US) announced a partnership with Highland Electric Transportation (US) to provide electric school buses and the Proterra 60kW charging system in New England, US. This leads to a surge in demand for electric commercial vehicles market in the US.
- Europe: Europe is a prominent regional electric commercial vehicle market across the world. The rising demand and the growing sales of electric buses and trucks in Europe primarily influence the demand for electric commercial vehicles from OEMs and aftermarket players in the region. In January 2020, Hyundai Motor Company (South Korea) announced to invest USD 110 million in Arrival Ltd (UK) for the development of electric commercial vehicle market in the country. This leads to an increase in the growth of the charging stations for electric buses in the country, which is expected to fuel the demand for electric commercial vehicles market in the UK. Such factors are expected to fuel the demand for electric commercial vehicles in Europe during the forecast period.
- Asia-Pacific: The demand for commercial electric vehicles in Asia-Pacific is expected to grow significantly due to the growing demand for electric buses and the initiatives to promote the development of electric vehicles taken by the governments of countries such as China, Japan, and India. The rising demand for the development of charging infrastructure and increasing collaborations between the automotive OEMs in the region results in the market's growth in this region.
- Rest of the World: The Middle East market plays an important role in the penetration of electric commercial vehicles in the global market. The UAE government has taken several initiatives to reduce emissions generated from road transport. The deployment of EVs will create an economic change in the Middle East, which will impact the demand for electric commercial vehicles in the future. Africa is one of the most challenging regional markets for commercial electric vehicles owing to the lack of awareness and limited demand for zero-emission vehicles among consumers. An increase in awareness programs and government initiatives toward electric mobility is expected to increase awareness of electric vehicles and their related infrastructure in Africa. South America has many barriers to the use of electric vehicles, including the limited incentives offered by the governments in the region. However, the expansion and deployment of electric vehicles in the region are anticipated to offer benefits such as improved air quality and public health, which will increase the demand for electric commercial vehicle market across the region.