Electric Commercial Vehicle Market Share, Industry Growth, Trend, Drivers, Challenges, Key Companies by 2030

Increasing demand for emission-free commercial vehicles is a key factor driving market revenue growth Market Size – USD 56.34 Billion in 2021, Market Growth – at a CAGR of 34.4%, Market Trends – Rising oil prices accelerating the shift to Electric Vehicles

The Global Electric Commercial Vehicle Market Size and Revenue Forecasts to 2030

The report on the Global Electric Commercial Vehicle Market initially offers an in-depth overview of the Electric Commercial Vehicle Market along with insights into the developments and advancements in the sector. The report offers a comprehensive overview of the regional and competitive landscape and provides a deeper insight into the current market scenario and future growth prospects. The research study also provides a complete analysis of the market drivers, restraints, limitations, threats, risks, and growth opportunities.

Rising demand for emission-free commercial vehicles is expected to support market revenue growth between 2022 and 2030. In addition, implementation of electric buses as public transit is expected to change public transit worldwide over the upcoming years by lowering emissions, decreasing levels of noise, and enhancing fuel efficiency. Moreover, rising volumes of Carbon Dioxide (CO2) emissions and other hazardous pollutants due to petrol and diesel transportation leading firms to sift in commercial electric vehicle And rising demand for green and renewable energy are driving electric commercial vehicle market growth during the forecast period.

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Batteries of present electric commercial vehicles have low capacity and distances per charge are also limited. Service life and quality of batteries impact performance of commercial electric vehicles, hence capacity of batteries is very low to power commercial vehicles. In addition, time required to charge commercial vehicles is also high, which led to customer dissatisfaction. Most charging stations don’t have fast charging equipment required to charge commercial vehicles. All of these factors are expected to inhabit revenue growth of the electric commercial vehicle market.

Some Key Highlights From the Report

  • The electric bus segment is expected to expand at a steady CAGR during the forecast period due to rising government initiatives toward adoption of electric buses. In addition, low maintenance cost of electric buses is also a driving factor propelling market revenue growth of this segment.
  • The Above 300 miles segment is expected to expand at a steady CAGR during the forecast period due to rising demand for long-range electric trucks in industries such as automotive, logistics, and online retail. Covering long distances with a single charge makes it popular among firms.

The key players profiled in the report are Proterra, Inc., Zhengzhou Yutong Group Co., Ltd., BYD Co Ltd., VDL Group B.V., NFI Group, Volvo Group, Nikola Corporation, Rivian Automotive, Inc., Workhorse Group Incorporated, Tesla, Inc., Ebusco B.V., and King Long United Automotive Industry Co., Ltd.

Global Electric Commercial Vehicle Market Segmentation based on Product Types and Application Spectrum:

Emergen Research has segmented the global electric commercial vehicle market based on vehicle type, battery type, propulsion type, component, range, end-use, and region:

  • Vehicle Type Outlook (Revenue, USD Billion; 2019–2030)
    • Electric Bus
    • Electric Truck
    • Electric Pick-up Truck
    • Electric Van
  • Battery Type Outlook (Revenue, USD Billion; 2019–2030)
    • Lithium-Iron-Phosphate (LFP)
    • Lithium-Nickel-Manganese-Cobalt Oxide (NMC)
    • Others
  • Propulsion Type Outlook (Revenue, USD Billion; 2019–2030)
    • Battery Electric Vehicle (BEV)
    • Plug-In Hybrid Electric Vehicle (PHEV)
    • Hybrid Electric Vehicle (HEV)
    • Fuel Cell Electric Vehicle (FCEV)
  • Component Type Outlook (Revenue, USD Billion; 2019–2030)
    • Electric Motor
    • Electric Vehicle Battery
    • Hydrogen Fuel Cell
  • Range Type Outlook (Revenue, USD Billion; 2019–2030)
    • Less than 150 Miles
    • 150-300 Miles
    • Above 300 Miles
  • End-Use Type Outlook (Revenue, USD Billion; 2019–2030)
    • Last-Mile Delivery
    • Distribution Service
    • Field Service
    • Refuse Service
    • Long Haul Transportation

Regional Analysis of the Electric Commercial Vehicle Market Includes:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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The report provides an extensive forecast of the industry and its significant growth in the forecast years. The report provides important information regarding the sales volume, revenue forecast, market size, market share, and current and emerging market trends. Along with this, the report covers SWOT analysis, Porter’s Five Forces analysis, Feasibility analysis, and investment return analysis.

Key Benefits of Buying the Global Electric Commercial Vehicle Report:

  • Comprehensive analysis of the changing competitive landscape
  • Assists in decision making processes for the businesses along with detailed strategic planning methodologies
  • The report offers an 8-year forecast and assessment of the Global Electric Commercial Vehicle Market
  • Helps in understanding the key product segments and their estimated growth rate
  • In-depth analysis of market drivers, restraints, trends, and opportunities
  • Comprehensive regional analysis of the Global Electric Commercial Vehicle Market
  • Extensive profiling of the key stakeholders of the business sphere
  • Detailed analysis of the factors influencing the growth of the Global Electric Commercial Vehicle Market

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