Electric Commercial Vehicle Market Will Accelerate Rapidly with Excellent CAGR

Posted by kelvindbmr on April 19th, 2021

Electric commercial vehicle market is expected to witness market growth at a rate of 39.85% in the forecast period of 2021 to 2028. Electric commercial vehicle is an automobile which is driven by one or more electric motors and uses energy stored in rechargeable batteries. They are not limited to roads and rail vehicles but also for surface and underwater vessels, electric aircraft and electric spacecraft. Electric commercial vehicles have the potential to significantly diminish greenhouse gas emissions and pollution and reduce per-mile operational and maintenance costs as they don’t hamper the environment while its operations.

Key Market Competitors: Global Electric Commercial Vehicle Market

Few of the major competitors currently working in the global electric commercial vehicle market are: Hyundai Motor India., Toyota Kirloskar Motor., Nedstack, PLUG POWER INC., Ceres Power Holdings plc, ITM Power Plc, Hydrogenics, Ballard Power Systems., Mitsubishi Electric Corporation., Siemens, Continental AG, ABB, Delphi Technologies, LG Chem, PROTERRA, Daimler AG., NISSAN, Tesla, PIAGGIO & C. S.P.A., MAHINDRA & MAHINDRA LTD., and others.

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Segmentation: Global Electric Commercial Vehicle Market

•          By Propulsion (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle)
•          By Vehicle Type (Bus, Trucks, Pick-Up Trucks, Van)
•          By Range (0-150 Miles, 151-250 Miles, 251-500 Miles, 500 Miles & Above)
•          By Component (Electric Motor, EV Battery, Hydrogen Fuel Cell)
•          By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)

Competitive Analysis: Global Electric Commercial Vehicle Market

Global electric commercial vehicle market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of electric commercial vehicle market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.

Market Drivers:

•          Rapid adoption of electrification by logistic industries is driving the market for electronic commercial vehicles
•          Rising demand for fuel efficient, high-performance and emission free vehicles has also acted as market expansion for electronic commercial vehicles
•          Decrease in prices of batteries has also led to growth of electronic commercial vehicles

Market Restraints:

•          High manufacturing cost hampers the growth of the market
•          Less availability of support charging station has also acted as market restraints for electric commercial vehicles market