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DUBLIN--(BUSINESS WIRE)--Oct 31, 2022--
The "Electric Commercial Vehicles Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global electric commercial vehicles market.
The global electric commercial vehicles market is expected to grow from $66.9 billion in 2021 to $88.45 billion in 2022 at a compound annual growth rate (CAGR) of 32.2%. The market is expected to grow to $270.34 billion in 2026 at a compound annual growth rate (CAGR) of 32.2%.
Companies Mentioned
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Major players in the electric commercial vehicles market are BYD, Proterra, AB Volvo, Daimler AG, Nissan, ABB, Scania AB, Tesla, Nikola Motor Company, and Tata Motors.
The electric commercial vehicles market consists of sales of electric commercial vehicles and related services. Electric commercial vehicles are electrically-powered, self-propelled electric vehicles used for transportation that helps reduce greenhouse gas releases (GHG) and pollution and works with the help of both electric motors working in tandem. Electric commercial vehicles are used for the delivery of goods and transport, such as a passenger, that is powered by batteries and include buses, trucks, vans, and pick-up trucks.
The main propulsion types in electric commercial vehicles are BEV, PHEV, FCEV. Battery electric vehicles operate only on stored electricity, and their main components consist of a high-voltage battery, one or more electric motors (either alternating current [AC] or direct current [DC]), and a controller for managing the power electronics.
The vehicle types involved are electric bus, electric truck, electric pick-up truck, electric van. The battery types involved are lithium-iron-phosphate (left), lithium-nickel-manganese-cobalt oxide (nmc), and others. The technologies involved are battery-electric commercial vehicles, plug-in hybrids, hybrids, fuel cell electric commercial vehicles.
Asia Pacific was the largest region in the electric commercial vehicles market in 2021. North America was the second largest region in the electric commercial vehicles market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
During the historic period, government subsidies on electric commercial vehicles contributed to the electric commercial vehicles market's growth. For instance, in July 2019, India, the government of India provided subsidies for promoting electric commercial vehicles. The Minister of State for Heavy Industries and Public Enterprises at the 'India UK Electric Mobility Forum 2019' stated that the government of India, under the INR 10,000 crore FAME scheme, is promoting electric commercial vehicles through commercial fleet owners. The subsidies were given to three and four-wheeled electric vehicles for commercial and fleet applications. The support from the government to promote the use of commercial electric vehicles is driving the market.
The growth of the electric commercial vehicle market is restrained by limited battery power and longer charging duration. For electric commercial vehicles, the range and performance of the battery are typically less powerful and have a limited range (60-100 miles per charge), and are considered suitable only for short-distance travel. The limited travel range of batteries of electric vehicles raises concerns among the consumers that their vehicles may run out of charge/power before reaching the destination. Longer charging duration is another major challenge for the market.
The lack of availability of supercharging stations adds to the woes associated with the use of batteries in an electric vehicle. For example, according to Alternative Fuels Data Center, in the USA, in 2020, there are around 76,000 public charging stations, compared to 168,000 stations that serve gas. When surveying USA customers about purchasing electric vehicles, more than half of the respondents indicated that they won't buy an EV due to a lack of charging stations. Therefore these factors are major restraints for the electric commercial vehicle market during the period.
Electric commercial vehicle companies are implementing strategic partnerships for the production of electric commercial vehicles. Strategic partnerships in electric commercial vehicles involve sharing of resources and expertise that enhances the product and multiplies the result. It attracts popularity from consumers and other stakeholders, helping to increase the investment while reducing costs.
The countries covered in the electric commercial vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
For more information about this report visit https://www.researchandmarkets.com/r/3uhl5
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INDUSTRY KEYWORD: EV/ELECTRIC VEHICLES AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/31/2022 09:34 AM/DISC: 10/31/2022 09:34 AM
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