Commercial Electric Vehicles Global Market Report 2022: Government Subsidies Boosting Sector Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--Nov 14, 2022--

The "Commercial Electric Vehicles Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global commercial electric vehicles market is expected to grow from $68.43 billion in 2021 to $101.44 billion in 2022 at a compound annual growth rate (CAGR) of 48.2%. The market is expected to grow to $303.15 billion in 2026 at a compound annual growth rate (CAGR) of 31.5%.

The main technologies in commercial electric vehicles are battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles. 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 bus, truck, pick-up truck, van. The charging infrastructure involved is pantograph, plug-in, inductive.

Government subsidies to consumers and manufacturers help in the adoption of electric vehicles. The adoption of electric vehicles has been identified as an effective method to reduce carbon emissions and dependency on fossil fuels. So the governments of many countries are providing direct subsidies to both the buyers and manufacturers to increase the adoption rate of electric vehicles.

In March 2019, the Indian government under the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) scheme announced an outlay for 1434.45 million USD (10,000 crores) to promote the use of electric vehicles and hybrid vehicles. The scheme had 213.6 million USD (1,500 crores) outlay in 2019-20; 716.7 million USD (5,000 crores) in 2020-21 and 501.69 USD (3,500 crores) in 2021-22 and will cover buses with Electric Vehicle (EV) technology; electric, plug-in hybrid and strong hybrid four-wheelers; electric three-wheelers including e-rickshaws and electric two-wheelers.

The difference in vehicle performance acts as a restraint to the growth of the commercial electric vehicle market. Electric vehicles provide excellent torque at low speed but at higher speeds the performance drops. The range of current battery electric vehicles (BEVs) is typically between 50 to 100 miles. For example, the Nissan LEAF electric vehicle has high torque, 236 lb-ft, but relatively low power at 147 HP. On the other hand, the conventional fuel car Honda S2000 has a decent power of 256 who.

Technological advances to improve charging speed and enhance battery design make the latest trend in the commercial electric vehicles market. Manufacturers are looking at solid-state batteries which use graphene as the potential solution and are expected to increase both range and the charging speed of the batteries of the electric vehicle.

Apart from the improvements in battery design and charging speed, there will be a significant shift toward diversifying the sources of power for EVs. Solar panels have already become much more efficient at capturing the sun's energy. With the recent development of three-phase charges, the most modern electric vehicle can charge up to 80% in just 30 minutes.

For instance, Earthday, a Catalan startup, introduced fast-charging graphene-based batteries that weigh only 55 Kgs and use a paste-like electrolyte based on graphene. Earthday claims that the graphene-based battery charges up to 1350 times faster than normal batteries based on lithium technologies.

Scope

Markets Covered:

1) By Technology: Battery Electric Vehicles; Hybrid Electric Vehicles; Plug-in Hybrid Electric Vehicles

2) By Vehicle: Bus; Truck; Pick-Up Truck; Van

3) By Charging Infrastructure: Pantograph; Plug-in; Inductive

Key Topics Covered:

1. Executive Summary

2. Commercial Electric Vehicles Market Characteristics

3. Commercial Electric Vehicles Market Size And Growth

4. Commercial Electric Vehicles Market Segmentation

5. Commercial Electric Vehicles Market Regional And Country Analysis

6. Asia-Pacific Commercial Electric Vehicles Market

7. China Commercial Electric Vehicles Market

8. India Commercial Electric Vehicles Market

9. Japan Commercial Electric Vehicles Market

10. Australia Commercial Electric Vehicles Market

11. Indonesia Commercial Electric Vehicles Market

12. South Korea Commercial Electric Vehicles Market

13. Western Europe Commercial Electric Vehicles Market

14. UK Commercial Electric Vehicles Market

15. Germany Commercial Electric Vehicles Market

16. France Commercial Electric Vehicles Market

17. Eastern Europe Commercial Electric Vehicles Market

18. Russia Commercial Electric Vehicles Market

19. North America Commercial Electric Vehicles Market

20. USA Commercial Electric Vehicles Market

21. South America Commercial Electric Vehicles Market

22. Brazil Commercial Electric Vehicles Market

23. Middle East Commercial Electric Vehicles Market

24. Africa Commercial Electric Vehicles Market

25. Commercial Electric Vehicles Market Competitive Landscape And Company Profiles

26. Key Mergers And Acquisitions In The Commercial Electric Vehicles Market

27. Commercial Electric Vehicles Market Trends And Strategies

28. Commercial Electric Vehicles Market Future Outlook and Potential Analysis

29. Appendix

Companies Mentioned

• Tesla
• Nissan
• BMW
• Chevrolet
• Ford
• Volkswagen
• Kia Motors
• Audi
• BYD
• Daimler
• Volvo
• JAC
• Geely
• Hyundai
• ZD
• Zotye
• BAIC
• Tata Electric
• Hero Electric
• Mahindra Electric
• YOBykes Electric
• TVS Electric
• Ashok Leyland
• Emflux Electric
• Menza Motors
• Fiat
• Mercedes Benz
• Renault
• Skoda
• Infiniti EV

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KEYWORD:

INDUSTRY KEYWORD: EV/ELECTRIC VEHICLES AUTOMOTIVE

SOURCE: Research and Markets

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