Commercial vehicles are vehicles that used to transport people and goods in terms of design and technical characteristics and can tow trailers. Commercial vehicles divided into passenger cars, trucks, semi-trailer tractors, passenger car incomplete vehicles, and incomplete truck vehicles.
The global Electric Commercial Vehicle market expected to spur by 2027 with a sales of 1700 thousand units at a phenomenal CAGR in the forecast period from 2020-2027. With the rapid development of new energy passenger vehicles, increasing levels of pollution, extinction of fossil fuels, and government investment in the manufacturing of commercial electric vehicles will fuel the market demand for the global electric commercial vehicle market.
Moreover, the most significant driving factor for users to purchase commercial electric vehicles is the policy stimulus. In new energy promotion cities, the market space for traditional cars gradually compressed. Electric vehicles are capturing the market share, encourage or restrict users to only purchase commercial electric vehicles, and breakthrough the first restrictions on the use of traditional energy commercial vehicles.
Furthermore, the electric commercial vehicle has various safety measures installed, and with unique design will propel the market growth. The features in an electric car equipped with a high back adjustable leather driver’s seat and a high-quality leather bus seat, which is exquisite and beautiful, attract the market demand. The sound insulation of the vehicle is excellent. It also has high safety protection measures, including vehicle design protection, maintenance safety protection, short circuit protection, collision safety protection, wading protection, leakage monitoring, etc. The power battery has high safety, and various protection measures comply with international standards.
The market demand for a commercial electric vehicle is rising owing to the government promoting and creating awareness regarding the use of electric cars and also investing in the manufacturing of plants of commercial electric vehicles. There are other advantages of the electric vehicle that it diminishes the greenhouse gas emission and also very cost-effective. Also, with the decreasing price of the battery coupled with advanced technology, the electric commercial vehicle market is going to fuel the market share in the future as well.
The factors driving the growth of the electric commercial vehicle market are due to the rising depletion in oil reserves, and it is going to finish shortly. Therefore, the adoption of the electric vehicle is creating demand at the global level and continues to provide smooth and clean mobility.
The use of fossil fuel in vehicle rise the pollution level and emission of greenhouse gas led to environmental pollution. It caused chronic diseases like asthma and many other respiratory diseases. Therefore, the adoption of the commercial electric vehicle will reduce the rate of hazards diseases and provide a clean and safe environment.
Based on the propulsion type, the global electric commercial vehicle market distributed into BEV, HEV, PHEV, and FCEV. The battery-electric vehicle (BEV) segment accounted for the largest share of the market is projected to grow during the forecast period from 2020-2027. Battery electric vehicle has a unique feature that it exclusively uses a hydrogen fuel cell, internal combustion engine stored in rechargeable battery packs, with no other source of propulsion. Moreover, the gasoline cost required to operate a vehicle is higher than the operative price associated with electricity cost BEV over a distance of one mile is significantly lower to run a comparable ICEV over the same range.
Based on the vehicle type, the global electric commercial vehicle market classified into Bus, Truck, and Pick-up Trucks. The bus segment has the largest market share in the global electric commercial vehicle market. It is mainly owing to a large section of people uses the commercial vehicle for mobility. Therefore, the electric bus is going to capture the electric commercial vehicle market. Moreover, the use of electricity in buses reduces the number of tickets of the passengers, and it reduces overall maintenance costs as well.
Based on the Range, the global electric commercial vehicle segmented into 0-150 Miles, 151-250 Miles, 251-500 Miles, and 500 Miles & Above. The 151-250 miles range segment has emerged the market share of the global electric commercial vehicle market and expected to dominate in the forecast period as well. It is mainly owing to the range of the bus that can cover the distance 250 miles on one single charge on urban roads. Also, buses allegedly have the most extended ride range than any other commercial vehicle.
Based on the component, the global electric commercial vehicle classified into Electric Motor, EV Battery, and Hydrogen Fuel Cell. The electric motor segment has captured the largest market share in the global electric commercial vehicle market. It is mainly due to the various benefits associated with the commercial electric vehicle. The electric motor is cheaper to maintain as no fuel is required, low carbon footprints, and eco-friendlier. It produces less noise pollution and provides a smoother ride. Therefore, the electric motor will fuel the market share of the global electric commercial vehicle market.
Based on geography, the global electric commercial vehicle market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific expected to hold the largest share of the global electric commercial vehicle market. The developing countries such as China and India are creating higher market demand for the electric commercial vehicle market by manufacturing electric vehicles and investing in R&D and installation of charging stations. Moreover, china capturing the largest share of the manufacturing of commercial electric vehicles owing to reduce the pollution level.
Companies such as AB Volvo, Alexander Dennis Ltd., Alstom–NTL, Anhui Ankai Automobile Co. Ltd., Ashok Leyland Ltd., Bluebus SAS, Bozankaya A.S., BYD Co. Ltd., Caetanobus – Fabrico De Autocarros E Carrocarias S.A., Chariot Motors, Dongfeng Motor Corp., Ebusco B.V., Nanjing Golden Dragon Bus Co. Ltd., Proterra Inc., and Tata Motors Ltd. The major electric truck manufacturers are Cummins Inc., E-Force One AG, Hino Motors Ltd. Isuzu Motors Ltd., Iveco S.p.A., Nikola Corp., Nissan Motor Co. Ltd., Scania AB, Workhorse Group Inc., and others are key players in the global electric commercial vehicle market.
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