Electric Commercial Vehicle Market Set to Surge to $558.4 Billion by 2031 with Impressive 29.9% CAGR | AMR
Electric Commercial Vehicle Market Growth
OREGAON, PORTLAND, UNITED STATESย , April 26, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, โElectric Commercial Vehicle Market," ๐๐ก๐ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ข๐๐ฅ ๐ฏ๐๐ก๐ข๐๐ฅ๐ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฐ๐๐ฌ ๐ฏ๐๐ฅ๐ฎ๐๐ ๐๐ญ $๐๐.๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ข๐ง ๐๐๐๐, ๐๐ง๐ ๐ข๐ฌ ๐๐ฌ๐ญ๐ข๐ฆ๐๐ญ๐๐ ๐ญ๐จ ๐ซ๐๐๐๐ก $๐๐๐.๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐๐ฒ ๐๐๐๐, ๐ ๐ซ๐จ๐ฐ๐ข๐ง๐ ๐๐ญ ๐ ๐๐๐๐ ๐จ๐ ๐๐.๐% ๐๐ซ๐จ๐ฆ ๐๐๐๐ ๐ญ๐จ ๐๐๐๐.
๐ฐ ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ - https://www.alliedmarketresearch.com/request-sample/A31875
๐๐๐๐๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ: -
Tata Motors,
NFI Group Inc.,
Proterra,
MAN SE,
BYD Company Ltd,
Daimler AG,
Scania,
AB Volvo,
VDL Groep BV,
Dongfeng Motor Company
Significant factors that impact the growth of the electric commercial vehicle market comprise an increase in government initiatives for the promotion of e-mobility, stringent emission norms imposed on fossil-fuel-powered commercial vehicles, and a reduction the cost of electric vehicle batteries. However, factors such as the lack of charging infrastructure in developing countries and the high cost of electric buses and trucks are expected to hamper the market growth. Furthermore, the adoption of autonomous commercial vehicles and technological advancements in electric commercial vehicles are expected to create new growth opportunities for the electric commercial vehicle market during the forecast period.
๐๐ก๐ ๐๐๐ญ๐ญ๐๐ซ๐ฒ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ (๐๐๐) ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ข๐ญ๐ฌ ๐ฅ๐๐๐๐๐ซ๐ฌ๐ก๐ข๐ฉ ๐ฌ๐ญ๐๐ญ๐ฎ๐ฌ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐
Based on propulsion, the Battery Electric Vehicle (BEV) segment held the highest market share in 2021, accounting for around four-fifths of the global electric commercial vehicle market, and is estimated to maintain its leadership status throughout the forecast period, owing to the adoption of electric buses and trucks in developing as well as developed countries. However, the Fuel Cell Electric Vehicle (FCEV) segment is projected to manifest the highest ๐๐๐๐ ๐จ๐ ๐๐.๐% from 2022 to 2031, as hydrogen fuel cell vehicles emit water as a by-product and are considered environmentally friendly vehicles.
๐๐ก๐ ๐๐ฎ๐ฌ๐๐ฌ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ข๐ญ๐ฌ ๐ฅ๐๐๐๐๐ซ๐ฌ๐ก๐ข๐ฉ ๐ฌ๐ญ๐๐ญ๐ฎ๐ฌ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐
Based on vehicle type, the buses segment held the highest market share in 2021, accounting for more than four-fifths of the global electric commercial vehicle market, and is estimated to maintain its leadership status throughout the forecast period, owing to increasing government initiatives for electrification in public transport service. However, the heavy-duty trucks segment is projected to manifest the highest ๐๐๐๐ ๐จ๐ ๐๐.๐% from 2022 to 2031, owing to an increase in demand for heavy-duty trucks from the automotive and logistics sector, reduction in fuel & maintenance costs, and incentives for adopting zero-emission vehicles.
๐ฐ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/electric-commercial-vehicle-market/purchase-options
๐๐ก๐ ๐๐๐ ๐ญ๐จ ๐๐๐ ๐๐ข๐ฅ๐ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ข๐ญ๐ฌ ๐ฅ๐๐๐ ๐ฉ๐จ๐ฌ๐ข๐ญ๐ข๐จ๐ง ๐๐ฎ๐ซ๐ข๐ง๐ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐
Based on range, the 150 to 300 Mile segment accounted for the largest share in 2021, contributing to nearly half of the global electric commercial vehicle market, and is projected to maintain its lead position during the forecast period, as various electric commercial vehicle manufacturers operating in the market are offering a new range of electric commercial vehicles with advanced battery systems to improve the range of electric commercial vehicles. However, the above 300 mile segment is expected to portray the largest ๐๐๐๐ ๐จ๐ ๐๐.๐% from 2022 to 2031, owing to reduced running costs in all-electric truck category, and increasing demand for long-haul electric trucks in commercial sectors.
๐๐ฌ๐ข๐-๐๐๐๐ข๐๐ข๐ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ข๐ญ๐ฌ ๐๐จ๐ฆ๐ข๐ง๐๐ง๐๐ ๐๐ฒ ๐๐๐๐
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly half of the global electric commercial vehicle market, and is likely to dominate the market during the forecast period, owing to an increase in electric commercial vehicle production in China as well as increased investments in electric vehicle technology in the region. However, the LAMEA region is expected to witness the fastest ๐๐๐๐ ๐จ๐ ๐๐.๐% from 2022 to 2031, owing to the increasing demand for fuel-efficient vehicles and support of government initiatives towards electric commercial vehicle production in the region.
๐ฐ ๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.alliedmarketresearch.com/purchase-enquiry/A31875
๐๐จ๐ฏ๐ข๐-๐๐ ๐๐๐๐ง๐๐ซ๐ข๐จ
The outbreak of the Covid-19 pandemic had a negative impact on the global electric commercial vehicle market, owing to implementation of the global lockdown and supply chain disruptions.
However, the market witnessed a quick recovery in the sales of electric buses in 2021. For instance, in July 2021, BYD UK signed a contract with the National Transport Authority of Ireland for the delivery of up to 200 BYD ADL Enviro200 EV zero-emission battery-electric buses.
In addition, the global electric commercial vehicle market is expected to experience growth in the coming years as government is providing various subsidiaries and incentives to encourage bus manufacturers to switch to producing electric buses over gasoline-powered buses.
๐๐ข๐ฆ๐ข๐ฅ๐๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ ๐๐๐ฏ๐ ๐จ๐ง ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:
https://www.alliedmarketresearch.com/small-commercial-vehicle-market-A10279 - Research Report 2023-2035
https://www.alliedmarketresearch.com/light-commercial-vehicle-market-A11794 - Research Report 2023-2035
https://www.alliedmarketresearch.com/heavy-commercial-vehicle-hvac-market-A13126 - Research Report 2023-2035
David Correa
Allied Market Research
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