The electric commercial vehicle market crossed US$ 56.3 billion mark in 2022 and is expected to hit US$ 793.9 billion by 2030, recording a CAGR of 34.4% during the forecast period.
The US Energy Information Administration (EIA) estimates that 97.45 million barrels were consumed daily in 2021. With the exception of rare occasions like the COVID-19 epidemic, gasoline prices have been growing over time on the electric commercial vehicle market. The strong demand for gasoline is to blame for the price increase. It is a non-renewable energy source, hence it will likely run out within the next few decades. Petrol prices rise as a result of changes in supply and demand. Even though several accords have been established to regulate petrol prices on the electric commercial vehicle market, prices have increased with time. Petrol use affects the economy’s trade balance because the majority of nations are obligated to import it. Automakers are now thinking about alternate fuel sources for their Vehicle due to the depletion of petroleum supplies and the rising cost of gasoline.
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- BYD Company Ltd.
- Continental AG
- Daimler AG
- Delphi Technologies
- Honda Motor Co Ltd
- Hyundai Motor Co
- Nissan Motor Co Ltd
- Proterra Inc.
- Tesla Inc
- Toyota Motor Corp.
Due to the war between Russia and Ukraine in 2022, petroleum prices, which have already doubled in the last few decades, are anticipated to rise further. This is anticipated to spark new efforts to switch to EVs in order to lower everyday transport expenses across the globe. The cost of fossil fuels globally is also influenced by tax rates. The US has the lowest fuel tax (19%), whereas India imposes a tax on fuel of over 69%. In the past two years, all of these factors have pushed up fuel prices globally. This research report provides insights into the “Electric Commercial Vehicle Market.” This report summarizes the results of the assessment carried out by Business Market Insights in the field of the Benefits Management Platform for the global perspective. The report provides an analysis of the Benefits Electric Commercial Vehicle Market by deployment, application, and geography.
In this report, the market has been segmented based on:
- By Component:
- EV Battery,
- Electric Motor
- Hydrogen Fuel Cell.
- By Propulsion Type :
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Vehicle Type:
- North America
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
Development of wireless EV charging technology is one of the major factors accelerating Electric Commercial Vehicle market growth.
Over the past few years, wireless on-the-go charging technology has been developed. When this technology is more advanced, people won’t need to charge their cars because they should do it for them. Although this technology is now quite expensive, it might be used in the ensuing decades. As sales are anticipated to rise quickly when this technology is used, it is anticipated to have a substantial impact on the electric commercial vehicle market. Wireless EV charging will be available for stationary charging as of 2021. A trial of wireless on-the-go EV charging is being conducted in Norway, and it is anticipated to support and enable charging for a fleet of 25 Jaguar I-pace taxis headquartered in Oslo. The capital of Norway has started a programme called ElectriCity with the goal of having an emission-free taxi system by 2024.
Recent strategic developments in the Electric Commercial Vehicle market
The electric commercial vehicle market has undergone several significant developments, and a few of these have been mentioned below:
- In January 2022, With up to 85% more range and quicker charging, AB Volvo unveiled the upgraded Volvo VNR Electric.
- In December 2021, BYD introduced the ETP3 electric vehicle, which has a 50.3 kWh NMC battery and a 269 km range. The new electric van measures 4.46 metres in length and can carry 720 kg.
- In Decemeber 2021, The ETM 6 electric truck was introduced by BYD. It is a 7.5-ton truck with a 3,990-kilogram payload. 5.95 metres long, 2.10 metres wide, and 2.94 metres height make up the ETM 6.
- In September 2020, For reliable and profitable operations for clients as well as sustainable and effective public transportation in cities across the world, AB Volvo introduced the Volvo BZL Electric Chassis.
The report provides the current market size for the Electric Commercial Vehicle Market, defines trends, and presents growth forecasts for nine years from 2022 to 2030. 2022 is considered as the base year, and 2022 to 2030 is the forecast year for the entire report. All the market numbers for revenue are provided in US dollars. The market is analyzed by the supply side, considering the market penetration of Benefits Management Platform for all the regions globally.
This research report on the “Electric Commercial Vehicle Market” provides a holistic view of the global market size across major regions. The report further elucidates the key driving factors, restraints, growth opportunities, and future trends about the market growth. The market is segmented into deployment, application, and geography.
Electric Commercial Vehicle Market Research Report Scenario includes:
The report provides qualitative and quantitative trends of the global Electric Commercial Vehicle Market.
The report provides qualitative and quantitative trends of the global Electric Commercial Vehicle Market segmented by deployment, component, solution, application, and geography.
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The report starts with the key takeaways, highlighting the key trends and outlook of the global Electric Commercial Vehicle Market.
Chapter 3 provides the research methodology of the study.
Chapter 4 provides a brief overview of the Benefits Electric Commercial Vehicle Market landscape. It further provides the segmentation of the market with PEST analysis on global scenarios along with ecosystem analysis and expert opinions.
Chapter 5 highlights the Benefits Electric Commercial Vehicle Market trends and outlook and the prevailing factors that are driving the market, as well as are deterrents to market growth, along with their impact analysis.
Chapter 6 discusses the market revenue and forecast, in the global Electric Commercial Vehicle Market.
Chapter 7, 8, and 9 discuss the market segmented by deployment, application, and geography across the regions.
Chapter 10 provides the impact of COVID 19 across the regions and respective countries.
Chapter 11 provides the industry landscape and highlights the major market events, as well as major market vendors in the ecosystem.
Chapter 12 provides the detailed profiles of the key companies operating within the Benefits Electric Commercial Vehicle Market. The companies have been profiled based on their key facts, business descriptions, financial overview, SWOT analysis, and key developments.
Chapter 13, i.e., the appendix is inclusive of a brief overview of the company, glossary of terms, contact information, and the disclaimer section.
The report also covers a detailed chapter of the analysis on COVID-19 impact on this market at the global and regional level in our final reports.
This research provides detailed information regarding the major factors influencing the growth of the Electric Commercial Vehicle Market at the Regional Level (drivers, restraints, opportunities, and challenges), forecast of the market size, in terms of value, market share by region and segment; regional market positions; segment and country opportunities for growth; New product developments, strengths, and weaknesses, brand portfolio; Marketing and distribution strategies; challenges and threats from current competition and prospects; Key company profiles, SWOT, product portfolio and growth strategies.
“Business Market Insights” conducts hundreds of primary interviews a year with industry participants and commentators to validate its data and analysis. A typical research interview fulfills the following functions:
Provides First-Hand Information on the Market Size, Market Trends, Growth Trends, Competitive Landscape, and Future Outlook
Validates and Strengthens Secondary Research Findings
Further Develops the Analysis Team’s Expertise and Market Understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
Industry Participants: VPs, Business Development Managers, Market Intelligence Managers and National Sales Managers
Outside Experts: Valuation Experts, Research Analysts and Key Opinion Leaders Specializing in the Industry
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