Electric Commercial Vehicle Market by Propulsion, Vehicle Type, Range, Battery Type, Length of Bus, Power Output, Battery Capacity, Component, Autonomous Vehicle, End User, Truck Payload Capacity and Region - Global Forecast 2030
Northbrook, IL 60062 -- (SBWIRE) -- 11/30/2022 -- The global Electric Commercial Vehicle Market size is projected to grow from 353 thousand units in 2022 to 3,144 thousand units by 2030, at a CAGR of 31.4%. Factors such as growing demand for low emission commuting and governments supporting zero emission transportation for electric commercial vehicles including buses, trucks, pickups and vans through subsidies & tax rebates have compelled the manufacturers to develop ECVs for the world. While the ECV market was led mainly by electric buses in the past, currently the market has a considerable demand for electric vans as well. In the coming years, we can expect a high demand for electric pickups with a large number of pre-booking in these vehicles. Companies like Rivian, Ford, GM, and Tesla are expected to develop their electric pickup range in the coming years with a growing demand.
The electric commercial vehicle market will be growing due to factors like the growing demand for zero emissions commuting, government subsidies & tax rebates and plans of automakers for adopting to electrification of their vehicles.
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Concerns about the changing environment due to excessive pollution by the automotive industry is one of the prime reasons for government bodies to promote zero emission vehicles over Petrol or Diesel ones. OEMs have started developing plans to welcome an all electric future for their upcoming vehicle lineups. This includes development of electric buses, vans, pickups and trucks. To attract and encourage people to buy ECV's, governments around the world are introducing lucrative schemes and incentives that include discounts, lower vehicle acquisition taxes, easier applicability of loans etc. for electric commercial vehicles.
Asia Pacific is expected to be the largest market in the forecast
In this report, the Asia Pacific region is segmented into China, India, Japan, and South Korea. The electric commercial vehicle market in the Asia Pacific region is driven by the need to reduce urban pollution and the dependence on fossil fuels. This is also the largest ECV market around the world. China is the largest contributor to the global electric commercial vehicle market, accounting for a share of more than 95% of the electric bus segment. Chinese companies such as BYD, Yutong, Ankai, and Zhongtong dominate the Chinese and global electric commercial vehicle market. Chinese players, who have access to cheaper parts and components, are providing electric buses at lower prices. The Chinese government has made significant investments to convert conventional public transport fleets into electric ones. For instance, it offers a subsidy of around USD 14,000 for electric buses in shenzhen. Similarly, super capacitors, lithium titanate fast charging for electric buses will further get a subsidiary of around USD 21,000.
North America is expected to be the fastest-growing market during the forecast
The North American automotive industry is one of the most advanced in the world. North America is a key region for innovations, cutting-edge R&D, and technological advancements in electric commercial vehicles. The US, which has traditionally been a global technological leader, is the largest electric commercial vehicle market in North America, followed by Canada. Top EV battery providers and startups have partnered with OEMs in the North American EV market. GM has partnered with LG Chem for their EV batteries. Stellantis has partnered with Samsung SDI for EV batteries. Ford is working with SK Innovation for the North American EV market. Tesla manufacturers its EV batteries in-house. All these companies are working together to develop manufacturing hubs in the US. The US has been a pioneer in the development of electric passenger cars, and OEMs are now looking to offer electric commercial vehicles. Robust infrastructure, improved power grids, government encouragement and support, and higher adoption rates have enabled OEMs to develop a range of electric commercial vehicles.
Key Market Players
The electric commercial vehicle market is dominated by established players such as BYD (China), Yutong (China), AB Volvo (Sweden), VDL Groep (Netherland), and CAF (Spain). The market ranking has been derived by considering ECV sales and a certain percentage of segmental revenue for each of the companies mentioned above. These companies also offer extensive products and solutions for the automotive industry. These companies have strong distribution networks at the global level, and they invest heavily in R&D to develop new products.
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