Electric Commercial Vehicle Market Size is Projected to Reach USD 178,560 Million by 2026 at CAGR 8.3% | Valuates Reports

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Dec 21, 2020, 11:30 ET

BANGALORE, India, Dec. 21, 2020 /PRNewswire/ -- The Electric Commercial Vehicle Market is Segmented by Type (Bus, Truck, Pick-Up Truck, Van, Others), Application (Commercial, Private), Key Vendors and Regional Growth: Global Opportunity Analysis and Industry Forecast, 2021–2026. This report is published on Valuates Reports in the Auto & Vehicles category.

The global Electric Commercial Vehicle market size is projected to reach USD 178,560 Million by 2026, from USD 11,0540 Million in 2020, at a CAGR of 8.3% during 2021-2026.

Major factors driving the growth of the Electric Commercial Vehicle Market size are increasing electrification of public transport fleets, stringent government regulations, and advancements in battery pack technologies and electric powertrains.

This report focuses on Electric Commercial Vehicle volume and value at the global level, regional level, and company level. From a global perspective, this report represents the overall Electric Commercial Vehicle market size by analyzing historical data and prospects.

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TRENDS INFLUENCING THE ELECTRIC COMMERCIAL VEHICLE MARKET SIZE

Increasing demand for emission-free commercial vehicles and the rising adoption of electric vehicles in the logistics industry is expected to drive the growth of the electric commercial vehicle market size. Several governments around the globe have initiated programs, such as the use of electric buses and vans, to make their urban public transit system more sustainable and fuel-efficient. The introduction of electric buses is expected to transform public transit by improving air quality, lowering noise levels, and rising fuel efficiency. The growing stringency of emission standards in many countries has forced manufacturers to implement electrical technology.

Factors such as an increase in emissions and environmental risks, strict government legislation, and tough competition have driven automotive OEMs to make cars fuel-efficient and environmentally sustainable. In this pursuit, automotive OEMs and component manufacturers are finding ways to build and design commercial vehicles that can meet both fuel efficiency and vehicle emissions requirements. This in turn is expected to drive the growth of the Electric Commercial Vehicle Market size.

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ELECTRIC COMMERCIAL VEHICLE MARKET SHARE ANALYSIS

North America is expected to hold the largest Electric Commercial Vehicle market share during the forecast period. North America is a fast-growing market for electric commercial vehicles. The area has seen a rise in demand for low-emission and fuel-efficient vehicles due to strict emission standards and the increasing logistics sector. The demand in the US is expected to rise rapidly due to the high acceptance of electric vans and the large order of electric pick-up trucks.

Europe is also expected to see significant growth during the forecast period due to government incentives and the presence of supporting infrastructures, such as free charging stations.

Asia-Pacific is expected to witness the highest growth during the forecast period. This rapid growth of the region is attributed to the growing need to reduce the level of pollution. Moreover, it is anticipated that South Korea and Japan will invest heavily in the creation of the infrastructure required, such as charging stations, to support market growth.

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ELECTRIC COMMERCIAL VEHICLE MARKET SEGMENTATION

Electric Commercial Vehicle Market by Type

Bus
Truck
Pick-Up Truck
Van

Electric Commercial Vehicle Market by Application

Commercial
Private

Electric Commercial Vehicle Market by Regions/Countries, the Product can be split into

North America
Europe
China
Japan
Southeast Asia
India
Central & South America

Major Key Vendors

Tesla, Nissan, BYD, Daimler, ProterrA, LG Chem, Samsung, SDi, Panasonic, Delphi, ABB, Continental, Siemens, Mitsubishi Electric, Toshiba, Ballard Power Systems, Hydrogenics, ITM Power, Ceres Power, Plug Power, Nedstack, NuverA, AFCc, Toyota, Honda, Hyundai, Others.

"We can also add the other companies as you want"

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