Electric Commercial Vehicle Market worth 2,026 thousand units by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 8, 2020 /PRNewswire/ -- According to the new market research report "Electric Commercial Vehicle Market by Propulsion Type, Vehicle Type, Range, Battery Type, Length of Bus, Power Output Type, Battery Capacity Type, Component Type, Autonomous Vehicles Type, End User and Region - Global Forecast to 2028", published by MarketsandMarkets™, the Global Electric Commercial Vehicle Market size is projected to grow from 129 thousand units in 2020 to reach 2,026 thousand units by 2028, at a CAGR of 41.1%.
The growth of the Electric Commercial Vehicle Market can be attributed to the increasing focus of countries on the electrification of their public transport fleets and the increasing demand for zero emission vehicles in the logistics sector. Advancements in battery pack technologies and electric powertrains are some of the major factors driving the growth of the electric commercial vehicle industry.
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Factors such as rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly vehicles. Thus, the Electric Commercial Vehicle Market is expected to witness significant growth in the future.
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Asia Pacific is expected to lead the global market during the forecast period
The Asia Pacific region is the largest Electric Commercial Vehicle Market in the world. It comprises some of the fastest developing and developed economies in the world, such as China, India, and Japan. The market growth in the region can be attributed to the dominance of Chinese market in the electric bus segment and the presence of market leading OEMs in the country as well, resulting in the exponential growth of Electric Commercial Vehicle Market in Asia Pacific. The large demand for electric buses, favorable regulations for electric commercial vehicles, and the rapidly growing logistics sector are expected to boost the Electric Commercial Vehicle Market in the region.
North America electric van segment is expected to grow at the highest CAGR
The North American electric van segment is expected to be the fastest market as there is a high demand for electric vans from the logistics sector. The increasing demand for electric vans in the logistics sector and focus on the electrification of public transport fleet are driving the Electric Commercial Vehicle Market. The growth of the logistics and e-commerce sectors is expected to drive the market for electric vans during the forecast period. The usage of electric vans in the logistics sector would minimize the cost of transportation. Many leading logistics companies in North America and Europe have started using electric vans for shipping and delivery purposes. For instance, DHL, one of the leading logistics companies in the world, is using electric vans while Amazon announced plans to use electric delivery vans to be built by Rivian.
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North America: U.S is expected to lead the market
The North American region is projected to be the fastest-growing market during the forecast period. The region is a hub to major players such as Proterra (California, U.S), Tesla (California, U.S), Workhorse Group (Ohio, U.S), Nikola Motor Company (Arizona, U.S) and Rivian (Michigan, U.S). North America is a key region for innovations; significant R&D; and technological advancements in electric vehicles, battery technologies, and charging solutions.
U.S is the largest market in North America, followed by Canada. Also, U.S, is home to many established OEMs providing electric vehicles and has a higher adoption rate for electric commercial vehicles.
The global Electric Commercial Vehicle Market is dominated by major players such as BYD (China), Yutong (China), Proterra (US), VDL Groep (Netherlands), and AB Volvo (Sweden).
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