Global Industry Analysts Predicts the World Electric Commercial Vehicles Market to Reach 679.7 Thousand Units by 2026
SAN FRANCISCO, Feb. 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Electric Commercial Vehicles - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 9; Released: February 2022
Executive Pool: 612
Companies: 112 - Players covered include AB Volvo; Anhui Ankai Automobile Co.,LTD.; BYD Auto Co., Ltd.; Daimler AG; EBUSCO B.V.; Ford Motor Company; NFI Group Inc.; Olectra Greentech Limited; Proterra Inc.; Rivian; Tata Motors Limited; Tesla Inc.; Traton SE; VDL Groep; Xiamen King Long United Automotive Industry Co., Ltd.; Zhengzhou Yutong Bus Co. Ltd; Zhongtong Bus Holding Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Propulsion Type (BEV, Other Propulsion Types); Battery Type (NMC, LFP, Other Battery Types); End-Use (Last Mile Delivery, Distribution Service, Field Service, Refuse Service, Long Haul Transportation)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Electric Commercial Vehicles Market to Reach 679.7 Thousand Units by the Year 2026
Electrification of commercial vehicles holds a bright future owing to its potential to considerably reduce overall carbon footprint of the industry. The outlook for the world commercial vehicles market for the near-term remains stable encouraged by the improving global economic growth, promising signs of slow resurgence in pent-up demand and gradual picking up of growth momentum in both developed and developing countries. Against this backdrop for CVs, electric CVs are poised to witness strong demand supported by the confluence for factors encompassing recovering fleet expansion plans, stringent emission norms, regulations phasing out of fossil fuel vehicles, declining cost of EVs and improving performance and conducive regulations and incentives for purchase of EVs. As a result, electrification of commercial vehicles will continue to emerge as a prominent trend that is expected to find penetration in both off- and on-highway segments. A large number of OEMs and startups are developing fully-electric commercial vehicles, even before the regulatory push. The increasing focus on fuel economy and sustainability is bound to drive the significance of electrically-powered trucks and lithium-based batteries. Currently, batteries provide the electricity needed to power vehicles although R&D efforts are underway to develop fuel cells capable of converting chemical energy to electricity unlike batteries that are energy storage devices.
Amid the COVID-19 crisis, the global market for Electric Commercial Vehicles estimated at 218.7 Thousand Units in the year 2022, is projected to reach a revised size of 679.7 Thousand Units by 2026, growing at a CAGR of 26.3% over the analysis period. BEV, one of the segments analyzed in the report, is projected to grow at a 27.7% CAGR to reach 776.5 Thousand Units by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Other Propulsion Types segment is readjusted to a revised 20.9% CAGR for the next 7-year period. This segment currently accounts for a 24.5% share of the global Electric Commercial Vehicles market.
The U.S. Market is Estimated at 20.9 Thousand Units in 2022, While China is Forecast to Reach 402.5 Thousand Units by 2026
The Electric Commercial Vehicles market in the U.S. is estimated at 20.9 Thousand Units in the year 2022. The country currently accounts for a 9.33% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of 402.5 Thousand Units in the year 2026 trailing a CAGR of 25.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 23.1% and 22.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 25.6% CAGR while Rest of European market (as defined in the study) will reach 555.6 Thousand Units by the end of the analysis period. Electric CVs are already finding favor in all the regional markets across the world, and their uptake remains visibly high in the developed regions of North America, Europe and Japan. While the US continues to retain its standing as a leading commercial vehicle manufacturing nation, the Asia-Pacific market is developing into a region laden with tremendous potential in terms of production. Growing demand for commercial vehicles including buses and trucks in economies such as China and India is driving an increase in domestic production of CVs in Asia. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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