(MENAFN- PR Newswire)
NEW YORK, Jan. 25, 2023 /PRNewswire/ --
The electric commercial vehicle market has captured $68.9 billion revenue in 2022, and it is projected to generate $814.8 billion revenue in 2030, rising at a rate of 36.2% from 2022 to 2030, according to P&S Intelligence.
Declining Costs Boost Adoption of Commercial EVs
The decreasing cost and rising perational efficiency of batteries and the long-term cost benefits of EVs for fleet operators fuel the industry's growth. Besides, the rising concerns over GHG emissions and surging government support, in the form of subsidies and grants, for such vehicles are projected to offer advantages to the industry in the near future.
Significant Commercial EV Traction in China and India
Metropolitan cities in China are excessively polluted. Therefore, the government is taking strategic measures to reduce air pollution, such as implementing stringent emission norms and promoting electric vehicles in commercial fleets. In the same way, India has strengthened its focus on replacing conventional buses with electric ones. In this regard, Delhi Transport Corporation has set an example with its ambitious plans to have 8,000 battery electric buses by 2025.
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Rising Environmental Concerns Prompting Governments to Encourage EVs
In addition, numerous governments have announced a ban on the usage of traditional diesel-based commercial vehicles, to reduce carbon emissions. Moreover, since buses are key to urban transport systems and trucks to logistical operations, their electric variants are being promoted via purchase subsidies and other benefits for buyers. BEVs capture the largest industry share, of more than 60%, ascribed to the government incentives, subsidies, and other financial advantages to encourage the adoption of eco-friendly vehicles.
Operators' Evolving Business Models Fueling Commercial EV Success
Companies are adopting new business models to reduce the high upfront costs of EVs. Many fleet operators are procuring e-buses in collaboration with city governments. Some operators are even adopting the battery swapping and leasing concepts, as a pre-installed battery makes an EV expensive.
Browse detailed report on electric commercial vehicle market size, share, trends, development and demand forecast report 2030
North America To Emerge as Lucrative Market in Future
North America is expected to experience swift market growth in the future, led by the strict emission norms and tax rebates, subsidies, and grants for ZEVs. There are various other initiatives of the U.S. government that encourage the adoption of electric trucks, including exemptions from road toll, vehicle inspections, and emission tests. In addition, the major players in the U.S. are focusing on the development of advanced bus and truck models with improved performance in terms of speed and driving range. Moreover, the installation of DC fast charging systems would encourage operators to replace the conventional trucks and buses in their fleets with their electric counterparts.
Global Electric Commercial Vehicle Market Report Coverage
Battery Electric Vehicle Hybrid Electric Vehicle Plug-in Hybrid Electric Vehicle Fuel Cell Electric Vehicle
By Vehicle Type
Electric Bus Electric Truck
Light-duty truck Medium-duty truck Heavy-duty truck
Lithium–Iron Phosphate Lithium–Nickel–Manganese–Cobalt Oxide
North America Europe
Germany U.K. France Italy Spain Netherlands Norway Asia-Pacific Rest of the World
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SOURCE P&S Intelligence