(MENAFN- EIN Presswire) Electric Commercial Vehicle
Asia-Pacific dominated the global electric commercial vehicle market in 2021.
PORTLAND, OR, UNITED STATES, May 9, 2023 /einpresswire.com / -- Electric Commercial vehicles (ECVs) are becoming increasingly popular due to their eco-friendliness and cost-effectiveness. These vehicles are designed for commercial purposes, such as delivery vans, trucks, and buses. With zero-emission electric motors, these vehicles not only reduce pollution but also help businesses save on fuel costs.
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According to a new report published by Allied Market Research, titled,“electric commercial vehicle market ," The electric commercial vehicle market was valued at $43.5 billion in 2021, and is estimated to reach $558.4 billion by 2031, growing at a CAGR of 29.9% from 2022 to 2031.
Rise in investments by government bodies and strict rules and regulations towards vehicle emissions is expected to support the market competitiveness during the forecast period. The U.S., Germany, France, and China have implemented stringent government laws and regulations for vehicular emission, making it mandatory for automobile manufacturers to use advanced technologies to combat high-emission levels in buses. For instance, in March 2021, the Indian government approved a proposal to procure 300 new low-floor electric (AC) buses to increase the number of buses in the city. Future buses will be incorporated into the Delhi Transport Corporation (DTC). The first 118 buses arrived in October 2021, with another 100 scheduled to be added in November. Up to 60 buses arrive in December, with the remaining 20 buses expected to arrive by January 2022.
Covid-19 Scenario
The outbreak of the Covid-19 pandemic had a negative impact on the global electric commercial vehicle market , owing to implementation of the global lockdown and supply chain disruptions.
However, the market witnessed a quick recovery in the sales of electric buses in 2021. For instance, in July 2021, BYD UK signed a contract with the National Transport Authority of Ireland for the delivery of up to 200 BYD ADL Enviro200 EV zero-emission battery-electric buses.
In addition, the global electric commercial vehicle market is expected to experience growth in the coming years as government is providing various subsidiaries and incentives to encourage bus manufacturers to switch to producing electric buses over gasoline-powered buses.
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Leading Market Players: -
Tata Motors,
NFI Group Inc.,
Proterra,
MAN SE,
BYD Company Ltd,
Daimler AG,
Scania,
AB Volvo,
VDL Groep BV,
Dongfeng Motor Company
On the basis of propulsion, the global electric commercial vehicle market has been segmented into battery electric vehicles (BEV), fuel cell electric vehicles (FCEV), and plug-in hybrid electric vehicles (PHEV). Hydrogen fuel cell vehicles emit water as a by-product and are considered environmentally friendly vehicles, driving the growth of the market. Furthermore, unlike battery electric vehicles, no city infrastructure work is required, except for a central hydrogen refueling station (HRS).
In addition, manufacturers are introducing new fuel-cell electric commercial vehicles and plan to mass produce these vehicles in the next few years, which are expected to boost the growth of the fuel-cell electric commercial vehicles market. For instance, in July 2022, Hyundai partnered with truck and bus manufacturer Iveco Group to provide a hydrogen fuel cell system for European buses. According to Iveco's bus division, the company plans to produce more than 3,000 of zero and low-emission buses at its Foggia plant in southern Italy from 2023.
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KEY FINDINGS OF THE STUDY
By propulsion, the battery electric vehicle (BEV)segment is anticipated to exhibit significant electric commercial vehicle industry growth in the near future.
By vehicle type, the bus segment is anticipated to exhibit significant growth in the near future.
By battery capacity, the 50 to 250 kWh segment is anticipated to exhibit significant growth in the near future.
By range, the 150 to 300 Mile segment is anticipated to exhibit significant growth in the near future
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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