Global Electric Commercial Vehicle Market By Propulsion (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle, Vehicle Type (Bus, Trucks, Pick-Up Trucks, Van), Range (0-150 Miles, 151-250 Miles, 251-500 Miles, 500 Miles & Above), Component (Electric Motor, EV Battery, Hydrogen Fuel Cell), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Electric Commercial Vehicle Market
Global electric commercial vehicle is registering a healthy CAGR of 39.25% in the forecast period of 2019-2026. This rise in the market can be attributed due to rising automation technology and expansion in automotive industry.
Market Definition: Global Electric Commercial Vehicle Market
Electric commercial vehicle is an automobile which is driven by one or more electric motors and uses energy stored in rechargeable batteries. They are not limited to roads and rail vehicles but also for surface and underwater vessels, electric aircraft and electric spacecraft. Electric commercial vehicles have the potential to significantly diminish greenhouse gas emissions and pollution and reduce per-mile operational and maintenance costs as they don’t hamper the environment while its operations.
- Rapid adoption of electrification by logistic industries is driving the market for electronic commercial vehicles
- Rising demand for fuel efficient, high-performance and emission free vehicles has also acted as market expansion for electronic commercial vehicles
- Decrease in prices of batteries has also led to growth of electronic commercial vehicles
- High manufacturing cost hampers the growth of the market
- Less availability of support charging station has also acted as market restraints for electric commercial vehicles market
Segmentation: Global Electric Commercial Vehicle Market
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Fuel Cell Electric Vehicle (FCEV
By Vehicle Type
- Pick-Up Trucks
- 0-150 Miles
- 151-250 Miles
- 251-500 Miles
- 500 Miles & Above
- Electric Motor
- EV Battery
- Hydrogen Fuel Cell
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
Key Developments in the Market:
- In March 2018, Tata Motors and Mahindra announced its innovative launch of electric powertrains for their small commercial vehicles in the sub 2-tonne category. Extensive charging stations like buses for transporting goods is not required by these vehicles which is one of its speciality. Hence such innovative launches in the electronic commercial vehicle will lead to its growth in nearby future
- In July 2019, MG Motor UK announced the launch of their ZS Electric SUV which is the company's first electric vehicle. This new vehicle is totally based on the ICE version and is five seater SUV. The main aim of the launch is to enter the electric market and encouraging more buyers to switch into electric commercial vehicle market.
Global electric commercial vehicle market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of electric commercial vehicle market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the global electric commercial vehicle market are: Hyundai Motor India., Toyota Kirloskar Motor., Nedstack, PLUG POWER INC., Ceres Power Holdings plc, ITM Power Plc, Hydrogenics, Ballard Power Systems., Mitsubishi Electric Corporation., Siemens, Continental AG, ABB, Delphi Technologies, LG Chem, PROTERRA, Daimler AG., NISSAN, Tesla, PIAGGIO & C. S.P.A., MAHINDRA & MAHINDRA LTD., and others.
Research Methodology: Global Electric Commercial Vehicle Market
Data collection and base year analysis is done using data collection modules with, large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved