NEW YORK, Feb. 21, 2023 /PRNewswire/ — Major players in the electric commercial vehicles market are BYD, Proterra, AB Volvo, Daimler AG, Nissan, ABB, Scania AB, Tesla, Nikola Motor Company, and Tata Motors.
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The global electric commercial vehicles market will grow from $88.45 billion in 2022 to $116.95 billion in 2023 at a compound annual growth rate (CAGR) of 32.2%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The electric commercial vehicles market is expected to grow to $357.44 billion in 2027 at a CAGR of 32.2%.
The electric commercial vehicles market consists of sales of hybrid electric vehicles (HEVs) and extended range electric vehicles (E-REVs).Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Electric commercial vehicles are electrically powered, self-propelled electric vehicles used for transportation that help reduce greenhouse gas emissions (GHG) and pollution and work with the help of both electric motors working in tandem.
Asia Pacific was the largest region in the electric commercial vehicles market in 2022.North America was the second largest region in the electric commercial vehicles market.
The regions covered in the electric commercial vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main propulsion types in electric commercial vehicles are BEV, PHEV, and FCEV.Battery electric vehicles operate only on stored electricity, and their main components consist of a high-voltage battery, one or more electric motors (either alternating current [AC] or direct current [DC]), and a controller for managing the power electronics.
The vehicle types involved are electric buses, electric trucks, electric pick-up trucks, and electric vans.The battery types involved are lithium-iron-phosphate (left), lithium-nickel-manganese-cobalt oxide (nmc), and others.
The technologies involved are battery-electric commercial vehicles, plug-in hybrids, hybrids, and fuel cell electric commercial vehicles.
During the historic period, government subsidies on electric commercial vehicles contributed to the growth of the electric commercial vehicle market.For instance, according to the Government of India Budget 2022-23, the faster adoption and manufacturing of hybrid and electric vehicles (FAME) scheme will provide a subsidy of up to INR 2908 crores .
Similarly, according to the Uttar Pradesh government’s Manufacturing and Mobility policy 2022, all-electric vehicles will be subsidized including bikes, scooters, three-wheelers, and cars.As part of this new policy, the state government will offer subsidies of up to Rs 1 lakh for electric cars for three years .
The subsidies were given to three and four-wheeled electric vehicles for commercial and fleet applications. The market is being driven by the government’s support for the use of commercial electric vehicles.
The growth of the electric commercial vehicle market is restrained by limited battery power and longer charging duration.For electric commercial vehicles, the range and performance of the battery are typically less powerful and have a limited range (60-100 miles per charge), and are considered suitable only for short-distance travel.
The limited travel range of electric vehicle batteries raises consumer concerns that their vehicles will run out of charge/power before arriving at their destination.Charge duration is another major challenge for the market.
The lack of availability of supercharging stations adds to the woes associated with the use of batteries in electric vehicles.For example, according to the Alternative Fuels Data Center, in the USA in 2020, there will be around 76,000 public charging stations, compared to 168,000 stations that serve gas.
When surveying USA customers about purchasing electric vehicles, more than half of the respondents indicated that they wouldn’t buy an EV due to a lack of charging stations. Therefore, these factors are major restraints for the electric commercial vehicle market during the period.
Electric commercial vehicle companies are implementing strategic partnerships for the production of electric commercial vehicles.Strategic partnerships in electric commercial vehicles involve the sharing of resources and expertise that enhance the product and multiply the results.
It attracts popularity from consumers and other stakeholders, helping to increase the investment while reducing costs. For instance, in 2020, in South Korea, Hyundai Motor Company and Kia Motors Corporation strategically partnered and are investing €100 million (about $110 million) in a UK-based electric vehicle startup company, “”Arrival,”” for developing electric commercial vehicles such as eco-friendly vans and commercial vehicles for logistics.
In August 2021, Ideanomics, a US-based company focused on driving the adoption of commercial electric vehicles and associated energy consumption, acquired VIA Motors International for an undisclosed amount.Through this acquisition, Ideanomics will leverage highly complementary products to increase Ideanomics market reach and foster prospects for joint development and marketing.
VIA Motors International is a US-based manufacture commercial electric vehicles.
The countries covered in the electric commercial vehicles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The electric commercial vehicles market research report is one of a series of new reports that provides electric commercial vehicle market statistics, including electric commercial vehicle industry global market size, regional shares, competitors with an electric commercial vehicle market share, detailed electric commercial vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the electric commercial vehicle industry. This electric commercial vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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