DUBLIN, March 27, 2023 /PRNewswire/ — The “Electric Van Market by Range (up to 100 miles, 100-200 miles, & above 200 miles), Battery Capacity (up to 50 kWh & above 50 kWh), Battery Type, Propulsion (BEV, FCEV, & PHEV), End Use and Region – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The electric van market is projected to reach 1,082.9 thousand units by 2030 from 106.8 thousand units in 2022, at a CAGR of 33.6% from 2022 to 2030.
The increasing focus of countries on promoting the electrification of mass transit solutions due to increased concerns over pollution and government support in terms of subsidies and grants are propelling the growth of the electric van market.
Reduction in battery prices
Research is underway to increase the pack size of batteries to support a range of electric vans and reduce costs. The research focuses on conventional lithium-ion, advanced lithium-ion using an intermetallic anode (silicon alloy composite), and future advanced lithium-ion (lithium metal, including lithium-sulfur) batteries. In addition, companies are developing innovative battery technologies to stay competitive in the industry.
For instance, ElectRoad’s battery allows EVs to use very small and inexpensive batteries only for acceleration. Since the battery is only used for about 6% of the vehicle running time, it can increase the battery life by several years. Advancements in technology have also enabled wireless charging while driving, which is a dynamic charging technology that can also help reduce vehicle weight and optimize energy use. In April 2022, NITI Aayog, a policy think tank of the Government of India, announced its plan to reduce the goods and services tax on lithium-ion batteries from 18% to 5%.
Lower emission compared to other vehicles
The use of fuel cells in electric vans has resulted in the provision of reliable power for up to 18 hours with no emissions except water vapor. FCEVs use pure hydrogen as fuel. The residue of hydrogen fuel is only water and heat. Hence, no harmful substances, such as greenhouse gases and particulate matter, are emitted by these vehicles. The reduction of greenhouse gases through the use of FCEVs acts as a growth driver for the overall automotive fuel cell market. Fuels such as diesel and gasoline emit greenhouse gases such as CO2, CO, NOx, and hydrocarbons (HC). These gases and particulate matters lead to climate change and global warming. CO2 emissions from a gallon of gasoline and diesel are 8,887 g CO2/gallon and 10,180 g CO2/gallon, respectively. Hence, using hydrogen power energy not only for transportation but also for commercial and industrial purposes would reduce greenhouse gas emissions significantly. FCEVs are among the cleanest fuel vehicles on the market.
Implementation of stringent emission norms and environmental regulations
The stringent regulations formulated for the reduction of C02 emissions are expected to transform the automotive sector in India, China, and Japan over the next decade. While automotive OEMs are focusing on the electrification of vehicles, consumers are becoming more aware of the impact of vehicular emissions on the environment. Governments are also taking effective measures, such as tax subsidies, to promote the adoption of electric vehicles. Hence, the electric van market will grow. As indicated by the WHO, a significant reason for deaths has been air contamination. Governments around the world are robustly putting resources into infrastructural advancements to diminish ozone-depleting substances and lower air pollutions, which are achieved through the framing of stringent government regulations over vehicle emissions. For instance, in India, the budget for FY2021 includes a scrappage policy which would help encourage the adoption of greener vehicles. The growth of the electric vehicle market is expected to offer new opportunities for electric van manufacturers. Thus, the shift towards electric vehicles is expected to facilitate the growth of the electric van market in the coming years.
Research Coverage
In this report, the electric van market has been segmented into three major regions, namely, North America, Europe, and Asia Pacific. The report estimates the size of the electric van market, by volume, based on range (up to 100 miles, 100-200 miles, and above 200 miles), battery type (nickel manganese cobalt, lithium-ion, and others), battery capacity (up to 50 kWh and above 50 kWh), propulsion (BEV, FCEV, and PHEV), and end use (last mile delivery, distribution services, field services, and refrigerated services).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Electric Van Market, by Range
6.1 Introduction
6.2 Up to 100 Miles
6.3 100 – 200 Miles
6.4 Above 200 Miles
6.5 Key Industry Insights
7 Electric Van Market, by Battery Type
7.1 Introduction
7.2 Nickel Manganese Cobalt
7.3 Lithium-Ion
7.4 Others
7.5 Key Industry Insights
8 Electric Van Market, by End Use
8.1 Introduction
8.2 Last Mile Delivery
8.3 Refrigerated Services
8.4 Distribution Services
8.5 Field Services
8.6 Key Industry Insights
9 Electric Van Market, by Battery Capacity
9.1 Introduction
9.2 Up to 50 Kwh
9.3 Above 50 Kwh
9.4 Key Industry Insights
10 Electric Van Market, by Propulsion
10.1 Introduction
10.2 Battery Electric Vehicle
10.3 Fuel Cell Electric Vehicle
10.4 Plug-In Hybrid Electric Vehicle
10.5 Key Industry Insights
11 Electric Van Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Analyst’s Recommendations
15 Appendix
Companies Mentioned
- Arrival
- Byd
- Changsha Sunda New Energy Technology Co Ltd
- Chanje Energy
- Fiat
- Ford Motor Company
- General Motors
- Golden Dragon
- Iveco
- King Long
- Kingstar Vehicle Co Ltd
- Lightning E-Motors
- London Electric Vehicle Company
- Mahindra Group
- Nissan Motor Corporation
- Renault
- Rivian
- Toyota Motor Corporation
- Workhorse Group
- Yinlong Energy
- Zenith Motors
For more information about this report visit https://www.researchandmarkets.com/r/v3q63m
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SOURCE Research and Markets
