The global Electric Commercial Vehicle Market is forecasted to be worth USD 339.78 Billion by 2027, according to a current analysis by Emergen Research. The current developments in the technology of electric vehicles have provided an opportunity for its growth to revolutionize the commercial transportation sector. The electric commercial vehicles are projected to approach cost-competitiveness with conventional vehicles, owing to the reduction in battery costs and increased production volumes during the forecast years.
The demand for these commercial cars has surged, and it is anticipated to soon overtake the ICE vehicle. Governments all over the world are investing heavily in the electric vehicle charging infrastructure to provide lucrative opportunities for the OEMs to expand their business as well as revenue. However, the growing cost required in the initial overhaul, investment, and maintenance is hampering the electric commercial vehicle market’s development.
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Key Highlights From The Report
There is a growing demand for Electric Vehicle Battery systems and emission control systems due to the growing concern regarding the increasing pollution levels and the adverse effects of climate change. Hybrid systems of standard motors and Electric Vehicle Batteries are used by most hybrid vehicles.
Battery electric vehicles (BEV) store electricity onboard with high-capacity battery packs. BEVs do not release any harmful emissions caused by traditional gasoline-powered vehicles. Battery Electric Vehicles are charged by electricity from an external source.
The government is focusing on introducing an electric vehicle for public transportation. Several cities are running a fleet of electric buses to reduce the pollution level, and these vehicles also provide tremor free transportation, which improves customer satisfaction.
North America accounted for a significant market share of the Electric Commercial Vehicle Market in 2019. The market is projected to see substantial growth owing to its huge implementation in various areas verticals, especially in the North American region.
Key participants include Yutong, BYD, VDL Groep, Proterra, AB Volvo, NFI Group, Daimler AG, King Long, Ebusco B.V., and Ankai, among others.
The report offers a comprehensive overview of the global Electric Commercial Vehicle market scenario pertaining to market value, volume, production and consumption rates, and market segmentation based on types, regions, and applications.
The global Electric Commercial Vehicle market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Electric Commercial Vehicle market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.
The segmentation of the market is done on the basis of product types, application spectrum, and the key regions of the Electric Commercial Vehicle market. Along with this, the report also provides extensive coverage of the key companies and their strategic schemes to gain a substantial market position.
For the purpose of this report, Emergen Research has segmented into the global Electric Commercial Vehicle Market on the basis of component, propulsion type, vehicle type, battery type, range, end-user, and region:Component Outlook (Revenue, USD Billion; 2017-2027) Electric Motor Electric Vehicle Battery Hydrogen Fuel Cell Propulsion Type Outlook (Revenue, USD Billion; 2017-2027) BEV PHEV FCEV Vehicle Type Outlook (Revenue, USD Billion; 2017-2027) Electric Bus Electric Truck (Medium and Heavy Duty Trucks) Electric Pick-up Truck Electric Van Battery Type Outlook (Revenue, USD Billion; 2017-2027) Lithium-iron-phosphate (LFP) Lithium-nickel-manganese-cobalt oxide (NMC) Others Range Outlook (Revenue, USD Billion; 2017-2027) less than 150 Miles 150-300 Miles Above 300 Miles End-User Outlook (Revenue, USD Billion; 2017-2027) Last-Mile Delivery Distribution Service Field Service Refuse Service Long Haul Transportation
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Key Questions Addressed in the Report:
Who are the leading players of the Electric Commercial Vehicle industry?
Which region is expected to dominate the market in the coming years?
What are the key applications of the Electric Commercial Vehicle market?
Which segment is expected to garner traction during the coming years?
Conclusion Of the Report:
To conclude everything stated above, the report offers a panoramic view of the Electric Commercial Vehicle market in both the global and regional markets, supported by key statistical data and industry-verified facts. It offers a thorough examination of the size, share, and market volume of the Electric Commercial Vehicle industry to forecast the same evaluations until 2028. It also studies and analyzes the different growth prospects and opportunities, along with threats that the players might face in the Global Electric Commercial Vehicle Market.
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