The new electric commercial vehicle market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Electric Commercial Vehicle Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the use of technologically advanced charging stations," says a senior analyst for industrials at Technavio.
The development of technologically advanced charging stations is one of the critical factors that will drive the electric commercial vehicle market growth in the coming years. Technology manufacturers are focusing on supporting operations of EVs by establishing an increased number of outlets. These advanced charging stations recharge batteries of EVs at high speeds. This, in turn, boosts the demand, sales, and production of commercial vehicles. In addition, governing bodies in the US, Germany, and the UK are encouraging the sales of electric commercial vehicles and focusing on reducing the range anxiety of freight operators by developing charging infrastructure and installing them in strategic locations.
As the markets recover Technavio expects the electric commercial vehicle market size to grow by 531.99 thousand units during the period 2020-2024.
Electric Commercial Vehicle Market Segment Highlights for 2020
The electric commercial vehicle market is expected to post a year-over-year growth rate of -4.89%.
The rapid growth of the retail and e-commerce industries, increasing traffic congestion in urban areas, advances in technologies, and the rising development of new LCVs by automobile manufacturers are boosting the growth of the LCVs segment of the global ECV market.
Stringent regulations on emissions from LCVs are increasing the demand for electric LCVs across the globe.
Market growth in the LCVs segment will be faster than the growth of the market in the buses and heavy and medium commercial vehicles segments.
86% of the growth will originate from the APAC region.
APAC was the largest electric commercial vehicle market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period.
The rapid growth of the e-commerce and retail industry, the rising number of charging stations for electric vehicles, favorable government policies, the presence of a huge number of automobile manufacturers, technological advances, and the presence of global and local vendors will significantly drive the ECV market growth in this region over the forecast period.
China and Japan are the key markets for electric commercial vehicles in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
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The electric commercial vehicle market size is expected to accelerate at a CAGR of almost 25% during the forecast period.
The electric commercial vehicle market is segmented by Product (LCVs, Buses, and Heavy and medium commercial vehicles) and Geography (APAC, North America, Europe, South America, and MEA)
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including AB Volvo, BYD Co. Ltd., Daimler AG, Ford Motor Co., Hyundai Motor Co., Navistar International Corp., Nissan Motor Co. Ltd., Tata Motors Ltd., Tesla Inc., and Toyota Motor Corp.
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