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Commercial Electric Vehicles Global Market Report 2022
Major players in the commercial electric vehicle market are Tesla, Nissan, BMW, Chevrolet, Ford, Volkswagen, Kia Motors, Audi, BYD, and Daimler. The global commercial electric vehicles market is expected to grow from $68.
New York, May 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Commercial Electric Vehicles Global Market Report 2022" - https://www.reportlinker.com/p06280936/?utm_source=GNW
43 billion in 2021 to $101.44 billion in 2022 at a compound annual growth rate (CAGR) of 48.2%. The market is expected to grow to $303.15 billion in 2026 at a compound annual growth rate (CAGR) of 31.5%.
The commercial electric vehicles market consists of sales of commercial electric vehicles. The commercial electric vehicles manufactured include Battery Electric Vehicles (BEV), Hybrid Electric Vehicles, and Plug-in Hybrid Electric Vehicles (PHEV).
The main technologies in commercial electric vehicles are battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles.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 bus, truck, pick-up truck, van. The charging infrastructure involved is pantograph, plug-in, inductive.
Government subsidies to consumers and manufacturers help in the adoption of electric vehicles.The adoption of electric vehicles has been identified as an effective method to reduce carbon emissions and dependency on fossil fuels.
So the governments of many countries are providing direct subsidies to both the buyers and manufacturers to increase the adoption rate of electric vehicles.For example.
In March 2019, the Indian government under the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) scheme announced an outlay for 1434.45 million USD (10,000 crores) to promote the use of electric vehicles and hybrid vehicles. The scheme had 213.6 million USD (1,500 crores) outlay in 2019-20; 716.7 million USD (5,000 crores) in 2020-21 and 501.69 USD (3,500 crores) in 2021-22 and will cover buses with Electric Vehicle (EV) technology; electric, plug-in hybrid and strong hybrid four-wheelers; electric three-wheelers including e-rickshaws and electric two-wheelers.
The difference in vehicle performance acts as a restraint to the growth of the commercial electric vehicle market.Electric vehicles provide excellent torque at low speed but at higher speeds the performance drops.
The range of current battery electric vehicles (BEVs) is typically between 50 to 100 miles.For example, the Nissan LEAF electric vehicle has high torque, 236 lb-ft, but relatively low power at 147 HP.
On the other hand, the conventional fuel car Honda S2000 has a decent power of 256 who.
Technological advances to improve charging speed and enhance battery design make the latest trend in the commercial electric vehicles market.Manufacturers are looking at solid-state batteries which use graphene as the potential solution and are expected to increase both range and the charging speed of the batteries of the electric vehicle.
Apart from the improvements in battery design and charging speed, there will be a significant shift toward diversifying the sources of power for EVs.Solar panels have already become much more efficient at capturing the sun’s energy.
With the recent development of three-phase charges, the most modern electric vehicle can charge up to 80% in just 30 minutes.For instance, Earthday, a Catalan startup, introduced fast-charging graphene-based batteries that weigh only 55 Kgs and use a paste-like electrolyte based on graphene.
Earthday claims that the graphene-based battery charges up to 1350 times faster than normal batteries based on lithium technologies.
In Europe, the parliament mandates the installation of appropriate vehicle alerting systems in electric vehicles.Electric cars and plug-in hybrid cars such as the all-electric BMWi3 or the Toyota Prius currently emit very little sound when running on electric power only.
Campaigners say this is dangerous for partially sighted and blind people. Keeping this in mind, liberal democrat MEPs introduced an amendment that makes it mandatory to install a vehicle alerting system in electric vehicles.
In June 2021, Ashok Leyland, a company manufacturing automotive-based in India acquired Switch Mobility Automotive for an undisclosed amount.With this acquisition, Ashok Leyland expands its portfolio in commercial electric vehicles and the investment and acquired the entire shares of the switch mobility automotive company.
Switch Mobility Automotive, is a company operating in commercial electric vehicles based in the UK.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the commercial electric vehicles market report are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA and Australia.
Read the full report: https://www.reportlinker.com/p06280936/?utm_source=GNW
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