Global Electric Commercial Vehicles Market Report 2023: A $357.44 Market by 2027 - Long-term Forecast to 2032 Featuring BYD, Proterra, Volvo, Daimler, Nissan, ABB, Scania, Tesla, Nikola, and Tata
Global Electric Commercial Vehicles Market
Dublin, March 13, 2023 (GLOBE NEWSWIRE) -- The "Electric Commercial Vehicles Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
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.
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 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.
No. of Pages
2023 - 2027
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
A selection of companies mentioned in this report includes
Nikola Motor Company
Emoss Mobile Systems
ZHONGTONGBUS Bus Holding Co., Ltd
Ashok Leyland Ltd.
Dongfeng Motor Corp.
Hino Motors Ltd.
Isuzu Motors Ltd.
Workhorse Group Inc.
Ballard Power Systems
Key Topics Covered:
1. Executive Summary
2. Electric Commercial Vehicles Market Characteristics
3. Electric Commercial Vehicles Market Trends And Strategies
4. Electric Commercial Vehicles Market - Macro Economic Scenario
4.1 COVID-19 Impact On Electric Commercial Vehicles Market
4.2 Ukraine-Russia War Impact On Electric Commercial Vehicles Market
4.3 Impact Of High Inflation On Electric Commercial Vehicles Market
5. Electric Commercial Vehicles Market Size And Growth
5.1. Global Electric Commercial Vehicles Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Electric Commercial Vehicles Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Electric Commercial Vehicles Market Segmentation
6.1. Global Electric Commercial Vehicles Market, Segmentation By Propulsion Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.2. Global Electric Commercial Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Electric Pick-up Truck
6.3. Global Electric Commercial Vehicles Market, Segmentation By Battery Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Lithium-nickel-manganese-cobalt oxide (NMC)
Other Battery Types
6.4. Global Electric Commercial Vehicles Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Battery Electric Commercial Vehicles
Fuel Cell Electric Commercial Vehicles
7. Electric Commercial Vehicles Market Regional And Country Analysis
7.1. Global Electric Commercial Vehicles Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Electric Commercial Vehicles Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/cc2a4r
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