DUBLIN, Jun 15, 2021--(BUSINESS WIRE)--The "Global Electric & Hybrid Multi-Purpose Vehicle Market, By Tonnage Capacity (Up to 3.5 Ton & Above 3.5 Ton), By Fuel Type (Hybrid and Electric), By End Use (Personal & Commercial), By Region, Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Electric & Hybrid Multi-purpose Vehicle Market stood at around 419.90 thousand units in 2020 and is expected to register growth of 10.72% by volume in the forecast period.
Various government organizations are offering incentive schemes for the adoption of electric vehicles throughout the globe. Moreover, with lower ownership and running costs of electric or hybrid vehicles, as compared to diesel or petrol vehicles, the demand for electric and hybrid multi-purpose vehicles is growing especially from small and medium enterprises.
According to a report published by "The Union of Concerned Scientists", passenger cars and trucks are one of the leading causes of air pollution which increases respiratory ailments like asthma and bronchitis, heightens the risk of life-threatening conditions like cancer, and burdens the health care system with substantial medical costs. Particulate matter is singlehandedly responsible for up to 30,000 premature deaths each year.
Governments across the globe are taking initiatives in cutting down the vehicle emissions, therefore there are various discounts and tax exemptions on electric vehicles which are making various fleet owners adopt EVs rapidly. These reasons cumulatively are expected to aid the growth of the Global Electric & Hybrid Multi-purpose Vehicle Market in the forecast period.
Continuous business expansion of the worlds' leading electric & hybrid automobile brands by increasing their product portfolio and customer outreach through more dealer addition is anticipated to intensify the competition in the Global Electric & Hybrid Multi-purpose Vehicle Market over the course of next five years.
The Global Electric & Hybrid Multi-purpose Vehicle Market can be segmented based on tonnage capacity, fuel type, end-use, region and company. In terms of tonnage capacity, the majority of the market is held by electric & hybrid multi-purpose vehicles of engine capacity up to 3.5 tones.
Since, most of the customers prefer this segment for lighter use, as compared to vans or minibuses, for transportation of 6-7 people. Hence, heavier multi-purpose vehicles are not popular in this category. A similar trend is expected to be witnessed in the forecast period. On the basis of fuel type, hybrid vehicles are still more popular among consumers, owing to the better range and performance they offer. Based on end-use, the market is dominated by personal use vehicles.
However, with numerous radio cab and taxi companies also involved in the adoption of electric & hybrid multi-purpose vehicles in their fleet, the commercial end-use is expected to gain popularity at a faster rate in the forecast period. The market is also segmented among global regions of Asia-Pacific, North America and Europe. As of 2020, Asia-Pacific contributed a majority of the share, however, with increasing environmental concerns and growing EV infrastructure in Europe, countries in this region are expected to register the fastest growth through 2026.
Toyota Motor Corporation, Renault-Nissan Alliance, Honda Motor Company, Ltd., Stellantis N.V. (Citroen), Mercedes-Benz AG, etc. are some of the leading players operating in the Global Electric & Hybrid Multi-purpose Vehicle Market.
Apart from these flagship companies, many startup companies are also increasing their footprint in the Global Electric & Hybrid Multi-purpose Vehicle Market by pushing their low-cost products blended with ease of availability.
Years considered for this report:
Historical Period: 2018-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Global Electric & Hybrid Multi-Purpose Vehicle Market, By Tonnage Capacity:
Up to 3.5 Ton
Above 3.5 Ton
Global Electric & Hybrid Multi-Purpose Vehicle Market, By Fuel Type:
Global Electric & Hybrid Multi-Purpose Vehicle Market, By End-Use:
Global Electric & Hybrid Multi-Purpose Vehicle Market, By Region:
Toyota Motor Corporation
Honda Motor Company, Ltd.
Stellantis N.V. (Citroen)
Vauxhall Motors Limited
Groupe PSA (Peugeot)
For more information about this report visit https://www.researchandmarkets.com/r/l2gieg
View source version on businesswire.com: https://www.businesswire.com/news/home/20210615005633/en/
Laura Wood, Senior Press Manager
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