The Global Electric Commercial Vehicle Market is projected to reach 1,831,865 units by 2025, growing at a CAGR of 39.85% during the forecast period.
Increasing sales of an electric commercial vehicle with better battery power, increasing demand for electric LCVs such as electric van in developed countries, and increased adoption of the electric trucks by logistics and transportation industry are expected to boost the growth of the electric commercial vehicle market.
• Government support for electric commercial vehicles
• New revenue pockets in the Asia Pacific & Northern Europe
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The promising region for electric commercial vehicle market in the Asia Pacific region, which is projected to grow at a noteworthy rate by 2025. This significant growth is due to the presence of countries such as China, Japan, and South Korea, where the sales of electric buses and vans are increasing. Government initiatives and aids for the incorporation of electric buses into public transportation fleet have been a key factor driving the growth of the electric commercial vehicle market in this region. Major OEMs in the Asia Pacific are known to be the leaders in the production of electric commercial vehicles and are significant contributors to the Asian economy.
Major players profiled in the report are:
• Nissan (Japan)
• Daimler (Germany)
• Tesla (US)
• Proterra (US)
• BYD (China)
• LG Chem (South Korea)
• Samsung SDI (South Korea)
• Panasonic (Japan)
• Delphi (UK)
• ABB (Switzerland)
• Continental (Germany)
• Siemens (Germany)
• Mitsubishi Electric (Japan)
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Government policies and mandates to curb urban pollution play a pivotal role in the growth of the electric commercial vehicle market. Furthermore, the countries are now willing to reduce their dependence on fossil fuel. Advancement in technology has led to a decrease in the battery price and an increase in battery power capacity. Users of the commercial vehicles are willing to shift towards electric commercial vehicles as the vehicle maintenance cost comes down drastically and expenses of fuel become obsolete, thereby increasing the profitability.
An electric bus is expected to grow the most in terms of volume over the forecast period. Countries across the globe have framed policies to incorporate more electric buses in their public transport system. as it will benefit the government by shedding them on the liability of fuel expenses. The population in countries such as India, China, Brazil, and a few other Eastern European countries will increase over the forecast period. With the increase of population, there will be a rise in the dependence on public transport, which will bring in more prospects for the growth of the electric bus segment over the years.
With the boom of e-commerce and the inclusion of newer technology, the logistics industry has been growing. Various logistics firms and industries in North America and Europe are planning to include electric trucks in their fleet. This will create a new revenue prospect for electric truck OEMs. The Electric van segment has also drawn considerable attention in the market and is expected to grow significantly with growth in various businesses.
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