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 is expected to decline from USD 48.54 billion in 2019 to USD 40.7 billion in 2020 at a compound annual growth rate (CAGR) of -16.06%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach USD 96.85 billion in 2023 at CAGR of 21.8%.
The electric commercial vehicles
market consists of sales of electric commercial vehicles and related services.
Electric commercial vehicles are electrically-powered, self-propelled electric
vehicles used for transportation that helps reduce greenhouse gas releases
(GHG) and pollution, that works with the help of both electric motors working
in tandem. Electric commercial vehicles are used for the delivery of goods and
for transport, such as passengers, that are powered by batteries and includes
buses, trucks, vans and pick-up trucks.
Asia Pacific was the largest market
in electric commercial vehicles market in 2019 and is expected to be the
fastest growing market in the forecast period.
Electric commercial vehicle
companies are implementing strategic partnerships for the production of
electric commercial vehicles. Strategic partnerships in electric commercial
vehicles involves sharing of resources and expertise that enhances the product
and multiplies the result. It attracts popularity from consumers and other
stakeholders, helping to increase the investment while reducing costs. For
instance, in 2020, in South Korea, Hyundai Motor Company and Kia Motors
Corporation strategically partnered and is investing EUR100 million (US USD 110
million) in a UK-based electric vehicle startup company 'Arrival' for
developing electric commercial vehicles such as eco-friendly vans and
commercial vehicles for logistics.
The electric commercial vehicles
market covered in this report is segmented by propulsion type into BEV; PHEV;
FCEV. It is also segmented by vehicle type into electric bus; electric truck;
electric pick-up truck; electric van, by battery type into
lithium-iron-phosphate (LFP); lithium-nickel-manganese-cobalt oxide (NMC);
others and by technology into battery electric commercial vehicles; plug-in
hybrids; hybrids; fuel cell electric commercial 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 is typically less powerful and has a limited range (60-100 miles
per charge) and is considered suitable only for short-distance travel. The
limited travel range of batteries of electric vehicles raises concerns among
the consumers that their vehicles may run out of charge/power before reaching
the destination. Longer charging duration is another major challenge for the
market. Lack of availability of supercharging stations adds to the woes
associated with the use of batteries in an electric vehicle.
In August 2019, Dana Inc., a
USA-based company specialized in manufacturing components and systems for
hybrid and electric vehicles such as commercial vehicles, acquired Nordrsea
Motors Inc. for an undisclosed amount. The acquisition is expected to help Dana
Inc. to enhance its electrification capabilities by integrating its full range
of inverters, motors, thermal management products, chargers and gearboxes with
Nordresa's battery technology, integration expertise and electrical powertrain
controls to provide electrical powertrain systems. Nordrsea Motors Inc. is a
Canada-based company that specializes in developing, manufacturing and
commercializing electric drivetrains for commercial vehicles.
During the historic period,
government subsidies on electric commercial vehicles contributed to the
electric commercial vehicles market's growth. For instance, in July 2019, in
India, the government of India provided subsidies for promoting electric
commercial vehicles. The Minister of State for Heavy Industries and Public
Enterprises at the 'India UK Electric Mobility Forum 2019', stated that the government
of India, under the INR 10,000 crore FAME scheme, is promoting electric
commercial vehicles through commercial fleet owners. The subsidies were given
to three and four wheeler electric vehicles for commercial and fleet
applications. The support from the government to promote use of commercial
electrical vehicles is driving the market
For More Information, Click on the Link Below:-
Global
Electric Commercial Vehicles Market
Contact Us:-
Ken
Research
Ankur Gupta, Head Marketing &
Communications
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