LONDON, Nov. 16, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the commercial electric vehicles market, the rising adoption of lithium-ion batteries is a key trend gaining popularity in the electric commercial vehicles market. Lithium-ion batteries offer unique advantages, such as their highest energy density in the rechargeable-battery market (100-265 Wh/kg), making them easier and faster to charge, and long-lasting. These batteries are also low maintenance and have no memory effect, which causes batteries to underperform after repeated partial discharge and charge cycles. Lithium-ion batteries are ideal for electric vehicles due to their high performance and long shelf life. For instance, Tesla, electric vehicle manufactures, use lithium-ion batteries in a number of their models.
The demand for Lithium-iron-phosphate (LFP) batteries amidst the global economic crisis caused by the coronavirus pandemic has restrained the growth of the electric commercial vehicles market. The prevailing COVID-19 situation is restricting the supply of batteries and other components due to severe disruptions in businesses and the global economy. Most major battery manufacturing companies are dependent on countries in the Asia Pacific such as China to help provide key raw materials, many countries-imposed travel restrictions on material flow in and out of China, which significantly led to limited production leading to a decline in business inputs and a supply chain disruption. Governments are supporting the sector with stimulus packages. For instance, in France, the government will offer $9 billion in recovery funds to its auto sector, largely aimed to incentivize electric vehicle use. With stringent regulations being lifted and more major brands adopting electric vehicles and the use of LFP’s the market is expected to see a growth in the forecast period. For example, Mercedes-Benz announced its base models will use LFP batteries and plan a shift to LFP-powered electric vehicles from 2024.
The Business Research Company’s report titled Electric Commercial Vehicles Global Market Report 2021 - By Propulsion Type (BEV, PHEV, FCEV), By Vehicle Type (Electric Bus, Electric Truck, Electric Pick-up Truck, Electric Van), By Battery Type (Lithium-iron-phosphate (LFP), Lithium-nickel-manganese-cobalt oxide (NMC)), By Technology (Battery Electric Commercial Vehicles, Plug-in Hybrids, Hybrids, Fuel Cell Electric Commercial Vehicles), COVID-19 Growth And Change covers major commercial electric vehicles companies, commercial electric vehicles market share by company, commercial electric vehicles manufacturers, commercial electric vehicles market size, and commercial electric vehicles market forecasts. The report also covers the global commercial electric vehicles market and its segments.
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The global electric commercial vehicles market is expected grow from $60.11 billion in 2020 to $63.71 billion in 2021 at a compound annual growth rate (CAGR) of 6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $121.01 billion in 2025 at a CAGR of 17%.
Asia Pacific was the largest region in the global electric commercial vehicles market, accounting for 48.9% of the total in 2020. It was followed by North America, Western Europe, Eastern Europe and then the other regions. Going forward, the fastest-growing regions in the electric commercial vehicles market will be North America, Western Europe where growth will be at CAGRs of 13.3% and 12.5% respectively. These will be followed by Asia Pacific, South America where the markets are expected to grow at CAGRs of 12.4% and 12.2% respectively, during 2020-2025.
The electric commercial vehicles market is segmented by propulsion type includes BEV, PHEV and FCEV. The BEV market was the largest segment of the electric commercial vehicles market segmented by propulsion type, accounting for 61.9% of the total in 2020. FCEV is expected to be the fastest growing segment going forward, at a CAGR of 13.6% during 2020-2025.
Electric Commercial Vehicles Global Market Report 2021 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide electric commercial vehicles market overviews, electric commercial vehicles market analyze and forecast market size and growth for the whole market, electric commercial vehicles market segments and geographies, electric commercial vehicles market trends, electric commercial vehicles market drivers, electric commercial vehicles market restraints, electric commercial vehicles market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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