Dublin, April 13, 2023 (GLOBE NEWSWIRE) -- The "Electric Commercial Vehicle Market by Propulsion, Vehicle Type, Battery Capacity, Range: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The Electric Commercial Vehicle Market is expected to experience a significant growth rate of 29.9% from 2022-2031 owing to the rising number of electric buses globally.
Key Market Players
- Tata Motors
- NFI Group Inc.
- Proterra
- MAN SE
- BYD Company Ltd
- Daimler AG
- Scania
- AB Volvo
- VDL Groep BV
- Dongfeng Motor Company
An electric commercial vehicle powered by an electric motor instead of an internal combustion engine produces electricity by burning a mixture of fuel and gas. Such vehicles are therefore believed to have the potential to replace the current generation of automobiles to address issues such as increasing environmental pollution, global warming, and depletion of natural resources.
The major drivers for the market growth are the rise in investments by developing and developed nations to adopt zero-emission vehicles is anticipated to propel the growth of the electric commercial vehicle market during the forecast period.
In addition, the use of artificial intelligence (AI) in electric commercial vehicles is an important and growing trend. AI algorithms and controllers provide realistic range estimates, help optimize energy savings in electric vehicles, and ultimately help extend range which supports the market expansion during the forecast period.
For instance, in September 2021, Hyundai Motor Group and Apertiv combined technical know-how and practical experience to develop autonomous driving technology. Furthermore, factors such as bus manufacturers signing contracts to provide operation and maintenance of electric buses in the developed region and government support for the purchase of electric buses will drive the growth of the electric commercial vehicle market during the forecast period.
The market offers growth opportunities to the key players in the market. The increasing need for transportation mediums for rural and semi-urban areas has gained high traction in the last 10 years. The demand for heavy-duty trucks in rural and semi-rural areas of Asian and African countries is gaining for a purpose of transportation.
In addition, companies are integrating multiple uses of heavy-duty trucks in rural and backward areas of the county. Truck manufacturers are in product launch with advancement in many areas of African countries providing growth opportunities to the market during the projected year.
For instance, in August 2022, SMT Ghana, the official distributor of Volvo Construction Equipment, Volvo Trucks, and Volvo Penta in Ghana, held a grand ceremony in Accra to launch four new Volvo heavy-duty truck ranges.
Key Market Insights
- By propulsion, the battery electric vehicle (BEV) segment was the highest revenue contributor to the market and is estimated to dominate the market during the forecast period.
- By vehicle type, the buses segment was the highest revenue contributor to the market in 2021 and is estimated to capture the highest revenue during the forecast period.
- By battery capacity, the 50 to 250 k
- Wh segment dominated the global market in 2021, and distributed area network is estimated to capture the highest market share during the forecast period.
- By range, the 150 to 300 Mile segment dominated the global market in 2021 and is estimated to dominate the market share during the forecast period.
- By region, Asia-Pacific was the highest revenue contributor, accounting for the largest market share in 2021, and is estimated to grow with a significant CAGR during the forecast period.
Market Dynamics
Drivers
- Increase in demand for fuel-efficient, high-performance, and low-emission buses
- Increase in government initiatives for the promotion of e-mobility
- Reduction in cost of electric vehicle batteries
Restraints
- High cost of investment and complication in operating advanced systems
- Lack of charging infrastructure
Opportunities
- Rise in demand for electric trucks from the logistics sector
- Technological advancements
- Greater availability of credit and financing options
- Increasing need for transportation mediums for rural and semi-urban areas
Key Market Segments
By Propulsion
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
By Vehicle Type
- Light duty trucks
- Medium duty trucks
- Heavy duty trucks
- Buses
By Battery Capacity
- Less Than 50 kWh
- 50 to 250 kWh
- Above 250 kWh
By Range
- Less Than 150 Mile
- 150 to 300 Mile
- Above 300 Mile
For more information about this report visit https://www.researchandmarkets.com/r/n27rin
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
