Market Outlook
According to MRFR analysis, the global Electric Commercial Vehicle Market is expected to register a CAGR of ~29.90% from 2022 to 2030 and hold a value of over USD 54.29 billion by 2030.
An electric commercial vehicle can run on electricity either totally or partially in place of diesel or gasoline. Due to their cheap maintenance costs and minimal or nonexistent usage of fossil fuels, commercial electric vehicles are also particularly environmentally benign (petrol or diesel). Fleets of cars powered by renewable resources are the current trend for governmental authorities, non-profit organizations, and many commercial firms encouraging sustainable development. Over the past few years, initiatives for technical advances and innovation in transportation have grown.
Key Companies in the Electric Commercial Vehicle market include
- Tesla (US)
- Nissan (Japan)
- BYD (China)
- Daimler (Germany)
- Proterra (US)
- LG Chem (South Korea)
- Zhong tong Bus Holding Co Ltd (China)
- Panasonic (Japan).
- Delphi (US)
- ABB (Switzerland)
- Continental (Germany)
- Siemens (Germany)
- Mitsubishi Electric (Japan)
- Toshiba (Japan)
- Ballard Power Systems (Canada)
Electric Commercial Vehicle Market Segmentation:
Electric Commercial Vehicle Vehicle Type Outlook
- Bus
- Truck
- Others
Electric Commercial Vehicle Component Outlook
- Electric Motor
- Electric Vehicle Battery
- Hydrogen Fuel Cell
- Others
Electric Commercial Vehicle Propulsion Outlook
- BEV
- HEV
- PHEV
- FCEV
Regional Analysis
A large segment of the market is controlled by Asia-Pacific. Due to the increasing demand for electric buses and the government-led measures to encourage the development of electric cars in nations such as Japan, China, and India, the market for commercial electric vehicles in the Asia-Pacific region is anticipated to increase dramatically. The market is expanding in this region as a consequence of rising demand for the construction of charging infrastructure and growing regional OEM partnerships.
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