Long-term Cost-Effectiveness of EVs to Boost Electric Van Market Growth
New York, US, June 07, 2022 (GLOBE NEWSWIRE) -- Electric Van Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “Electric Van Market By Propulsion Type (Battery Electric Vehicles, Hybrid Electric Vehicles, Fuel Cell Electric Vehicles, Plug-in Hybrid Electric Vehicles) Vehicle Type (Short and Mid-range Electric Vans, Long-range Electric Vans) Charging Type and Region - Forecast 2030” valuation is poised to reach USD 30,807 million by 2030, registering a 21% CAGR throughout the forecast period (2022–2030).
Electric Van Market Drivers
Long-term Cost-Effectiveness of EVs to Boost Market Growth
The long-term cost-effectiveness of EVs will boost market growth over the forecast period. An electric van’s operating cost is about 50% less than fuel-powered conventional vans. The fall in the price of EV batteries is supporting the need for cost-effective EVs. The cost of EV batteries has fallen over the last decade as a result of scientific developments and mass production of electric vehicle batteries in enormous quantities. Because these batteries are amid the priciest components of a car, the cost of electric vehicles has decreased. Besides, the eco-friendliness of EVs and the long running distance capabilities is also fuelling market growth.
USD 30,807 Million
Value (USD Million) & Volume (Million Tons)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Propulsion Type, Vehicle Type, Charging Type
North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa
Tesla Inc, Mercedes-Benz Group AG, BYD Company Ltd, General Motors, Toyota Motor Corporation, Hyundai Motor Company, Honda Motor Company Ltd., Nissan Motor Co. ltd, Volkswagen AG, Stellantis N.V.
Key Market Opportunities
Government initiatives pertaining EVs
Key Market Drivers
Reducing cost of EV batteries to support demand for cost-effective EVs
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Electric Van Market Opportunities
Favorable Government Regulations and Policies on Carbon Emission to offer Robust Opportunities
The favorable government regulations and policies on carbon emission coupled with the support and facilitation of rapid commercialization of the zero-emission cars will offer robust opportunities for the market over the forecast period. The US government paid $5 billion in 2017 to construct EV infrastructure, like charging stations. To encourage consumers to buy electric vehicles, several governments are offering low or no registration fees, along with exemptions from sales taxes, import taxes, and road charges.
Restraints and Challenges
Shortage of Charging Infrastructure to act as Market Restraint
The shortage of charging infrastructure may act as a market restraint over the forecast period. Electric vehicle charging stations are few in many parts of the world. As a result, the number of public EV charging points for electric vehicles is decreasing, limiting adoption. Despite the fact that many countries are operational on EV charging infrastructure, majority of the countries, with the exception of a few states, have not been able to fulfill the required number of EV charging stations.
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The global electric van market is bifurcated based on charging type, vehicle type, and propulsion type.
By propulsion type, battery EVs will lead the market over the forecast period.
By vehicle type, the electric van market is segmented into long-range electric vans and short & mid-range electric vans.
By changing type, the electric van market is segmented into fast charging and normal charging.
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The quick spread of the COVID-19 virus has caused significant disruption in a variety of businesses around the world. Private and commercial fleets were among the key Electric Van end-users that were severely impacted by the pandemic.
Due to lockdowns, the pandemic possessed a modest impact on the EV charging market in early 2020. Demand for EV charging stations increased in 2021 as a consequence of increased need for EVs during the epidemic on account of government incentives across the world. The COVID-19 pandemic harmed the mining of commodities such as steel, copper, & aluminum.
Copper prices, for example, have risen further, with the metal surpassing USD 10,000 per ton for the very first time during ten years in 2021 May. Leading EV manufacturers have rapidly increased EV sales during the last two years. The COVID-19 outbreak has interrupted automobile production and manufacturing, negatively impacting the electric vehicle sector. If such actions are curtailed, the electric van market is expected to grow at the desired rate.
Tesla, for example, laid off employees in October 2020 due to dwindling sales. However, its total revenue increased as a result of its previous growth into China. COVID-19 had no impact on the company's performance in 2021. Sales declined further in early 2022 as a result of Chinese restrictions. Because of a huge drive from governments across the globe to phase out the ICE vehicles, this EV market was less damaged by the pandemic.
Dominant Key Players in Electric Van Market Covered are:
Mercedes-Benz Group AG,
BYD Company Ltd,
Toyota Motor Corporation,
Hyundai Motor Company,
Honda Motor Company Ltd.,
Nissan Motor Co. ltd,
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Electric Van Market Regional Analysis
APAC to Sway Electric Van Market
Asia Pacific dominates the worldwide electric van market, owing to a greater rate of EV adoption in the region on account of rising fuel prices and transportation pollution. Increased knowledge of the benefits of electric vehicles, government incentives to encourage electric vehicles, and the availability of EV charging infrastructure across Japan and China have resulted in increased adoption of electric vans, raising the region's market share. The Asia Pacific electric car market is led by Japan, China, and South Korea.
China has a stronghold on the region's electric van market as the world's leading EV producer and user. Their government has adopted steps such as providing EV buyers with subsidies, enacting mandatory laws needing all vehicle manufacturers to develop EVs in proportion to total vehicles produced, offering substantial support to install EV charging stations especially in major cities, & enacting regulations against polluting vehicles. Electric vehicle markets in South Korea and Japan have grown rapidly. Their governments have assisted the growth of EV demand by, among other things, providing EV charging stations, creating pollution limits, and establishing deadlines for converting from ICE vehicles to full or hybrid EVs. India is also attempting to stimulate industry demand for electric vehicles. In the next years, the country's new vehicle scrappage policy, which permits old cars to be scrapped that can be exchanged for low-emission vehicles, and other planned measures, will help it become the region's fastest-growing market for electric vehicles. Thailand, Malaysia, Indonesia, & Vietnam have all started working on lowering car emissions and transitioning to electric vehicles.
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