DUBLIN, June 9, 2021 /PRNewswire/ -- The "Electric Commercial Vehicles Global Market Report 2021: COVID-19 Growth and Change to 2030" report has been added to ResearchAndMarkets.com's offering.
The global electric commercial vehicles market is expected to grow from $60.11 billion in 2020 to $63.71 billion in 2021 at a compound annual growth rate (CAGR) of 6%.
Electric Commercial Vehicles Global Market Report 2021: COVID-19 Growth and Change to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global electric commercial vehicles market.
This report focuses on the electric commercial vehicles market which is experiencing strong growth. The report gives a guide to the electric commercial vehicles market which will be shaping and changing our lives over the next ten years and beyond.
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 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%.
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.
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.
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.
Electric commercial vehicle companies are implementing strategic partnerships for the production of electric commercial vehicles. Strategic partnerships in electric commercial vehicles involve 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 €100 million (US $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.
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.
Key Topics Covered:
1. Executive Summary
2. Electric Commercial Vehicles Market Characteristics
3. Electric Commercial Vehicles Market Trends and Strategies
4. Impact of COVID-19 on Electric Commercial Vehicles
5. Electric Commercial Vehicles Market Size and Growth
5.1. Global Electric Commercial Vehicles Historic Market, 2015-2020, $ Billion
5.2. Global Electric Commercial Vehicles Forecast Market, 2020-2025F, 2030F, $ Billion
6. Electric Commercial Vehicles Market Segmentation
6.1. Global Electric Commercial Vehicles Market, Segmentation By Propulsion Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Electric Commercial Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Electric Pick-up Truck
6.3. Global Electric Commercial Vehicles Market, Segmentation By Battery Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Lithium-nickel-manganese-cobalt oxide (NMC)
6.4. Global Electric Commercial Vehicles Market, Segmentation By Technology, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Battery Electric Commercial Vehicles
Fuel Cell Electric Commercial Vehicles
7. Electric Commercial Vehicles Market Regional and Country Analysis
7.1. Global Electric Commercial Vehicles Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Electric Commercial Vehicles Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Nikola Motor Company
Emoss Mobile Systems
ZHONGTONGBUS Bus Holding Co.
Ashok Leyland Ltd.
Dongfeng Motor Corp.
Hino Motors Ltd.
Isuzu Motors Ltd.
Workhorse Group Inc.
Ballard Power Systems
For more information about this report visit https://www.researchandmarkets.com/r/girpss
Research and Markets
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