Global Electric Commercial Vehicle Market – by Component (Electric Motor, Hydrogen Fuel Cell, and EV Battery) Analysis and Forecast to 2024

An electric vehicle has the capability to considerably diminish greenhouse gas releases and pollution. A commercial vehicle is designed, maintained or used for the transportation of property or person. The various types of commercial vehicles are buses, trucks, vans and pick-up trucks. The global electric commercial vehicle market is growing at a significant rate, due to mounting alarm about environmental pollution and government assistance for electric commercial vehicles. The market has witnessed a high demand for the electric bus due to speedy economic growth and promising government guidelines to limit emission.

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On the basis of the component, the electric commercial vehicle market is subdivided into the electric motor, hydrogen fuel cell, and EV battery. Of all components, EV battery segment accounted the largest share in the market, as it is the most important component of an EV and it makes up substantial cost of an EV due to its high cost.

On the basis of range, the market is subdivided into 0-150 miles, 151-250 miles, 251-500 miles, and 500 miles & above. Of all the range, the 500 miles segment is expected to grow at the fastest rate in the electric commercial vehicle market.

On the basis of propulsion type, the electric commercial vehicle market is subdivided battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), hybrid electric vehicle (HEV) and fuel cell electric vehicle (FCEV). Of all the propulsion type, the BEV accounted the largest share and is expected to grow at the fastest rate in the market due to improvement in battery competence and decline of the EV battery cost.

On the basis of vehicle type, the market is subdivided into bus, van, trucks, and pick-up trucks. Among all vehicle type, the bus accounted the largest share and is expected to grow at the fastest rate in the electric commercial vehicle market due to speedy economic growth, promising government guidelines to limit emission, implementation of extra electric buses, and various government mandates to phase out fossil fuel-based public transportation.

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Limited supportive charging stations, in progress IC engine improvements, supplementary environment-friendly fuel products, oil companies promoting contrary to EV and huge development cost are the major challenges for the growth of the electric commercial vehicle market. In addition, inadequate battery power and time-consuming charging durations are also hindering the growth of the market.

Globally industry players are leveraging market growth by launching new products. Different players are investing in the development of new battery technology to lower the cost of electric vehicles to compete against gasoline vehicles in terms of price and performance. In the coming years, industry leaders are anticipated to significantly lower the cost of these vehicles and enhance the performance of these vehicles leading to adoption by masses.

Geographically, Asia-Pacific is the largest electric commercial vehicle market and is observed to witness the fastest growth in the market due to government strategies to limit urban pollution. Implementation of additional electric buses, expansion in charging infrastructure, mounting investment in the development of electric vehicle and assignation of OEMs to progress electric vehicle are also up surging growth of the Asia-Pacific electric commercial vehicle market.

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Key players in the electric commercial vehicle industry are catering to the demand by collaborating with small players and investing on technologically advanced EVs across the globe. In July 2018, Daimler introduced Mercedes-Benz eCitaro, with new technological innovations in the public transport network. In addition, in May 2017, BYD introduced class 8 battery-electric refuse truck in the North American market. Tesla, Daimler, Panasonic, Nissan, Proterra, ABB, BYD, LG Chem, Delphi, Samsung SDI, and Continental are the key players offering electric commercial vehicle.

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