Commercial Electric Vehicle Market to Hit 18.1% CAGR to 2025, Trends and Forecast

The improvement in the operational efficiency of batteries and the long-term cost advantages of commercial electric vehicles are some of the key factors driving the growth of the commercial electric vehicle market. In addition, the rising government and environmental agency concerns over greenhouse gas (GHG) emissions and surging government initiatives to promote these vehicles over conventional fuel-based ones are predicted to strengthen the market during the forecast period (2018–2025). The market size is predicted to cross 1,839.4 thousand units by 2025, progressing at a CAGR of 18.1% during the forecast period.

In simple terms, electric vehicles are those vehicles that use one or more electric motors for movement. Such commercial vehicles are used for carrying passengers or transporting goods. The commercial electric vehicle market, on the basis of propulsion, is categorized into hybrid electric vehicle (HEV), battery electric vehicle (BEV), fuel cell electric vehicle (FCEV), and plug-in hybrid electric vehicle (PHEV). Due to the increasing government incentives in the form of grants and subsidies and other financial benefits to encourage the use of BEVs, this category is anticipated to dominate the market during the forecast period.

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There are two types of vehicles in the commercial electric vehicle market, i.e. electric bus and electric truck. Of these, during the 2013–2017 period, electric buses advanced at a CAGR of 75.4% in term of sales volume. This is ascribed to the rising replacement sales and long-term cost advantages associated with e-buses. Furthermore, with the increasing demand for these buses from end users such as city governments and public-transit operators, the market is witnessing robust growth.

Increasing GHG emissions in the environment have become a major concern for governments and environmental agencies, globally. The air quality degradation due to the carbon-laden urban vehicular exhaust has led to the implementation of stringent policies. Presently, conventional diesel-powered commercial vehicles are a core part of the public transportation system, which majorly contributes to GHG emission. Therefore, the formulation of stringent policies is resulting in the adoption of low or zero-emission vehicles across the world.

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Hence, the increasing adoption of BEVs and stringent government policies to curb air pollution are fueling the growth of the commercial electric vehicle market.

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This release was published on openPR.