Press release
Electric Commercial Vehicle Market Global Trends, Key Players, Industry Analysis Report to 2026
Buses utilised for public transport can recoup the running costs over 4-5 years though the initial investment will be 2-2.5x of that of an ICE bus. For LCVs the intial investment will be 1.5x that of a LCV van and will be easier to recoup the costs.
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CHINA ELECTRIC COMMERCIAL VEHICLE MARKET DYNAMICS
Similar to the passenger vehicle market in China, the commercial vehicle market in China was mainly driven by subsidies. King Long group received more than 10x its profits in subsidies in 2015 while Zhongtong received 3x its annual profit. The annual capacity for NEV bus production is 100,000 in China currently. Domestic sales were affected when subsidies were dropped.
To battle this, Chinese OEMs have started exporting electric buses to the rest of the world. Various OEMs have also set up joint ventures such as BYD-ADL in the UK, Yutong – Pelican etc. to improve manufacturing capabilities, share technological knowledge and increase global market share as electric buses pick up globally.
EUROPE ELECTRIC COMMERCIAL VEHICLE MARKET DYNAMICS
In Europe, more than 75% of the commercial electric vehicle sales will be based on LCVs, mainly vans. This is due to the market size as well as easier purchasing price for LCVs over buses and trucks.
There are multiple subsidies in Europe to transition fleets to electric. Dutch government offers 10% of the van upto 5,000 pounds. 125 million pounds are allocated for this subsidy. In France, there is a 5,000 pound subsidy for a LCV which costs upto 45,000 pound, but it decreases to 3,000 pounds after the price increases above 45,000 pounds.
LATEST ORDERS IN ELECTRIC COMMERCIAL VEHICLE MARKET
• VHH Hamburg ordered 20 electric buses from MAN;10 12e and 10 18e buses
• London ordered 195 electric buses from BYD-ADL for their public fleet transport system
• Zaragoza ordered 68 electric buses from Irizar, 51 12m buses and 17 articulated buses
• Bernmobil in Switzerland ordered 14 electric buses from Irizar, all of them articulated buses
• Lublin in Poland ordered 7 articulated buses from Solaris including the charging infrastructure needed
• Skane region in Sweden ordered 79 electric buses from BYD
COMPETITIVE LANDSCAPE
In 2020, 50% of the electric bus market was held by the top 3 players in the market. From 2021-2026, there will be increasing market share for other players, and the overall share will decrease for the top players. There will also be increased manufacturing on a global scale with increasing battery packs and various regions to adopt electric buses even in regions with low plugged in vehicle sales
The top 4 players in the vans market held more than 70% of the market share in 2020. They will continue to establish their dominance and hold the market share. The main reason being their dominance in the van market even in ICE as well as better technological usage and understanding mainly keeping the needs of fleet users.
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