Press release
Electric Commercial Vehicle Market to Grow at a Compound Annual Growth Rate of 41.1% | MarketsandMarkets
The growth of the electric commercial vehicle market can be attributed to the increasing focus of countries on the electrification of their public transport fleets and the increasing demand for zero-emission vehicles in the logistics sector. Advancements in battery pack technologies and electric powertrains are some of the major factors driving the growth of the electric commercial vehicle industry.
Opportunity: New revenue pockets in North America and Europe
North America is a high growth electric commercial vehicles market. The region has witnessed a surge in demand for low-emission, fuel-efficient, high-performance vehicles due to stringent emission norms and the growing logistics sector. The market in the US is expected to grow exponentially by 2028 due to the high adoption of electric vans and the large order placement of electric pick-up trucks.
Growth opportunities are also available in Nordic countries, including Denmark, Finland, Iceland, Norway, and Sweden. These countries have seen a rapid increase in demand for electric vehicles due to government incentives and the presence of supporting infrastructures, such as free charging stations and parking allotments.
The global electric commercial vehicle market is dominated by major players such as BYD (China), Yutong (China), Proterra (US), VDL Groep (Netherlands), Tesla (California, U.S), Workhorse Group (Ohio, U.S), Nikola Motor Company (Arizona, U.S), Rivian (Michigan, U.S) and AB Volvo (Sweden).
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The Asia Pacific is expected to lead the global market during the forecast period
The Asia Pacific region is the largest electric commercial vehicle market in the world. It comprises some of the fastest developing and developed economies in the world, such as China, India, and Japan. The market growth in the region can be attributed to the dominance of the Chinese market in the electric bus segment and the presence of market-leading OEMs in the country as well, resulting in the exponential growth of the electric commercial vehicle market in the Asia Pacific. The large demand for electric buses, favourable regulations for electric commercial vehicles, and the rapidly growing logistics sector are expected to boost the electric commercial vehicle market in the region.
The North America electric van segment is expected to grow at the highest CAGR
The North American electric van segment is expected to be the fastest market as there is a high demand for electric vans from the logistics sector. The increasing demand for electric vans in the logistics sector and the focus on the electrification of public transport fleet are driving the electric commercial vehicle market. The growth of the logistics and e-commerce sectors is expected to drive the market for electric vans during the forecast period. The usage of electric vans in the logistics sector would minimize the cost of transportation. Many leading logistics companies in North America and Europe have started using electric vans for shipping and delivery purposes. For instance, DHL, one of the leading logistics companies in the world, is using electric vans while Amazon announced plans to use electric delivery vans to be built by Rivian.
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Reasons to Buy the Report:
The report enables new entrants and smaller firms as well as established firms to understand the market better to help them acquire a larger market share. Firms purchasing the report could use any one or a combination of the 4 strategies (market development, product development/innovation, market diversification, and competitive assessment) mentioned below to strengthen their position in the market.
The report provides insights into the following points:
• Market Penetration: The report offers comprehensive information about the electric commercial vehicle market and the top players in the market.
• Product Development/Innovation: The report provides detailed insights into upcoming technologies, R&D activities, and new product launches in the electric commercial vehicle market.
• Market Development: The report offers comprehensive information about the electric commercial vehicle market. The report analyses the electric commercial vehicle market across regions and provides comprehensive information about lucrative emerging markets.
• Market Diversification: The report provides exhaustive information about new products, untapped regional markets, recent developments, and investments in the electric commercial vehicle market.
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