Press release
Recent Electric Commercial Vehicle Market Developments, Comprehensive Analysis, Industry Revenue Figures, Outlook, and Study of Top Players until 2028
๐๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ข๐๐ฅ ๐ฏ๐๐ก๐ข๐๐ฅ๐ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฌ๐ข๐ณ๐ ๐ข๐ฌ ๐ฉ๐ซ๐จ๐ฃ๐๐๐ญ๐๐ ๐ญ๐จ ๐ ๐ซ๐จ๐ฐ ๐๐ซ๐จ๐ฆ ๐๐๐.๐ ๐ญ๐ก๐จ๐ฎ๐ฌ๐๐ง๐ ๐ฎ๐ง๐ข๐ญ๐ฌ ๐ข๐ง ๐๐๐๐ ๐ญ๐จ ๐,๐๐๐.๐ ๐ญ๐ก๐จ๐ฎ๐ฌ๐๐ง๐ ๐ฎ๐ง๐ข๐ญ๐ฌ ๐๐ฒ ๐๐๐๐, ๐๐ญ ๐ ๐๐๐๐ ๐จ๐ ๐๐.๐%.
๐ฅ ๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐ ๐ซ๐๐ ๐๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ + ๐๐๐ญ๐๐ข๐ฅ๐๐ ๐๐๐ โก๏ธ https://www.reportsnreports.com/contacts/requestsample.aspx?name=1465039&utm_source=Gupta&utm_medium=ruchi&utm_id=Ruchi
๐๐ก๐ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ข๐๐ฅ ๐ฏ๐๐ก๐ข๐๐ฅ๐ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ข๐ฌ ๐๐จ๐ฆ๐ข๐ง๐๐ญ๐๐ ๐๐ฒ ๐๐ฌ๐ญ๐๐๐ฅ๐ข๐ฌ๐ก๐๐ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ฌ๐ฎ๐๐ก ๐๐ฌ BYD (China), Mercedes Benz Group AG (Germany), AB Volvo (Sweden), Tesla, Inc (US), and PACCAR Inc (US). The market ranking has been derived by considering ECV sales and a certain percentage of segmental revenue for each of the companies mentioned above. These companies also offer extensive products and solutions for the automotive industry. These companies have strong distribution networks at the global level, and they invest heavily in R&D to develop new products.
Governments support to EV's through incentives and schemes for using electric vehicles and collaborating with top automobile manufacturers will increase the EV adoption .Electric commercial vehicles operates at lower cost than ICE commercial vehicles. Growing research of EV batteries and EV charging systems will drive the electric commercial vehicle market. Electric vehicle charging stations, battery swapping stations and fleet stations are required to be installed globally for growing the demand for electric commercial vehicles.
"Less Than 150 Miles is expected to be the largest market in the forecast period."
Low performance and affordable electric commercial vehicles usually have a range of less than 150 miles. Several OEMs offer electric vans with low-cost batteries with a restricted range of 100-150 miles. OEMs have been providing trucks and vans for this segment over the years. For instance, in 2023, Rizon, a brand of Daimler, launched the e18L, e16L, and the e16M medium duty electric trucks with a range of 110-160 miles. Furthermore, Bollinger Motors launched a medium duty all-electric truck Bollinger B4 in September 2022, which is an all-wheel-drive aluminum body vehicle. It has a range of 100 - 200 miles. Municipalities use low range electric vans and trucks for a variety of services, including waste collection, street sweeping, and maintenance tasks. Electric vehicles are an excellent choice for these tasks because they produce no emissions and are much quieter than gas or diesel-powered vehicles. In 2021, Irizar Group received order for 10 electric trucks which will be used for refuse services.
"NMC will be the largest segment in the forecast period by battery type"
Nickel-manganese-cobalt oxide batteries (NMC) are composed of several materials with different properties, high density, and efficiency. These batteries are ideal for use in electric commercial vehicles as they have a low self-heating rate while in operation. The chemical composition of the NMC batteries comprises lithium nickel manganese cobalt oxide as the cathode and graphite as the anode. The NMC batteries are very expensive and toxic due to the presence of cobalt. OEMs have now started to shift towards the adoption of higher content of nickel in cathodes. Compared to cobalt, nickel cells have a lower cost and higher life cycle. NMC batteries are preferable for a longer range and in colder climate conditions in Europe and North America. The NMC batteries are generally used because cobalt and nickel cells have a lower cost, higher life cycle, more stability, and higher energy density. NMC batteries are preferable for long-range and colder climate conditions in Europe and North America. NMC batteries offer high-density packs within the same dimension and same weight, due to which their demand is expected to significantly grow in upcoming years. In 2021, BHP announced the signing of a nickel supply agreement with Tesla, Inc. In addition to the supply agreement, BHP and Tesla Inc will collaborate on ways to make the battery supply chain more sustainable. In January 2022, GODI (India) announced the manufacturing of the first batch of commercial-grade NMC batteries. These factors are expected to fuel the growth of NMC batteries in electric commercial vehicles.
Asia Pacific shows high growth potential for electric commercial vehicle market
Asia Pacific is home to many OEMs, such as Mahindra & Mahindra Ltd. (India), BYD (China), King Long (China), Toyota Motor Corporation (Japan), and Nissan Motor Corporation (Japan). The Asia Pacific market is dominated by China, which has large sales volumes for electric commercial vehicles. Japan also plays a vital role in automotive technology in Asia Pacific. With advancements in technologies, the Japanese electric commercial vehicle market is expected to grow. In July 2022, Toyota Motor Corporation announced to work with Allied Motors to develop fuel cell electric vans. The rising demand of customers for faster deliveries is the key factor driving the growth of the last mile delivery market in Asia Pacific. Governments of these countries have encouraged installing EV charging stations, formulated emission norms, and set deadlines for shifting to full or hybrid EVs from ICE vehicles. India is also working on increasing its electric vans and trucks in the market. The new vehicle scrappage policy in which old vehicles can be scrapped off for changing to low emission zones and other upcoming policies will help the country become a lucrative market for electric commercial vehicle in the coming years.
"Last Mile Delivery is expected to be largest in market in the forecast period."
The rise of e-commerce has significantly increased the demand for last-mile delivery services, leading to various developments in the commercial vehicle sector. Companies are adding electric commercial vehicles, such as electric vans, electric trucks and pickup trucks, to their fleets to reduce expenses and reduce vehicle emissions. In May 2022, Terrago (India) used a fleet of 65 Mahindra Treo Zor cargo vehicles for delivery purpose in India. The electric commercial market will grow due to the increasing investments by governments across the globe.
โก๏ธ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐ ๐จ๐ซ ๐๐จ๐ซ๐ ๐๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง @ https://www.reportsnreports.com/contacts/inquirybeforebuy.aspx?name=1465039&utm_source=Gupta&utm_medium=ruchi&utm_id=Ruchi
๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐จ๐ฏ๐๐ซ๐๐ ๐:
Electric Commercial Vehicle Market by Propulsion (BEV,FCEV), Vehicle Type (Pickup Truck, Truck, Van), Range, Battery Type, Power Output, Battery Capacity, Component, End User, by Body Construction and Region. It also covers the competitive landscape and company profiles of the major players in the electric commercial vehicle market ecosystem. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
๐๐๐ฒ ๐๐๐ง๐๐๐ข๐ญ๐ฌ ๐จ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ:
The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall electric commercial vehicle market and its sub segments.
This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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