Electric Van Market : Projected To Reach $76.7 billion With Growing at a CAGR of 28.9% from 2022 to 2031

Allied Market Research published a report, titled, "Electric Van Market by Range (Up to 100 miles, 100 to 200 miles, above 200 miles), by Battery Capacity (Up to 50 kWh, above 50 kWh), by Propulsion (Battery Electric Van, Plug-in Hybrid Electric Van), and by Application (Personal, Commercial): Global Opportunity Analysis and Industry Forecast, 2021- 2031". According to the report, the global electric van industry generated $6.1 billion in 2021 and is anticipated to generate $76.7 billion by 2031, witnessing a CAGR of 28.9% from 2022 to 2031.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬- https://www.alliedmarketresearch.com/request-sample/47765

Prime determinants of growth

The increase in government initiatives for the promotion of e-mobility, the increase in demand for emission-free & high-performance electric vans, and the reduction in the cost of electric vehicle batteries drive the growth of the global electric van market. However, the lack of charging infrastructure, and limited range of electric vans restrict the market growth. Moreover, technological advancements are expected to present new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global electric van market.
The pandemic resulted in the shutdown of several electric van manufacturing facilities across the globe. Manufacturers faced a shortage in the supply of automobile-related components such as semiconductor chips.
The 100 to 200 miles segment to maintain its leadership status throughout the forecast period

Based on range, the 100 to 200 miles segment held the highest market share in 2021, accounting for more than half of the global electric van market, and is estimated to maintain its leadership status throughout the forecast period. The launch of new electric vans having a range between 100 to 200 miles contributes to the growth of the market. For instance, in April 2021, Fiat Professional, a Stellantis NV subsidiary, unveiled its new 100% electric "E-Ducato" van. Moreover, the 100 to 200 miles segment is projected to manifest the highest CAGR of 29.4% from 2022 to 2031.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭- https://www.alliedmarketresearch.com/electric-van-market/purchase-options

The above 50 kWh segment to maintain its leadership status throughout the forecast period

Based on battery capacity, the above 50 kWh segment held the highest market share in 2021, accounting for nearly 59% of the global electric van market, and is estimated to maintain its leadership status throughout the forecast period. Electric vans with a battery capacity of more than 50 kWh are used in commercial operations. The large share of this segment is mainly attributed to the increasing application of electric vans in the logistics sector, and last-mile deliveries. Moreover, the above 50 kWh segment is projected to manifest the highest CAGR of 29.4% from 2022 to 2031.

The battery electric van segment to maintain its lead position during the forecast period

Based on propulsion, the battery electric van segment accounted for the largest share in 2021, contributing to more than 95% of the global electric van market, and is projected to maintain its lead position during the forecast period. This is attributed to simple technology usage and low maintenance of battery electric vans as compared to other electric vehicles. In addition, the launch of a new battery electric van contributes to the growth of this segment. For instance, in September 2021, Nissan introduced its new electric van namely, "Townstar". It utilizes a single electric motor that produces 122 horsepower and an instant torque of 245 nm. Moreover, the battery electric van segment is expected to portray the largest CAGR of 29.1% from 2022 to 2031.

The commercial segment to maintain its leadership status throughout the forecast period

Based on application, the commercial segment held the highest market share in 2021, accounting for more than half of the global electric van market, and is estimated to maintain its leadership status throughout the forecast period. The adoption of electric vans by logistics companies to reduce their carbon footprints supplements the market growth. Moreover, the commercial segment is projected to manifest the highest CAGR of 29.2% from 2022 to 2031.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠- https://www.alliedmarketresearch.com/purchase-enquiry/47765

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than half of the global electric van market, and is likely to dominate the market during the forecast period. The adoption of electric vans owing to government regulations, and the higher adoption rate of smart mobility services, boost the growth of the electric van market in the Asia-Pacific region. In addition, the introduction of new electric vans by the market players in the region supplements the market growth. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 29.8% from 2022 to 2031.

Leading Market Players: -

BYD Company Ltd
Ford Motor Company
General Motors Company
Mercedes-Benz Group AG
Nissan Motor Co., Ltd.
Renault S.A.
Stellantis NV
Toyota Motor Corporation
Volkswagen AG
Workhorse Group Inc.

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
+1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com 
Web: www.alliedmarketresearch.com 
Allied Market Research Blog: https://blog.alliedmarketresearch.com

Allied Market Research is market research, consulting, and advisory firm of Allied Analytics LLP. Founded in 2013, the firm has been instrumental in offering high-quality syndicated and customized market research reports, consulting services, and useful insights to leading market players, startups, investors, and stakeholders. Driven by the aim to eliminate sub-standard data and become a successful partner for organizations, Allied Market Research has been innovating continuously, expanding the product & service portfolio, and implementing the client-first approach since its inception. With the clientele spanning more than 7,000 organizations that also include a majority of Fortune 500 companies, AMR has a proven track record of helping and serving the global clientele and playing a major role in their success.

This release was published on openPR.