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Commercial Electric Vehicles Market Envisions Steady Growth in 2024: Market Size and Segmentation
Commercial Electric Vehicles Market Size
As per the report, the commercial electric vehicles market size has grown exponentially in recent years. It will grow from $116.95 billion in 2023 to $154.64 billion in 2024 at a compound annual growth rate (CAGR) of 32.2%. The commercial electric vehicles market size is expected to see exponentially grown in the next few years. It will grow to $447.04 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%.
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Government Subsidies Drive Electric Vehicle Adoption For Carbon Emission Reduction
Government subsidies to consumers and manufacturers help with the adoption of electric vehicles. The adoption of electric vehicles has been identified as an effective method to reduce carbon emissions and dependency on fossil fuels. So, the governments of many countries are providing direct subsidies to both buyers and manufacturers to increase the adoption rate of electric vehicles. For example, in order to make electric vehicles (EVs) accessible to all Americans for both short- and long-distance travel, the federal government has set the 2030 target of having half of all new vehicles sold in the country be zero-emissions vehicles. It has also committed to developing a practical and equitable network of 500,000 chargers.
Technological Advancements Fueling Progress In Commercial Electric Vehicles
Technological advances to improve charging speed and enhance battery design are the latest trend in the commercial electric vehicle market. Manufacturers are looking at solid-state batteries that use graphene as the potential solution and are expected to increase both the range and the charging speed of the batteries in electric vehicles. Apart from the improvements in battery design and charging speed, there will be a significant shift toward diversifying the sources of power for EVs. Solar panels have already become much more efficient at capturing the sun's energy. With the recent development of three-phase charging, the most modern electric vehicles can charge up to 80% in just 30 minutes. For instance, Earthday, a Catalan startup, introduced fast-charging graphene-based batteries that weigh only 55 kg and use a paste-like electrolyte based on graphene. Earthday claims that the graphene-based battery charges up to 1350 times faster than normal batteries based on lithium technology.
The commercial electric vehicles market covered in this report is segmented -
1) By Technology: Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles
2) By Vehicle: Bus, Truck, Pick-Up Truck, Van
3) By Charging Infrastructure: Pantograph, Plug-in, Inductive
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Major companies operating in the commercial electric vehicles market include Tesla Inc., Nissan Motor Co. Ltd., Bayerische Motoren Werke AG, General Motors Company, Ford Motor Company, Volkswagen AG, Kia Corporation, Audi AG, BYD Co. Ltd., Daimler AG, Volvo Group, JAC Motors, Zhejiang Geely Holding Group Co. Ltd., Hyundai Motor Company, ZD (Zhongsheng Group), Zotye Auto Co. Ltd., Beijing Automotive Industry Group Co. Ltd., Tata Motors Limited, Hero Electric Vehicles Pvt. Ltd., Mahindra Electric Mobility Limited, YOBykes Electric Bikes, TVS Motor Company, Ashok Leyland Limited, Emflux Motors Pvt. Ltd., Menza Motors, Fiat Group Automobiles S.p.A., Renault Group, Škoda Auto a.s., Infiniti a division of Nissan Motor Co. Ltd., Stellantis N.V., GAC Group, SAIC Motor Corporation Limited, Chery Automobile Co. Ltd., Polestar AB, Changan Automobile Co. Ltd., DAF Trucks N.V., Dongfeng Motor Corporation, Great Wall Motors Company Limited, Hino Motors Ltd., Isuzu Motors Limited, Mitsubishi Fuso Truck and Bus Corporation, Navistar International Corporation, Nikola Corporation, PACCAR Inc., Proterra Inc., Traton SE
Contents of the report:
1. Executive Summary
2. Commercial Electric Vehicles Market Report Structure
3. Commercial Electric Vehicles Market Trends And Strategies
4. Commercial Electric Vehicles Market - Macro Economic Scenario
5. Commercial Electric Vehicles Market Size And Growth
…..
27. Commercial Electric Vehicles Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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