According to a new market research report "Electric Commercial Vehicle Marketby Propulsion (BEV, HEV, PHEV & FCEV), Vehicle Type (Bus, Truck, Pick-Up Truck and Van), Component, Range, Autonomous Vehicle, Charging Infrastructure, and Region - Global Forecast to 2025" published by MarketsandMarkets, the market is projected to grow at a CAGR of 39.85% during the forecast period to reach 1,831,865 Units by 2025 from an estimated 125,212 Units in 2017.
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Increasing awareness of the pollution menace, government policies and mandates to restrict pollution, reduction in battery prices, and rapid adoption of electric vehicles such as buses and vans are some of the major factors driving the growth of Electric Commercial Vehicle Market. A key driver for the increase in adoption of Electric Commercial Vehicle in recent years is the changing consumer preference. Strategies to minimize the dependence on fossil fuel in developing economies are propelling the Electric Commercial Vehicle Market. Whereas, Electric Commercial Vehicles are used extensively by transportation companies in countries such as China, The Netherlands, and Sweden. All these factors are driving the market for Electric Commercial Vehicle Market.
Asia Pacific: the largest market for Electric Commercial Vehicle
Asia Pacific is projected to be the largest market for Electric Commercial Vehicles from 2017 to 2025. The market growth, in terms of volume, in the region can be attributed to numerous factors such as adoption of more electric buses, government policies to restrict urban pollution, engagement of OEMs to develop electric vehicles of different propulsion system.
Bus is estimated to hold the largest market share in terms of volume during the forecast period
The market share for bus in Electric Commercial Vehicle Market is estimated to be the highest in 2017 and is projected to remain predominant during the forecast period. The share, in terms of volume, of bus in Electric Commercial Vehicle Market is estimated to be the highest followed by the share of van, pick-up truck, and truck. Countries such as China and US have witnessed significant sales of electric bus bus due to rapid economic growth and favorable government policies to curb down emission.
Battery Electric Vehicle (BEV) segment of the Electric Commercial Vehicle Market is estimated to be the largest segment by propulsion from 2017 to 2025
BEV is expected to be the largest segment, by propulsion, of the Electric Commercial Vehicle Market, as BEV finds great application in Electric Commercial Vehicles such as buses and vans. The growth of BEV in Electric Commercial Vehicle Market is mainly due to two factors-advancement in battery capacity which fulfills the power requirement in Electric Commercial Vehicle and the decrease of the price of EV battery. The price of EV battery is expected to reach US$ 109/kWh in few years.
The Electric Commercial Vehicle Market is dominated by a few globally established players such as Daimler (Germany), Tesla (US), BYD (China), NISSAN (Japan), Proterra (US).
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