Electric Commercial Vehicle Market By Propulsion (Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-in Hybrid Electric Vehicle (PHEV)), By Vehicle Type (Light duty trucks, Medium duty trucks, Heavy duty trucks, Buses), By Battery Capacity (Less Than 50 kWh, 50 to 250 kWh, Above 250 kWh), By Range (Less Than 150 Mile, 150 to 300 Mile, Above 300 Mile): Global Opportunity Analysis and Industry Forecast, 2021-2031
Electric commercial vehicles are powered by electricity instead of gasoline or diesel. The drive's energy comes from an on-board battery that charges from the mains power supply. As these vehicles run completely on battery itself, they require re-charging once drained, unlike refueling in case of ICE vehicles. In addition, electric commercial vehicles are noise free, have zero emission, and are efficient mode of transportation with lower maintenance cost, which in turn, makes them the preferred choice for fleet owners. In addition, factor such as increasing government initiatives for promotion of electrification is expected to drive the market growth during forecast year. For instance, in July 2021, National Transport Authority of Ireland signed a contract with Alexander Dennis Limited and BYD UK for 200 BYD ADL Enviro200EV zero-emission battery-electric bus.
An electric commercial vehicle that does not have a traditional ICE engine for their propulsion and are completely electric. These vehicles are driven by an onboard electric motor that receives power from onboard batteries or a set of batteries. Electric buses are considered as eco-friendly as they do not produce any pollutants and are also economical when compared with traditional gasoline/diesel buses.
Multiple advantages are associated with battery electric commercial vehicles such as they do not consume any fossil fuels or emit any CO2 in operation, and electric drive consists of fewer parts, especially moving ones which have rarer breakdowns and less servicing, and electric commercial vehicles make less noise than vehicles with a combustion engine, thus such factors are anticipated to propel the growth of this battery electric vehicle segment.
In addition, leading electric truck manufacturers are starting electrification with a partnership with other leading companies in various industrial applications. For instance, in March 2022, A.P. Moller - Maersk will add 300 electric trucks to its North American network in partnership with Einride. The trucks will be operated using Einride’s digital road freight operating system and charging solutions. They will operate as part of the Performance Team’s Road freight network which provides growth opportunities to the market.
The electric commercial vehicle market is segmented based on propulsion type, vehicle type, battery capacity, and range. By propulsion type, it is divided into the Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), and Plug-in Hybrid Electric Vehicle (PHEV). By vehicle type, it is divided into light-duty trucks, medium-duty trucks, heavy-duty trucks, and buses. By battery capacity, it is classified into less than 50 kWh, 50-250 kWh, and above 250 kWh. By range, it is categorized into less than 150 miles, 150-300 miles, and above 300 miles. Geographically, it has been analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the market include AB Volvo, BYD Company Ltd., Daimler Trucks, Dongfeng Motor Company, NFI Group Inc., Man SE, Proterra, Scania, Tata Motors, and VDL GROEP BV.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric commercial vehicle market analysis from 2021 to 2031 to identify the prevailing electric commercial vehicle market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the electric commercial vehicle market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global electric commercial vehicle market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Propulsion
Battery Electric Vehicle (BEV)
Fuel Cell Electric Vehicle (FCEV)
Plug-in Hybrid Electric Vehicle (PHEV)
By Vehicle Type
Light duty trucks
Medium duty trucks
Heavy duty trucks
Buses
By Battery Capacity
Less Than 50 kWh
50 to 250 kWh
Above 250 kWh
By Range
Less Than 150 Mile
150 to 300 Mile
Above 300 Mile
By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Russia
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Tata Motors
NFI Group Inc.
Proterra
MAN SE
BYD Company Ltd
Daimler AG
Scania
AB Volvo
VDL Groep BV
Dongfeng Motor Company
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