Worldwide Electric Commercial Vehicle Markets, Forecast to 2027: Global Market Projecting a CAGR of 32.7%, by Volume - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 22, 2019--
The “Electric Commercial Vehicle Market by Propulsion Type, Vehicle Type, Range, Battery Type, Length of Bus, Power Output Type, Battery Capacity Type, Component Type, Autonomous Vehicles Type, and Region - Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The electric commercial vehicle market, by volume, is projected to be 260,777 units in 2020. It is projected to grow at a CAGR of 32.7% from 2020 to 2027, to reach a volume of 1,890,430 units by 2027.
The electric commercial vehicle market comprises major manufacturers such as BYD (China), Yutong (China), Proterra (US), VDL Groep (Netherlands), and AB Volvo (Sweden).
Increasing focus of countries on the electrification of their public transport fleets and increasing demand for zero emission vehicles in the logistics sector are the significant growth drivers for the global electric commercial vehicle market
The advancements in battery pack technologies and electric powertrains are some of the major factors driving the growth of the electric commercial vehicle industry. Many countries are focusing on the electrification of their public transportation fleets. Factors such as a rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly vehicles. Increasing demand for fuel efficient and zero emission vehicles in the logistics sector is also driving the market.
The growth of e-commerce, logistics, and shared mobility is likely to propel the growth of the electric van segment during the forecast period
The electric van segment is expected to be the fastest growing market as there is a high demand for these vans from the logistics sector, especially in the European region. The growth of the logistics and e-commerce sectors are expected to drive the market for electric vans during the forecast period.
The usage of electric vans in the logistics sector would minimize the cost of transportation. Many leading logistics companies in Europe and North America have started using electric vans for shipping and delivery purposes. For instance, DHL, one of the leading logistics companies in the world, is using electric vans in some parts of the European region.
Asia Pacific is expected to be the largest market during the forecast period
The Asia Pacific region is the largest electric commercial vehicle market in the world. It comprises some of the fastest developing and developed economies in the world, such as China, India, and Japan. The market growth in the region can be attributed to the dominance of the Chinese market in the electric bus segment and the presence of market leading OEMs in the country as well, resulting in the exponential growth of the electric commercial vehicle industry in the Asia Pacific. The large volumes of electric bus, favourable regulations for electric commercial vehicles, and a rapidly growing logistics sector are projected to boost the electric commercial vehicle market in the region.
The European market is expected to register the fastest growth during the forecast period
The European region is projected to be the fastest-growing market during the forecast period. The increasing demand for electric vans in the logistics sector and the focus on electrification of the public transport fleet are driving the electric commercial vehicle market in Europe. The region is a hub to major players such as AB Volvo (Sweden), VDL Bus and Coach (Netherlands), Daimler (Germany), CAF (Spain), EBUSCO (Netherlands), Scania (Sweden), and Emoss Mobile Systems (Netherlands). Europe is a key region for innovations; significant R&D; and technological advancements in electric vehicles, battery technologies, and charging solutions.
France is the largest market in Europe, followed by Germany. France, which is one of the leading automotive hubs in the European region, is home to many established OEMs providing electric vehicles and also has a higher adoption rate for electric commercial vehicles.
Other Key Players
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INDUSTRY KEYWORD: ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE
SOURCE: Research and Markets
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PUB: 11/22/2019 07:35 AM/DISC: 11/22/2019 07:35 AM