CHICAGO, Nov. 13, 2019 /PRNewswire/ -- According to the
new market research report "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", published by MarketsandMarkets™, the Electric Commercial
Vehicle Market is projected to grow from 261 thousand units in 2020
to reach 1,890 thousand units by 2027, at a CAGR of 32.7%.
Browse in-depth TOC on "Electric Commercial
Vehicle Market"
137 – Tables
53 – Figures
170 – Pages
The growth of the Electric Commercial Vehicle Market can be
attributed to the increasing focus of countries on the
electrification of their public transport fleets and the increasing
demand for zero emission vehicles in the logistics sector.
Advancements in battery pack technologies and electric powertrains
are some of the major factors driving the growth of the electric
commercial vehicle industry.
Factors such as rise in pollution and environmental hazards,
stringent government regulations, and stiff competition have
compelled automotive OEMs to make fuel-efficient and
environment-friendly vehicles. Thus, the Electric Commercial
Vehicle Market is expected to witness significant growth in the
future.
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Asia Pacific is expected to
lead the global 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 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
Electric Commercial Vehicle Market in Asia Pacific. The large demand for electric
buses, favorable regulations for electric commercial vehicles, and
the rapidly growing logistics sector are expected to boost the
Electric Commercial Vehicle Market in the region.
The electric van segment is expected to grow at the highest
CAGR
The electric van segment is expected to be the fastest market as
there is a high demand for electric vans from the logistics sector,
especially in the European region. The increasing demand for
electric vans in the logistics sector and focus on the
electrification of public transport fleet are driving the Electric
Commercial Vehicle Market in Europe. The growth of the logistics and
e-commerce sectors is 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.
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Europe: France is expected to lead the European
market
The European region is projected to be the fastest-growing
market during the forecast period. 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 largest 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.
The global Electric Commercial Vehicle Market is
dominated by major players such as BYD (China), Yutong (China), Proterra (US), VDL Groep
(Netherlands), and AB Volvo
(Sweden).
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