The global shift to clean energy to tackle environmental concerns and reduce carbon footprint has led to an increased adoption of hybrid and electric commercial vehicles worldwide. This shift can be observed with e-CV becoming commonplace in many cities across the country.
The global demand for electric commercial vehicles (eCV) is soaring. Between 2022 and 2030, the number of electric trucks, delivery vans, and taxis is expected to triple. This rapid growth comes in response to a variety of factors, including emissions regulations and city-wide bans on diesel engines.
Whether you’re currently researching potential markets for eCV or you’re interested in investing in this segment, it’s important to understand the key trends driving this booming industry. Here are the facts about electric commercial vehicles that will help you navigate this rapidly expanding space.
Heavy duty electric trucks are rapidly growing in popularity as OEMs realize the benefits of this emerging powertrain technology. The performance and fuel efficiency of electric trucks can be significantly better than diesel-powered vehicles, while the total cost of ownership is also lower. In addition, there are a number of financial incentives from governments and other organizations to help reduce the initial cost for end users.
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The global electric commercial vehicles market is expected to grow from $89,972.3 million in 2020 to $100,375.6 million in 2021 at a growth rate of 11.6%. The market is expected to grow at a CAGR of 12.5% from 2020 to reach $162,107.9 million in 2025. The global electric commercial vehicles market is expected to reach $316,674.2 million in 2030, at a CAGR of 14.3%.The global electric commercial vehicles market is highly fragmented, with large number of small players in the market. The top ten competitors in the market made up to 2.6% of the total market in 2020. Major players in the market include BYD Company Ltd., Zhengzhou Yutong Bus Co. Ltd, Daimler AG, Proterra, VDL Groep BV.
The top opportunities in the electric commercial vehicles market segmented by propulsion type will arise in the BEV segment, which will gain $43,141.4 million of global annual sales by 2025. The top opportunities in the electric commercial vehicles market segmented by vehicle type will arise in the electric bus segment, which will gain $39,373.8 million of global annual sales by 2025. The top opportunities in the electric commercial vehicles market segmented by battery type will arise in the lithium-iron-phosphate (LFP), which will gain $42,953.4 million of global annual sales by 2025. The electric commercial vehicles market size will gain the most in the China at $27,081.0 million.
Market-trend-based strategies for the electric commercial vehicles market include adopting artificial intelligence, use of electric RV’s for camping, government initiatives in the electric commercial vehicle industry, use of electric vehicles in logistics, rising adoption of lithium-ion batteries, use of 3D printing to manufacture light and inexpensive components, increase in mergers and acquisitions among electric commercial vehicle manufacturers.
Player-adopted strategies in the electric commercial vehicles market include expanding business presence and product portfolio, expanding operational presence in new geographies through strategic partnerships, development of innovative products, strategic collaboration with technology players in the industry, new products developments and launches.
To take advantage of the opportunities, Altus Market Research recommends the electric commercial vehicles companies to adopt 3D printing technology, leverage artificial intelligence, expand in emerging markets, set up authorized distributors and sales representatives, expand in developed markets, offer competitive pricing, participate in automobile seminars and conferences, increase use of targeted advertising, focus on reviews, focus on targeting transportation service providers and focus on post purchase services.
