Asia-Pacific dominated the global electric commercial vehicle market in 2021. China is expected to hold a dominant revenue share throughout the forecast period owing to the presence of key companies such as Dongfeng Motor Corporation, and BYD Auto Co. Ltd., among others. In addition, the rapid infrastructure development in developing countries of Asia-Pacific, technological developments, and growing environmental concerns are some of the key factors driving the growth of the electric commercial vehicle market in the region.
According to a new report published by Allied Market Research, titled, “Electric Commercial Vehicle Market,” The electric commercial vehicle market was valued at $43.5 billion in 2021, and is estimated to reach $558.4 billion by 2031, growing at a CAGR of 29.9% from 2022 to 2031.
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Browse in-depth TOC on “Electric Commercial Vehicle Market”
152 – Tables
60 – Figures
Rise in investments by government bodies and strict rules and regulations towards vehicle emissions is expected to support the market competitiveness during the forecast period. The U.S., Germany, France, and China have implemented stringent government laws and regulations for vehicular emission, making it mandatory for automobile manufacturers to use advanced technologies to combat high-emission levels in buses. For instance, in March 2021, the Indian government approved a proposal to procure 300 new low-floor electric (AC) buses to increase the number of buses in the city. Future buses will be incorporated into the Delhi Transport Corporation (DTC). The first 118 buses arrived in October 2021, with another 100 scheduled to be added in November. Up to 60 buses arrive in December, with the remaining 20 buses expected to arrive by January 2022.
The Battery Electric Vehicle (BEV) segment to maintain its leadership status throughout the forecast period
Based on propulsion, the Battery Electric Vehicle (BEV) segment held the highest market share in 2021, accounting for around four-fifths of the global electric commercial vehicle market, and is estimated to maintain its leadership status throughout the forecast period, owing to the adoption of electric buses and trucks in developing as well as developed countries. However, the Fuel Cell Electric Vehicle (FCEV) segment is projected to manifest the highest CAGR of 32.7% from 2022 to 2031, as hydrogen fuel cell vehicles emit water as a by-product and are considered environmentally friendly vehicles.
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The buses segment to maintain its leadership status throughout the forecast period
Based on vehicle type, the buses segment held the highest market share in 2021, accounting for more than four-fifths of the global electric commercial vehicle market, and is estimated to maintain its leadership status throughout the forecast period, owing to increasing government initiatives for electrification in public transport service. However, the heavy-duty trucks segment is projected to manifest the highest CAGR of 33.3% from 2022 to 2031, owing to an increase in demand for heavy-duty trucks from the automotive and logistics sector, reduction in fuel & maintenance costs, and incentives for adopting zero-emission vehicles.
The 150 to 300 Mile segment to maintain its lead position during the forecast period
Based on range, the 150 to 300 Mile segment accounted for the largest share in 2021, contributing to nearly half of the global electric commercial vehicle market, and is projected to maintain its lead position during the forecast period, as various electric commercial vehicle manufacturers operating in the market are offering a new range of electric commercial vehicles with advanced battery systems to improve the range of electric commercial vehicles. However, the above 300 mile segment is expected to portray the largest CAGR of 33.4% from 2022 to 2031, owing to reduced running costs in all-electric truck category, and increasing demand for long-haul electric trucks in commercial sectors.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly half of the global electric commercial vehicle market, and is likely to dominate the market during the forecast period, owing to an increase in electric commercial vehicle production in China as well as increased investments in electric vehicle technology in the region. However, the LAMEA region is expected to witness the fastest CAGR of 32.7% from 2022 to 2031, owing to the increasing demand for fuel-efficient vehicles and support of government initiatives towards electric commercial vehicle production in the region.
Leading 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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KEY FINDINGS OF THE STUDY
- By propulsion, the battery electric vehicle (BEV)segment is anticipated to exhibit significant growth in the near future.
- By vehicle type, the bus segment is anticipated to exhibit significant growth in the near future.
- By battery capacity, the 50 to 250 kWh segment is anticipated to exhibit significant growth in the near future.
- By range, the 150 to 300 Mile segment is anticipated to exhibit significant growth in the near future
- By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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