Market Research Report
Electric LCV Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||938134|
|Published||Content info||70 Pages
Delivery time: 2-3 business days
|Electric LCV Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: May 1, 2020||Content info: 70 Pages||
The global electric LCV market is anticipated to register a CAGR of about 10% during the forecast period (2020 - 2025).
Electric Van is leading the Electric LCV Market
The population in urban areas is growing rapidly owing to which the governments around the world are planning to ban diesel cars and vans, For instance,
As electric vehicle demand is growing business owners have started replacing their existing fleet to electric and market players are announcing the expected launch of their new electric models. In 2019, Ford announces that it is bringing its mass-selling Transit commercial van in an electric variant, named as Transit EV to the European market by 2021. Because vans contribute to 80% of the total light commercial vehicle sales in Europe.
Vans are used for a wide range of commercial activities, such as construction, postal and courier services, ambulance services, policing and rescue operations, mobile workshops, and passenger transportation.
Asia-Pacific Is Expected to Lead the Electric LCV Market
Asia-Pacific is the hub of the electric vehicle industry owing to the availability of cheap raw materials, low labor cost, presence of numerous numbers of industry players, large population, and government participation. For instance, The Chinese government has spent around USD 60 billion to support the electric-vehicle industry, including R&D funding, tax exemptions and financing for battery-charging stations.
Chinese players after performing well in their local market trying to expand their market presence in other countries also, For instance in 2019, BYD Group, China's largest electric vehicle manufacturer, have introduced its 2 pure electric commercial vehicles in India, T3 pure electric commercial logistics minivan and T3 pure electric passenger MPV.
Whereas Europe is gaining traction in the market with the help of electric vans, major players in the market are launching new electric vans for this region. For instance,
In 2019, Renault Group launched hydrogen-electric commercial vehicles MASTER Z.E. Hydrogen and KANGOO Z.E. Hydrogen. With hydrogen, the company is increasing the range of vehicles from 120 km to up to 350 km.
The global electric LCV market is moderately consolidated, has a limited number of active players. Although the market is witnessing the entry of various new electric models of startups and established players. Some of the major players in the market are BYD Group, Nissan Motor Co., Renault Group, Volkswagen AG, amongst others. The companies are expanding their presence by forming strategic alliances with other players in the market and launching new electric LCVs. For instance,