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Market Research Report
Product code
1091425
Electric Commercial Vehicles Global Market Opportunities And Strategies To 2030: COVID-19 Growth And Change |
Electric Commercial Vehicles Global Market Opportunities And Strategies To 2030: COVID-19 Growth And Change |
Published: June 17, 2022
The Business Research Company
Content info: 251 Pages
Delivery time: 2-3 business days
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“Electric Commercial Vehicles Global Market Opportunities And Strategies To 2030: COVID-19 Growth And Change” from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global electric commercial vehicles market as it emerges from the COVID-19 shut down.
Where is the largest and fastest growing market for the electric commercial vehicles? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? “The electric commercial vehicles market global report” from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider electric commercial vehicles market; and compares it with other markets.
This report describes and evaluates the global electric commercial vehicles market. It covers three five years' periods: 2015 to 2020, termed the historic period, and the forecast periods of 2020-2025 and 2025-2030.
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%.
Growth in the historic period resulted from increasing investments by governments, reducing cost of EV batteries, growing demand for electrical commercial vehicles in emerging markets. Factors that negatively affected growth in the historic period were longer charging duration, longer charging duration. Going forward, growth in the forecast period resulted from rise in fuel rates, rising popularity of charging vehicles overnight at home for lower costs, rapid growth in ecommerce, coronavirus pandemic. Factors that could hinder the growth of the electric commercial vehicles market in the future include high development cost, insufficient standardization of EV charging infrastructure.
The electric commercial vehicles market is segmented by propulsion type includes BEV, PHEV and FCEV. The BEV market was the largest segment of the electric commercial vehicles market segmented by propulsion type, accounting for 61.9% of the total in 2020. FCEV is expected to be the fastest growing segment going forward, at a CAGR of 13.6% during 2020-2025.
The electric commercial vehicles market is also segmented by vehicle type into electric bus, electric truck, electric pick-up truck, and electric van. The electric bus market was the largest segment of the electric commercial vehicles market segmented vehicle type, accounting for 56.1% of the total in 2020. Electric truck is expected to be the fastest growing segment going forward, at a CAGR of 12.9% during 2020-2025.
The electric commercial vehicles market is also segmented by battery type and includes lithium-iron-phosphate (LFP), lithium-nickel-manganese-cobalt oxide (NMC), and others. The lithium-iron-phosphate (LFP) market was the largest segment of the electric commercial vehicles market segmented by battery type, accounting for 59.6% of the total in 2020. Lithium-nickel-manganese-cobalt oxide (NMC) is expected to be the fastest growing segment going forward, at a CAGR of 12.54% during 2020-2025.
The electric commercial vehicles market is also segmented by technology into battery electric commercial vehicles, plug-in hybrids, hybrids, and fuel cell electric commercial vehicles. The battery electric commercial vehicles market was the largest segment of the electric commercial vehicles market segmented by technology, accounting for 61.9% of the total in 2020. Hybrids is expected to be the fastest growing segment going forward, at a CAGR of 14.1% during 2020-2025.
Asia Pacific was the largest region in the global electric commercial vehicles market, accounting for 48.9% of the total in 2020. It was followed by North America, Western Europe, Eastern Europe and then the other regions. Going forward, the fastest-growing regions in the electric commercial vehicles market will be North America, Western Europe where growth will be at CAGRs of 13.3% and 12.5% respectively. These will be followed by Asia Pacific, South America where the markets are expected to grow at CAGRs of 12.4% and 12.2% respectively, during 2020-2025.
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, The Business Research Company 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.