According to IMARC Group’s latest report, titled “Electric Commercial Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global electric commercial vehicle market reached a volume of 130,000 Units in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 33% during 2021-2026. Electric commercial vehicles refer to self-propelling automobiles that are designed to operate on battery-based electric engines. These vehicles include numerous low- to heavy-duty automobiles, such as buses, vans, trucks, tractors, harvesters and loaders. Widely used for transporting goods as well as passengers, these vehicles are characterized by several operational benefits and low maintenance costs. Consequently, they find numerous applications across the agriculture, mining, logistics and construction sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends and Drivers:
The electric commercial vehicle market is primarily driven by the increasing demand for eco-friendly commercial vehicles across numerous industries. These electric commercial vehicles are mostly powered by unconventional power sources, such as rechargeable batteries or solar panels, thereby providing a boost to their sales across the globe. This is further supported by the implementation of several favorable governmental regulations that promote the use of electric vehicles. Various governments are now offering tax rebates and subsidies for purchasing these vehicles, which is acting as another major growth-inducing factor. Some of the other factors contributing to the market growth include the increasing focus on electrification of public transport fleets and rising investments for the upgradation of electric vehicle (EV) charging infrastructures.
Electric Commercial Vehicle Market Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the electric commercial vehicle market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- NFI Group Inc.
- Zhongtong Bus Holding Co. Ltd.
- AB Volvo
- King Long United Automotive Industry Co. Ltd.
- Daimler AG
- Anhui Ankai Automobile Co. Ltd.
- BYD Company Ltd.
- Construcciones y Auxiliar de Ferrocarriles S.A.
- VDL Groep B.V.
Key Market Segmentation:
The report has segmented the global electric commercial vehicle market on the basis of vehicle type, propulsion type, application, battery type, battery capacity and region.
Breakup by Vehicle Type:
- Electric Bus
- Electric Pickup Truck
- Electric Truck
- Electric Van
Breakup by Propulsion Type:
Breakup by Application:
Breakup by Battery Type:
- Lithium-Nickel-Manganese-Cobalt Oxide Batteries
- Lithium-Iron-Phosphate Batteries
Breakup by Battery Capacity:
- Less Than 50 kWh
- 50-250 kWh
- Above 250 kWh
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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