The Business Research Company’s Electric Commercial Vehicles Global Market Report 2021: COVID-19 Growth And Change To 2030

Chinese companies that are inexperienced and having no history of manufacturing automobiles are entering into the electrical vehicles (EVs) market. Some of the prominent examples include telecoms company Huawei, one of the major drone-makers DJI, and real estate company Evergrande. These newcomers mainly aim to capitalize on the increasing opportunities in the commercial electrical vehicles market, which is forecast to increase at a healthy rate, according to The Business Research Company’s recent report.

As per data on the Global Market Model, the global electric commercial vehicles market size is expected grow from $60.11 billion in 2020 to $63.71 billion in 2021 at a compound annual growth rate (CAGR) of 6%. The growth in the commercial electric vehicle market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The EVC market is expected to reach $121.01 billion in 2025 at a CAGR of 17%.

China continues to be one of the important markets for electric vehicles. According to research firm Canalys, 1.3 million EVs were sold in the country last year – accounting for nearly 40% of the global number. This is mainly driven by the Chinese government’s anti-pollution drive, under which it aims to have every other new car sold to be an EV by 2035. To cash in on the growing opportunities in the Chinese market, the new entrants are partnering with automobile companies to gain market entry. For example, Huawei has partnered with automobile company BAIC Group to launch its new luxury EV. Similarly, popular Chinese search engine Baidu has teamed up with automobile company Geely – which owns Volvo among other brands – for mass-production of “intelligent” EVs.

On the other hand, some new entrants are planning to do things in-house. For instance, real estate company Evergrande is setting up its own EV factories with the aim to compete with industry heavyweights including Mercedes-Benz, BMW, Audi, and Tesla. Similarly, Chinese multinational electronics company Xiaomi has planned to invest $10 billion over ten years in its new EV business.^[i]

The global electric commercial vehicles market report by TBRC is segmented by propulsion type into BEV, PHEV, and FCEV, by vehicle type into electric bus, electric truck, electric pick-up truck, and electric van, by battery type into lithium-iron-phosphate (LFP), lithium-nickel-manganese-cobalt oxide (NMC), and others, and by technology into battery electric commercial vehicles, plug-in hybrids, hybrids, and fuel cell electric commercial vehicles.

EV market trends thus include mergers and acquisitions for increased capabilities. In August 2019, Dana Inc., a USA-based company specialized in manufacturing components and systems for hybrid and electric vehicles such as commercial vehicles, acquired Nordrsea Motors Inc. for an undisclosed amount. Nordrsea Motors Inc. is a Canada-based company that specializes in developing, manufacturing and commercialising electric drivetrains for commercial vehicles. The acquisition is expected to help Dana Inc. to enhance its electrification capabilities by integrating its full range of inverters, motors, thermal management products, chargers and gearboxes with Nordresa’s battery technology, integration expertise, and electrical powertrain controls to provide electrical powertrain systems.

The Electric Commercial Vehicles Global Market Report is one of a series of new reports from The Business Research Company that provides commercial EV market overviews, analyzes and forecasts commercial EV market size, share, electric commercial vehicle market players, commercial EV market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.

About The Author

Manish has six years of market research and consulting experience. Prior to joining TBRC, he worked with data analytics and consulting firm GlobalData. At TBRC, he heads the consulting team for the Manufacturing and Services sectors and is involved in managing various qualitative and quantitative market research projects, providing recommendations to help clients achieve their growth objectives. He has worked for clients such as Sony, Hitachi, Fujitsu, Toshiba, Sumitomo, Asahi Kasei, Kobe Steel, Total, BASF, and Stifel. Some key projects he was involved in include Compressors, Water Pumps, Industrial Air Dryers, BLDC Motors, Medical Printers, Thermoplastic Sheets, Mobile Guarding, Mobile Water Treatment, Digital Maps, Construction Software and Corporate Broadband.

About The Global Market Model

The Global Market Model is the world’s most comprehensive database of integrated market information available. The ten-year forecasts in the Global Market Model are updated in real time to reflect the latest market realities, which is a huge advantage over static, report-based platforms.

Here Is A List Of Related Reports From The Business Research Company

Electric Vehicle Charging Stations Global Market Report 2021: COVID-19 Growth And Change To 2030

Electric Cars Global Market Report 2021: COVID 19 Growth And Change to 2030

Autonomous Commercial Vehicle Global Market Report 2021: COVID 19 Growth And Change to 2030

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^[i] https://www.economist.com/business/2021/04/22/huawei-and-other-non-carmakers-invade-auto-shanghai