Insights Into The Electric Commercial Vehicles Market’s Growth Opportunities Through 2023-2032 – Includes Electric Commercial Vehicles Market Size
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
During the historic period, government subsidies on electric commercial vehicles are expected to drive innovation in electric commercial vehicles manufacturing, thus driving the market during the forecast period.
The global electric commercial vehicles market is expected to grow from $88.45 billion in 2022 to $116.95 billion in 2023 at a compound annual growth rate (CAGR) of 32.2%. The commercial electric vehicles market is expected to grow from $357.44 billion in 2027 at a CAGR of 32.2%.
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Global electric commercial vehicles Market Segments Include:
- By Propulsion Type:BEV, PHEV, FCEV
- By Vehicle Type:Electric Bus, Electric Truck, Electric Pick-up Truck, Electric Van
- By Battery Type:Lithium-iron-phosphate (LFP), Lithium-nickel-manganese-cobalt oxide (NMC), Other Battery Types
- By Technology:Battery Electric Commercial Vehicles, Plug-in Hybrids, Hybrids, Fuel Cell Electric Commercial Vehicles
- By Geography:The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global electric commercial vehicles market in 2021.
Major Market Players in the electric commercial vehicles market include BYD, Proterra, AB Volvo, Daimler AG, Nissan, ABB, Scania AB, Tesla, Nikola Motor Company, and Tata Motors.
Electric commercial vehicle companies are implementing strategic partnerships for the production of electric commercial vehicles. Strategic partnerships in electric commercial vehicles involve the sharing of resources and expertise that enhance the product and multiply the results. It attracts popularity from consumers and other stakeholders, helping to increase the investment while reducing costs. For instance, in 2020, in South Korea, Hyundai Motor Company and Kia Motors Corporation strategically partnered and are investing €100 million (about $110 million) in a UK-based electric vehicle startup company, ‘Arrival,’ for developing electric commercial vehicles such as eco-friendly vans and commercial vehicles for logistics.
The Electric Commercial Vehicles Global Market Report 2023 provides a electric commercial vehicles market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric commercial vehicles market forecast analyzes electric commercial vehicles market size, electric commercial vehicles market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Electric commercial vehicles are electrically powered, self-propelled electric vehicles used for transportation that help reduce greenhouse gas emissions (GHG) and pollution and work with the help of both electric motors working in tandem.
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