Market Analysis and Size
Global Electric Commercial Vehicle Market was valued at USD 67.51 billion in 2021 and is expected to reach USD 1016.41 billion by 2029, registering a CAGR of 40.35% during the forecast period of 2022-2029. Battery Electric Vehicles (BEVs) account for the largest propulsion type segment in the respective market due to the government's availability of subsidies and support. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
The electric commercial vehicle is an automobile which can be driven by one or more motors operated by electricity. These automobiles are not limited to only roads and rail vehicles but these automobiles are made for surface and underwater vessels, electric aircraft and electric spacecraft.
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Electric Vehicle Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Electric Vehicle (EV) Sales
The increase in the electric vehicle (EV) sales across the globe acts as one of the major factors driving the growth of electric commercial vehicle market. The consumer preference is rapidly inclining towards passenger and commercial electric vehicle (EV) due to the rising environmental consciousness.
- Digitalization of Vehicles
The rapid digitalization of vehicles accelerate the market growth. The need for achieving improved productivity, profitability at reduced costs and operational efficiency have a positive impact on the market. The surge in government funding on technological improvisation of these trucks and substantial infrastructure drives the market further.
Report Scope and Market Segmentation
REPORT METRIC | DETAILS |
Forecast Period | 2022 to 2029 |
Base Year | 2021 |
Forecast Period | 2022 - 2029 |
Historic Years | 2020 (Customizable to 2014 - 2019) |
Quantitative Units | Revenue in USD Billion, Volumes in Units, Pricing in USD |
Segments Covered | Propulsion (Battery Electric Vehicle, Hybrid Electric Vehicle and Plug-in Hybrid Electric Vehicle and Fuel Cell Electric Vehicle), Vehicle (Bus, Trucks, Pick-up Trucks and Van), Range (0-150 Miles, 151-250 Miles, 251-500 Miles, and 500 Miles Above), Component (Electric Motor, EV Battery and Hydrogen Fuel Cell) |
Countries Covered | U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa |
Market Players Covered | Ford Motor Company (US), General Motors (US), AUDI AG (Germany), Kia Motors Corporation (South Korea), Groupe Renault (France), Groupe PSA (France), SAIC Motor Corporation Limited (China), Tesla (US), Daimler AG (Germany), BMW AG (Germany), Hyundai Motor Company (South Korea), BYD Company Ltd. (China), Continental AG (Germany), TOYOTA MOTOR CORPORATION (Japan), Nissan Motor Co., LTD. (Japan), Volkswagen AG (Germany), AB Volvo (Sweden), Honda Motor Co., Ltd. (Japan), among others |
Market Opportunities |
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To accomplish maximum return on investment (ROI), it’s very essential to be acquainted with market parameters such as brand awareness, market landscape, possible future issues, industry trends and customer behaviour where Electric Commercial Vehicle Market report comes into play. With this market report, information about all the above mentioned factors can be retrieved by using actionable market insights and comprehensive market analysis. The key topics that have been explained in this market report include market definition, market segmentation, key developments, competitive analysis and research methodology. Not to mention these topics have been watchfully analysed with the best tools and techniques.
Competitive analysis carried out in the world class Electric Commercial Vehicle Market report puts forth the moves of the key players in the AUTOMOTIVE industry such as new product launches, expansions, agreements, joint ventures, partnerships, and recent acquisitions. The key research methodology that has been employed here by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. This business document provides the best answers to many of the critical business questions and challenges. The universal Electric Commercial Vehicle Market report not only aids to save valuable time but also adds credibility to the work that has been done to grow the business.
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Major TOC of the Report
1 INTRODUCTION
2 MARKET SEGMENTATION
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
5 MARKET OVERVIEW
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