The Electric Commercial Vehicle (ECV) Market is expected to grow from USD 170 billion in 2020 to USD 700 billion by 2026 at a CAGR of 25.0% from 2020 to 2026.
The electric commercial vehicles driven by electricity are environment friendly, silent and are efficient than diesel and petrol engine vehicles. Generally the electric commercial vehicles include trucks, buses, vans for better transportation and public transportation. These electric vehicles have capability to curb the greenhouse gases, reliance on fossil fuels and are quiet. The demand for electric buses and vans will propel the public transportation in the coming years. The evolution of technologically advanced charging stations is one of the major factors which will accelerate the electric commercial vehicle market growth in the coming years. Technology manufacturers are emphasizing on supporting operations of electric vehicles by developing an increased number of outlets. These advanced charging stations will recharge the batteries of electric vehicles at rapid speeds. In turn, this will fuel demand, sales and production of commercial vehicles. In addition, the governing bodies in the US, Germany and the UK are promoting the sales of electric commercial vehicles and emphasizing on minimizing the range concern of freight operators by establishing charging infrastructure and installing them in essential locations. The technical innovations in batteries for electric commercial vehicles will also accelerate the electric commercial vehicle market growth in the upcoming years. Battery OEMs are undertaking research and development activities to develop several types of battery packs for electric vehicles with high traveling ranges. These batteries can recharge the electric vehicles quickly, retain huge amounts of power and resist constant charging cycles. Numerous manufacturers are remodeling technologies to manufacture components of lithium-ion batteries. This will foster the sales of electric commercial vehicles. The implementation of stringent environmental regulations and guidelines has also resulted in the increase in demand for sustainable electric commercial vehicles. Over the forecasted period, these market trends would play a vital role in enhancing the market performance. However, the huge development cost incurred in production of electric commercial vehicles will restrain the market.
Some of the major opportunities are developing the green technological concept to further fuel the efficiency of the vehicles. The businesses also have the chance to work on the research and development activities to incorporate new technologies and improve the present battery technologies.
The global Electric Commercial Vehicle (ECV) Market is segregated on the basis of Propulsion as Battery Electric Vehicle, Hybrid Electric Vehicle and Plug-In Hybrid Electric Vehicle and Fuel Cell Electric Vehicle. Based on Vehicle the global Electric Commercial Vehicle (ECV) Market is segmented in Bus, Trucks, Pick-Up Trucks and Van. Based on Range the global Electric Commercial Vehicle (ECV) Market is segmented in 0-150 Miles, 151-250 Miles, 251-500 Miles and 500 Miles & Above. Based on Component the global Electric Commercial Vehicle (ECV) Market is segmented in Electric Motor, EV Battery and Hydrogen Fuel Cell.
The global Electric Commercial Vehicle (ECV) Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Electric Commercial Vehicle (ECV) Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
Changsha Sunda New Energy Technology Co. Ltd., Chanje Energy, Daimler AG, Ebusco B.V., Emoss Mobile Systems B.V. and others are among the major players in the global Electric Commercial Vehicle (ECV) Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Electric Commercial Vehicle (ECV) Market has been segmented as below:
Electric Commercial Vehicle (ECV) Market, By Propulsion
Electric Commercial Vehicle (ECV) Market, By Vehicle
Electric Commercial Vehicle (ECV) Market, By Range
Electric Commercial Vehicle (ECV) Market, By Component
Electric Commercial Vehicle (ECV) Market, By Region
Electric Commercial Vehicle (ECV) Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global Electric Commercial Vehicle (ECV) Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Electric Commercial Vehicle (ECV) Market share. Major industry players with significant revenue share include AB Volvo, Ankai, Arrival, Ashok Leyland, Atlis Motor Vehicles, Blue Bird Corporation and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. Electric Commercial Vehicle (ECV) Market, By Propulsion
5.1. Key Points
5.2. Battery Electric Vehicle
5.3. Hybrid Electric Vehicle and Plug-In Hybrid Electric Vehicle
5.4. Fuel Cell Electric Vehicle
6. Electric Commercial Vehicle (ECV) Market, By Vehicle
6.1. Key Points
6.2. Bus
6.3. Trucks
6.4. Pick-Up Trucks
6.5. Van
7. Electric Commercial Vehicle (ECV) Market, By Range
7.1. Key Points
7.2. 0-150 Miles
7.3. 151-250 Miles
7.4. 251-500 Miles
7.5. 500 Miles & Above
8. Electric Commercial Vehicle (ECV) Market, By Component
8.1. Key Points
8.2. Electric Motor
8.3. EV Battery
8.4. Hydrogen Fuel Cell
9. Competitive Landscape
9.1. Introduction
9.2. Start-up companies- Electric Commercial Vehicle (ECV) Market
9.3. Recent Developments
9.3.1. Mergers & Acquisitions
9.3.2. New Product Developments
9.3.3. Portfolio/Production Capacity Expansions
9.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
9.3.5. Others
10. Company Profile
10.1. AB Volvo
10.2. Ankai
10.3. Arrival
10.4. Ashok Leyland
10.5. Atlis Motor Vehicles
10.6. Blue Bird Corporation
10.7. Bollinger Motors
10.8. BYD
10.9. CAF
10.10.Changsha Sunda New Energy Technology Co. Ltd.
10.11. Chanje Energy
10.12. Daimler AG
10.13. Ebusco B.V.
10.14. Emoss Mobile Systems B.V.
10.15. InfraPrimeLogistics Technologies Pvt. Ltd. (IPLT)
10.16. Irizar
10.17. Kaiyun Motors
10.18. King Long
10.19. NFI Group
10.20. Nikola Motor Company
10.21. Proterra
10.22. Rivian
10.23. Scania
10.24. Tata Motors
10.25. VDL Groep
10.26. Workhorse Group
Electric Commercial Vehicle (ECV) Market, By Propulsion
Electric Commercial Vehicle (ECV) Market, By Vehicle
Electric Commercial Vehicle (ECV) Market, By Range
Electric Commercial Vehicle (ECV) Market, By Component
Electric Commercial Vehicle (ECV) Market, By Company