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Global Electric Commercial Vehicle Market – Analysis and Forecast (2018-2024)

An electric vehicle has the capability to considerably diminish greenhouse gas releases and pollution.

An electric vehicle has the capability to considerably diminish greenhouse gas releases and pollution. A commercial vehicle is designed, maintained or used for the transportation of property or person. The various types of commercial vehicles are buses, trucks, vans and pick-up trucks. The global electric commercial vehicle market is growing at a significant rate, due to mounting alarm about environmental pollution and government assistance for electric commercial vehicles. The market has witnessed a high demand for the electric bus due to speedy economic growth and promising government guidelines to limit emission.

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Industry Dynamics

Growth Drivers

Acceptance of electrification, decreasing battery price, speedy acceptance of electric vehicle such as buses and van, government assistance for electric vehicles and requirement for fuel effectual vehicles are the primary growth drivers for electric commercial vehicle market.

In addition, increase in the requirement of the efficient vehicle with zero carbon emission, government strategies and instructions to control air pollution and mounting alarm about environmental pollution are also driving the growth of the electric commercial vehicle market. For instance, according to the World Health Organization (WHO), globally, exposure to ambient air pollution leads to 4.2 million deaths every year. In addition, 91% of the world’s population lives in the place where air quality exceeds WHO guidelines limits.

Moreover, technological innovation in batteries of the commercial electric vehicle and escalating preference for long-haul trucks are also facilitating the growth of the electric commercial vehicle market. For instance, battery OEMs are carrying out research activities for the improvement of several sorts of battery packs to upsurge their traveling span.

Challenges

Limited supportive charging stations, in progress IC engine improvements, supplementary environment-friendly fuel products, oil companies promoting contrary to EV and huge development cost are the major challenges for the growth of the electric commercial vehicle market. In addition, inadequate battery power and time-consuming charging durations are also hindering the growth of the market.

Industry Ecosystem

Globally industry players are leveraging market growth by launching new products. Different players are investing in the development of new battery technology to lower the cost of electric vehicles to compete against gasoline vehicles in terms of price and performance. In the coming years, industry leaders are anticipated to significantly lower the cost of these vehicles and enhance the performance of these vehicles leading to adoption by masses.

Geographic Overview

Geographically, Asia-Pacific is the largest electric commercial vehicle market and is observed to witness the fastest growth in the market due to government strategies to limit urban pollution. Implementation of additional electric buses, expansion in charging infrastructure, mounting investment in the development of electric vehicle and assignation of OEMs to progress electric vehicle are also up surging growth of the Asia-Pacific electric commercial vehicle market.

Competitive Insight

Key players in the electric commercial vehicle industry are catering to the demand by collaborating with small players and investing on technologically advanced EVs across the globe. In July 2018, Daimler introduced Mercedes-Benz eCitaro, with new technological innovations in the public transport network. In addition, in May 2017, BYD introduced class 8 battery-electric refuse truck in the North American market. Tesla, Daimler, Panasonic, Nissan, Proterra, ABB, BYD, LG Chem, Delphi, Samsung SDI, and Continental are the key players offering electric commercial vehicle.

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