Electric Commercial Vehicle Market by Propulsion (BEV, HEV, PHEV & FCEV), Vehicle Type (Bus, Truck, Pick-Up Truck and Van), Component, Range, Autonomous Vehicle, Charging Infrastructure, and Region - Global Forecast to 2025

The electric commercial vehicle market, in terms of volume, is estimated to be 125,212 Units in 2017 and is projected to grow at a CAGR of 39.85% to reach 1,831,865 Units by 2025. In this study, 2016 has been considered the base year, and 2017–2025 the forecast period, for estimating the size of the global market.

The report analyzes and forecasts the market size, by volume (units), of the electric commercial vehicle market. The report segments the global market and forecasts its size, by region, propulsion system, vehicle, range, component, charging infrastructure, and autonomous vehicle. The report also provides a detailed analysis of various forces acting in the market, including drivers, restraints, opportunities, and challenges. It strategically profiles key players and comprehensively analyzes their market shares and core competencies. It also tracks and analyzes competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry participants.

The research methodology used in the report involves various secondary sources such as Society of Manufacturers of Electric Vehicles (SMEV), World Electric Vehicle Association (WEVA), GENIVI Alliance, Japan Automobile Manufacturers Association (JAMA), European Automobile Manufacturers Association (EAMA), Canadian Automobile Association (CAA), and Korea Automobile Manufacturers Association (KAMA). Experts from related industries, electric commercial vehicle manufacturers, and component suppliers have been interviewed to understand the future trends in the electric commercial vehicles market. The market size of the individual segments was determined through various secondary sources such as industry associations, white papers, and journals. The vendor offerings were taken into consideration to determine the market segmentation. The bottom-up approach has been used to estimate and validate the size of the electric commercial vehicle market in terms of volume. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and sub segments.

The figure given below illustrates the break-up of the profile of industry experts who participated in primary discussions.

To know about the assumptions considered for the study, download the pdf brochure

The ecosystem of the Electric Commercial Vehicle Market consists of manufacturers such as Daimler (Germany), Tesla (US), BYD (China), NISSAN (Japan), Proterra (US) and nstitutes such as Japan Automobile Manufacturers Association (JAMA), European Automobile Manufacturers Association (EAMA), Canadian Automobile Association (CAA), and Korea Automobile Manufacturers Association (KAMA).

Target Audience

• Automobile industry as an end-use industry
• Automobile organizations/associations
• Battery manufacturers
• Charging infrastructure suppliers
• Compliance regulatory authorities
• EV component suppliers
• Government agencies
• Information Technology (IT) companies & System integrators
• Investors and Venture Capitalists (VCs)
• Legal and regulatory authorities
• OEMs
• Raw material suppliers

Scope of the Report

• Electric Commercial Vehicle Market, By Region
  • North America
  • Europe
  • Asia Pacific
  • Rest of the World (RoW)
• Electric Commercial Vehicle Market, By Propulsion
  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)
  • Plug in Hybrid Electric Vehicle (PHEV)
  • Fuel cell Electric Vehicle (FCEV)
• Electric Commercial Vehicle Market, By Vehicle
  • Bus
  • Truck
  • Pick-Up Truck
  • Van
• Electric Commercial Vehicle Market, By Range
  • 0-150 Miles
  • 151-250 Miles
  • 251-500 Miles
  • Above 500 Miles
• Electric Commercial Vehicle Market: By Component
  • EV Battery
  • Electric Motor
  • Hydrogen Fuel Cell
• Electric Commercial Vehicle Market: By Charging Infrastructure
  • Pantograph
  • Plug-In
  • Inductive
• Electric Commercial Vehicle Market: By Autonomous Vehicle
  • Autonomous Bus
  • Autonomous Truck

Available Customizations

MarketsandMarkets offers the following customizations for this market report:

• Detailed analysis and profiling of market players (up to 3)
• Detailed analysis of additional countries
• Detailed analysis of additional electric commercial vehicle range type

Growing demand for eco-friendly vehicles is expected to boost the electric commercial vehicle market, demand close to 1,831,865 units by 2025

The automotive industry has witnessed several changes in recent years with the advancement of technology that has led to the electrification and digitization of a vehicle. Stiff competition among OEMs to garner a larger market share has resulted in the supply of new and innovative products.

Factors such as a rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly vehicles. In this pursuit, automotive OEMs and component manufacturers are exploring ways to develop and design commercial vehicles that can meet the standards of fuel efficiency as well as vehicle emission.

Passenger car segment has been the first mover in the electric vehicle industry. A passenger car is comparatively easier to design as compared to heavy commercial vehicle. However, rapid progress in the development of battery technology and use of lighter materials in vehicle design have helped OEMs to develop an electric commercial vehicle.

The major R&D activities in electric commercial vehicle manufacturing are focusing on the battery technology. The ability of the battery to hold maximum capacity yet not bulkier and heavier in size is the pivotal factor that illustrates the success of an electric commercial vehicle.

Market Dynamics

Drivers

• Adoption of electrification by logistics industry
• Need for fuel-efficient and emission-free vehicles
• Reducing battery prices

Restraints

• Few supportive charging stations across the globe
• High development costs
• Ongoing IC engine developments

Opportunities

• Government support for electric commercial vehicles
• New revenue pockets in Asia Pacific & Northern Europe

Challenges

• Oil companies can pose a challenge to the growth of ECVs
• Limited battery power & longer charging durations

Critical Questions:

• Which propulsion will lead the market for Electric trucks and buses (BEV, PHEV, HEV or FCEV)?
• What would be the impact of reduction of subsidies on the electric vehicle market?
• How useful would be the government subsidies for charging stations for electric buses?
• How will the government plans of purchasing electric buses all across the globe will drive the market?

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives
    1.2 Product & Market Definition
    1.3 Market Scope
    1.4 Years Considered In the Report
    1.5 Currency & Pricing
    1.6 Package Size
    1.7 Limitations
    1.8 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
    2.2 Secondary Data
           2.2.1 Key Secondary Sources
           2.2.2 Key Data From Secondary Sources
    2.3 Primary Data
           2.3.1 Sampling Techniques & Data Collection Methods
           2.3.2 Primary Participants
    2.4 Factor Analysis
           2.4.1 Demand-Side Analysis
           2.4.2 Supply-Side Analysis
    2.5 Market Size Estimation
           2.5.1 Bottom-Up Approach
           2.5.2 Top-Down Approach
    2.6 Market Breakdown & Data Triangulation
    2.7 Assumptions

3 Executive Summary (Page No. - 28)

4 Premium Insights (Page No. - 34)
    4.1 Attractive Opportunities In the Electric Commercial Vehicle Market
    4.2 Global Market Share, By Region, 2017 vs 2025
    4.3 Global Market, By Vehicle Type
    4.4 Global Market, By Propulsion Type
    4.5 Global Market, By Range
    4.6 Global Market Share, By Component

5 Market Overview (Page No. - 37)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Adoption of Electrification By Logistics Industry
                    5.2.1.2 Need for Fuel-Efficient and Emission-Free Vehicles
                    5.2.1.3 Reducing Battery Prices
           5.2.2 Restraints
                    5.2.2.1 Few Supportive Charging Stations Across the Globe
                    5.2.2.2 High DEVelopment Costs
                    5.2.2.3 Ongoing Ic Engine DEVelopments
           5.2.3 Opportunities
                    5.2.3.1 Government Support for Electric Commercial Vehicles
                    5.2.3.2 New REVenue Pockets In Asia Pacific & Northern Europe
           5.2.4 Challenges
                    5.2.4.1 Oil Companies Can Pose A Challenge to the Growth of ECVS
                    5.2.4.2 Limited Battery Power & Longer Charging Durations
    5.3 Macro Indicators Analysis
           5.3.1 US
           5.3.2 China
           5.3.3 Japan
    5.4 Upcoming Models

6 Electrical Commercial Vehicle Market, By Propulsion (Page No. - 49)
    6.1 Introduction
    6.2 Battery Electric Vehicle (BEV)
    6.3 Hybrid Electric Vehicle (HEV)
    6.4 Plug-In Hybrid Electric Vehcile (PHEV)
    6.5 Fuel Cell Electric Vehicle (FCEV)

7 Electrical Commercial Vehicle Market, By Vehicle Type (Page No. - 54)
    7.1 Introduction
    7.2 Bus
    7.3 Trucks
    7.4 Pick-Up Trucks
    7.5 Van

8 Electric Commercial Vehicle Market, By Range (Page No. - 61)
    8.1 Introduction
    8.2 0-150 Miles
    8.3 151-250 Miles
    8.4 251-500 Miles
    8.5 500 Miles & Above
 
9 Electric Commercial Vehicle Market, By Component (Page No. - 66)
    9.1 Introduction
    9.2 Electric Motor
    9.3 EV Battery
    9.4 Hydrogen Fuel Cell
 
10 Electric Commercial Vehicle Market, By Region (Page No. - 74)
     10.1 Introduction
     10.2 North America
             10.2.1 US
             10.2.2 Canada
             10.2.3 Mexico
     10.3 Europe
             10.3.1 Germany
             10.3.2 France
             10.3.3 UK
             10.3.4 Netherlands
             10.3.5 Sweden
     10.4 Asia Pacific
             10.4.1 China
             10.4.2 Japan
             10.4.3 India
             10.4.4 South Korea
     10.5 RoW
             10.5.1 Brazil
             10.5.2 Russia

11 Electrical Commercial Vehicle Market, By Autonomous Vehicles (Page No. - 96)
     11.1 Introduction
     11.2 Electric Autonomous Truck
     11.3 Electric Autonomous Bus

12 Electric Commercial Vehicle Market, By Charging Infrastructure Type (Page No. - 101)
     12.1 Introduction
     12.2 Pantograph
     12.3 Plug-In
     12.4 Inductive

13 Competitive Landscape (Page No. - 107)
     13.1 Introduction
     13.2 Market Ranking Analysis
     13.3 Competitive Scenario
             13.3.1 Expansions
             13.3.2 Partnerships/Supply Contracts/Collaborations/Jvs
             13.3.3 Mergers & Acquisitions
             13.3.4 New Product Developments/Launches

14 Company Profiles (Page No. - 112)
     14.1 Tesla
     14.2 Nissan
     14.3 BYD
     14.4 Daimler
     14.5 Proterra
     14.6 LG Chem
     14.7 Samsung SDI
     14.8 Panasonic
     14.9 Delphi
     14.10 ABB
     14.11 Continental
     14.12 Siemens
     14.13 Mitsubishi Electric
     14.14 Toshiba
     14.15 Ballard Power Systems
     14.16 Hydrogenics
     14.17 ITM Power
     14.18 Ceres Power
     14.19 Plug Power
     14.20 Nedstack
     14.21 Nuvera
     14.22 AFCC
     14.23 Toyota
     14.24 Honda
     14.25 Hyundai

15 Appendix (Page No. - 157)
     15.1 Key Insights of Industry Experts
     15.2 Discussion Guide
     15.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     15.4 Introducing RT: Real-Time Market Intelligence
     15.5 Available Customizations
             15.5.1 Detailed Analysis and Profiling of Market Players (Up to 3)
             15.5.2 Detailed Analysis of Additional Countries
             15.5.3 Detailed Analysis of Additional Electric Commercial Vehicle Type
     15.6 Related Reports
     15.7 Author Details

List of Tables (63 Tables)

Table 1 Currency Exchange Rates (W.R.T. USD)
Table 2 Electric Commercial Vehicle Market Snapshot
Table 3 Government Programs for the Promotion of Electric Commercial Vehicle Sales
Table 4 Chinese Government Subsidies for Electric Bus Manufacturers
Table 5 Electrical Commercial Vehicle Market, By Propulsion, 2015–2025 (Units)
Table 6 Global Electric Commercial Vehicle Market, By BEV, 2015–2025 (Units)
Table 7 Global Electric Commercial Vehicle Market, By HEV, 2015–2025 (Units)
Table 8 Global Electric Commercial Vehicle Market, By PHEV, 2015–2025 (Units)
Table 9 Global Electric Commercial Vehicle Market, By FCEV, 2015–2025 (Units)
Table 10 Global Electric Commercial Vehicle (ECV) Market Size, By Vehicle Type, 2015–2025 (Units)
Table 11 Bus: Electric Commercial Vehicle Market Size, By Region, 2015–2025 (Units)
Table 12 Truck: Electric Commercial Vehicle Market Size, By Region, 2015–2025 (Units)
Table 13 Pick-Up Trucks: Electric Commercial Vehicle Market Size, By Region, 2015–2025 (Units)
Table 14 Van: Electric Commercial Vehicle Market Size, By Region, 2015–2025 (Units)
Table 15 Global Electric Commercial Vehicle (ECV) Market Size, By Range, 2015–2025 (Units)
Table 16 0-150 Miles: Electric Commercial Vehicle Market Size, By Range, 2015–2025 (Units)
Table 17 151-250 Miles: Electric Commercial Vehicle Market Size, By Range, 2015–2025 (Units)
Table 18 251-500 Miles: Electric Commercial Vehicle Market Size, By Range, 2015–2025 (Units)
Table 19 500 Miles & Above: Market for Electric Commercial Vehicle Size, By Range, 2015–2025 (Units)
Table 20 Electric Commercial Vehicle Market, By Component, 2015–2025 (Units)
Table 21 Electric Motor: Electric Commercial Vehicle Market, By Region, 2015–2025 (USD Million)
Table 22 Electric Motor: Electric Commercial Vehicle Market, By Region, 2015–2025 (Units)
Table 23 Electric Motor Market for Electric Bus, By Region, 2015–2025 (Units)
Table 24 Electric Motor Market for Electric Truck, By Region, 2015–2025 (Units)
Table 25 Electric Motor Market for Electric Pick-Up, By Region, 2015–2025 (Units)
Table 26 Electric Motor Market for Electric Van, By Region, 2015–2025 (Units)
Table 27 EV Battery: Electric Commercial Vehicle Market, By Region, 2015–2025 (USD Million)
Table 28 EV Battery: Electric Commercial Vehicle Market, By Region, 2015–2025 (Units)
Table 29 Asia Pacific: EV Battery Market, By Battery Capacity, 2015–2025 (Units)
Table 30 Europe: EV Battery Market, By Battery Capacity, 2015–2025 (Units)
Table 31 North America: EV Battery Market, By Battery Capacity, 2015–2025 (Units)
Table 32 RoW: EV Battery Market, By Battery Capacity, 2015–2025 (Units)
Table 33 Hydrogen Fuel Cell: Electric Commercial Vehicle Market, By Region, 2015–2025 (Units)
Table 34 Market for Electric Commercial Vehicle Size, By Region, 2015–2025 (Units)
Table 35 North America: Electric Commercial Vehicle Market Size, By Country, 2015–2025 (Units)
Table 36 US: Electric Commercial Vehicle (ECV) Market Size, By Vehicle Type, 2015–2025 (Units)
Table 37 Canada: Market for Electric Commercial Vehicle Size, By Vehicle Type, 2015–2025 (Units)
Table 38 Mexico: Electric Commercial Vehicle (ECV) Market Size, By Vehicle Type, 2015–2025 (Units)
Table 39 Europe: Market for Electric Commercial Vehicle Size, By Country, 2015–2025 (Units)
Table 40 Germany: Electric Commercial Vehicle (ECV) Market Size, By Vehicle Type, 2015–2025 (Units)
Table 41 France: Electric Commercial Vehicle Market Size, By Vehicle Type, 2015–2025 (Units)
Table 42 UK: Electric Commercial Vehicle (ECV) Market Size, By Vehicle Type, 2015–2025 (Units)
Table 43 Netherlands: Market for Electric Commercial Vehicle Size, By Vehicle Type, 2015–2025 (Units)
Table 44 Sweden: Electric Commercial Vehicle (ECV) Market Size, By Vehicle Type, 2015–2025 (Units)
Table 45 Asia Pacific: Market for Electric Commercial Vehicle Size, By Country, 2015–2025 (Units)
Table 46 China: Electric Commercial Vehicle (ECV) Market Size, By Vehicle Type, 2015–2025 (Units)
Table 47 Japan: Market for Electric Commercial Vehicle Size, By Vehicle Type, 2015–2025 (Units)
Table 48 India: Electric Commercial Vehicle (ECV) Market Size, By Vehicle Type, 2015–2025 (Units)
Table 49 South Korea: Electric Commercial Vehicle Market Size, By Vehicle Type, 2015–2022 (Units)
Table 50 RoW: Electric Commercial Vehicle (ECV) Market Size, By Country, 2015–2025 (Units)
Table 51 Brazil: Market for Electric Commercial Vehicle Size, By Vehicle Type, 2015–2025 (Units)
Table 52 Russia: Electric Commercial Vehicle (ECV) Market Size, By Vehicle Type, 2015–2025 (Units)
Table 53 Market for Electric Commercial Vehicle, By Autonomous Vehicles, 2015–2025 (Units)
Table 54 Electric Autonomous Truck, By Region, 2015–2025 (Units)
Table 55 Autonomous Electric Bus, By Region, 2015–2025 (Units)
Table 56 Global Market Size, By Charging Infrastructure Type, (Units) 2015–2025
Table 57 Pantograph: Market for Electric Commercial Vehicle Size, By Region, 2015–2025 (Units)
Table 58 Plug-In: Electric Commercial Vehicle (ECV) Market Size, By Region, 2015–2025 (Units)
Table 59 Inductive: Electric Commercial Vehicle Market Size, By Region, 2015–2025 (Units)
Table 60 Expansions, 2016–2017
Table 61 Partnerships/Supply Contracts/Collaborations/Jvs, 2015–2018
Table 62 Mergers & Acquisitions, 2015–2017
Table 63 New Product Development, 2017

List of Figures (56 Figures)

Figure 1 Segments of the Electric Commercial Vehicle Market
Figure 2 Global Market: Research Design
Figure 3 Research Design Model
Figure 4 Breakdown of Primary Interviews
Figure 5 Future Projection of Electrical Bus Percentage of Total Bus Units, 2006–2026 (Units)
Figure 6 Global Market: Bottom-Up Approach
Figure 7 Global Market: Top-Down Approach
Figure 8 Data Triangulation
Figure 9 Market Attractiveness Bubble Chart for Electric Commercial Vehicle Market, 2017–2025
Figure 10 Global Market, By Vehicle Type (Units)
Figure 11 Global Market, By Region (Units)
Figure 12 Global Market, By Propulsion (Units)
Figure 13 Global Market, By Charging Infrastructure (Units)
Figure 14 Growing Demand for Reduction In Automotive Emission Is Expected to Boost the Electric Commercial Vehicle Market (Units)
Figure 15 Asia Pacific to Dominate the Market for Electric Commercial Vehicle During the Forecast Period
Figure 16 Bus Is Projected to Hold the Largest Share of the Global Market, 2017 vs 2025
Figure 17 BEV Segment to Dominate the Market for Electric Commercial Vehicle, 2017 vs 2025
Figure 18 Electric Commercial Vehicle With Range of 151-250 Miles Will Witness the Highest Growth In Electric Commercial Vehicle Market, 2017 vs 202536
Figure 19 Market Share of Electric Motor Is Expected to Increase With Increase In Number of Electric Motors Per Vehicle, 2017 vs 2025
Figure 20 Electric Commercial Vehicle Market: Market Dynamics
Figure 21 Average Cost of Diesel Bus vs Electric Bus
Figure 22 Decline In Battery Price/Kwh, 2009–2016
Figure 23 Commercial Vehicle Sales of the Top 3 Economies vs Global Commercial Vehicle Sales
Figure 24 US: Commercial Vehicle Sales as A Macroindicator Impacting the Overall Market
Figure 25 China: Commercial Vehicle Sales as A Macroindicator Impacting the Overall Market
Figure 26 Japan: Commercial Vehicle Sales as A Macroindicator Impacting the Overall Market
Figure 27 BEV Segment Is Expected to Dominate the Global Electric Commercial Vehicle Market
Figure 28 The Bus Segment Is Expected to Dominate the Global Electric Commercial Vehicle Market, 2017–2025
Figure 29 The Bus Segment With A Range of Above 500 Miles Is Expected to Grow at the Highest Cagr
Figure 30 Global Market: Electric Motor Volume Is Expected to Rise With Inclusion of More Motors PerVehicle (2017–2025)
Figure 31 RoW Will Be the Fastest-Growing Market for Electric Commercial Vehicles During the Forecast Period
Figure 32 North America: Electric Commercial Vehicle Market Snapshot
Figure 33 Europe: Electric Commercial Vehicle Market Snapshot
Figure 34 Asia Pacific: Market for Electric Commercial Vehicle Snapshot
Figure 35 Rest of the World: Electric Commercial Vehicle Market, 2017 vs 2025 (Units)
Figure 36 Global Electric Commercial Vehicle Market, By Autonomous Vehicles: Autonomous Buses are Expected to Dominate the Market By 2025
Figure 37 The Plug-In Charging Segment Is Expected to Dominate the Electric Commercial Vehicle Market During the Forecast Period
Figure 38 Key Developments By Leading Players In Electric Commercial Vehicle Market
Figure 39 Global Market Ranking: 2016
Figure 40 Tesla: Company Snapshot
Figure 41 Tesla: Swot Analysis
Figure 42 Nissan: Company Snapshot
Figure 43 Nissan: Swot Analysis
Figure 44 BYD: Company Snapshot
Figure 45 BYD: Swot Analysis
Figure 46 Daimler: Company Snapshot
Figure 47 Daimler: Swot Analysis
Figure 48 LG Chem: Company Snapshot
Figure 49 LG Chem: Swot Analysis
Figure 50 Samsung SDI: Company Snapshot
Figure 51 Panasonic: Company Snapshot
Figure 52 Delphi: Company Snapshot
Figure 53 ABB: Company Snapshot
Figure 54 Continental: Company Snapshot
Figure 55 Siemens: Company Snapshot
Figure 56 Mitsubishi Electric: Company Snapshot

The global electric commercial vehicle market is estimated to be 125,212 Units in 2017 and is projected to grow at a CAGR of 39.85% to reach 1,831,865 Units by the end of 2025. Some of the major drivers of this market are the need for fuel-efficient and emission-free vehicles and the increasing demand for electric commercial vehicle such as electric truck in the logistics industry to minimize the additional liability of fuel expenses. Innovations in EV battery capacity, which will enable electric commercial vehicle to carry heavy loads over longer range, can create new revenue generation opportunities. Whereas, oil companies lobbying against EV, limited battery power, and longer charging duration are few challenges for the global market.

The electric commercial vehicle market is segmented by propulsion system, vehicle type, components, range, charging infrastructure, autonomous vehicle, and region. The report discusses four propulsion systems of electric commercial vehicle, namely, battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), fuel cell electric vehicle (FCEV). BEV accounts for the largest market share in the electric commercial vehicle market, by propulsion, and is estimated to grow with the highest CAGR during the forecast period because of its wide application in several types of vehicles.

The bus segment is estimated to be the fastest growing market, in terms of volume, for electric commercial vehicle, by vehicle, followed by van, pick-up truck, and truck. Various government mandates and individual country targets to phase out fossil fuel-based public transportation system and to replace them with electric buses will help the bus market grow over the forecast period.

Above 500 miles range segment of the Electric commercial vehicle market is expected to grow the most. In this segment, the market growth will be propelled mostly by bus. The growth is expected with anticipation that most of the electric commercial vehicles produced and sold over the forecast period will be buses.  Efforts have been on to make buses that can travel longer range on a single charge.

The study covers four key regions, namely, Asia Pacific, Europe, North America, and the Rest of the World (RoW).

Asia Pacific is forecasted to have the largest market share, in terms of volume, followed by Europe. This growth is mainly fuelled by the growth in adoption of electric buses in Asia Pacific countries such as China, South Korea, and Japan and government mandates for curbing out urban pollution by using emission-free vehicles. Increasing investment in the development of electric vehicles, development in charging infrastructure, activities to create awareness about the benefit associated with electric commercial vehicle (for instance, reduction of additional expenses for users), and increasing electric commercial vehicle sales are projected to drive the growth of the Electric commercial vehicle market in this region.

Some of the major restraints identified in the global market are the less number of supportive charging stations for electric commercial vehicle across the globe, high development cost for electric commercial vehicle, and ongoing IC developments that promise less emission.

Some of the major players in the electric commercial vehicle market are Daimler (Germany), Tesla (US), Proterra (US), BYD (China), and NISSAN (Japan). The last chapter of this report covers a comprehensive study of the key vendors operating in the global market. The evaluation of market players is done by taking several factors into account, such as new product development, R&D expenditure, business strategies, product revenue, and organic and inorganic growth.

Government support for electric commercial vehicles, new revenue pockets in Asia Pacific & Northern Europe are creating opportunities for the growth of the electric commercial vehicle market

Battery Electric Vehicle (Bev)

An electric vehicle which functions completely on battery is termed as BEV. They run with the help of a permanent magnet motor that is powered by a battery installed in the vehicle. BEVs are 100% emission free. BEV was initially launched in the market in passenger car and another smaller vehicle segment. However, with the development in battery technology and vehicle structure, BEVs were gradually introduced in commercial vehicle segment as well. Implementation of electric buses in China in vast numbers is the primary reason for the growth of BEV market across Asia Pacific. Countries in Europe such as the Netherlands, France, and Sweden are targeting to completely replace their existing public buses with BEV buses by 2025 (expected), which will trigger the growth of BEV in Europe region as well.

Hybrid Electric Vehicle (Hev)

HEV commercial vehicle runs on the power derived from a combination of both IC engine and battery. Hybrid technology is used to optimize the fuel consumption and to reduce emission. Hybrid technology is used in commercial vehicles where compromising on the speed is not a possible option. Battery power can be utilized for additional thrust and speed instead of utilizing maximum engine capacity, which will be primarily used for carrying load. Asia Pacific is expected to the largest market for HEV, in terms of volume higher. The higher volume in Asia Pacific can be attributed to the higher reach of hybrid buses and hybrid trucks in countries such as South Korea and Japan. In coming years, hybrid vehicles will gain a good amount of market share in developing countries where going fully electric will be difficult owing to the lack of charging infrastructure.

Plug-In Hybrid Electric Vehcile (Phev)

Plug-in hybrid electric vehicles (PHEVs) are similar to HEV in mechanical functioning. In both technologies, the vehicles do have an electric motor, a battery, and an internal combustion engine. The only difference between the two systems is that in HEV the battery can be charged from regenerative braking only; whereas, in PHEV the battery can be charged from an external power source also. Increase in sales of PHEV buses from Volvo, PHEV pickups from WorkHorse and Ford in North America will contribute to the growth of PHEV market size in North America.

Fuel Cell Electric Vehicle (Fcev)

A Fuel Cell Electric Vehicle (FCEV) uses a fuel cell to generate electricity to power the motor. It can also be used in combination with a battery or supercapacitor. In FCEV, hydrogen is fed to the fuel cell stack where it is electrochemically converted into electricity with no combustion and zero emission. Asia Pacific is expected to be the largest market for FCEV, in terms of volume. Increase in the adoption of FCEV for commercial purposes will push the growth of FCEV volume in the commercial segment. Companies in China and India have started working on the development of FCEV technology.

Critical Questions:

• Where will all these zero emission commercial vehicles take the industry in the long term?
• Will the industry cop up with the challenge of lower vehicle range in electric trucks?
• How do you see the demand of electric commercial vehicles in the Nordic countries?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst