Electric Commercial Vehicle Market

Market Leaders - Electric Commercial Vehicle Market

The global electric commercial vehicle market size is projected to reach 1,890 thousand units by 2027 from a projected 261 thousand units in 2020, at a CAGR of 32.7%. The base year for the report is 2018, and the forecast period is from 2020 to 2027. The electric commercial vehicle segment has witnessed rapid evolution with governments across the world promoting electrification of public transport fleets and with the increasing demand for zero emission vehicles in the logistics sector.

Advancements in battery pack technologies and electric powertrains are some of the major factors driving the growth of the electric commercial vehicle market. 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.

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The electric commercial vehicle market is dominated by globally established players such as BYD (China), Yutong (China), Proterra (US), VDL Groep (Netherlands), and AB Volvo (Sweden). These companies developed new products; adopted expansion strategies; and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth electric commercial vehicle market.

The Asia Pacific region is estimated to account for the largest share of the electric commercial vehicle market in 2019. This region is home to OEMs such as BYD, Yutong, TATA, Ashok Leyland, Zhongtong, etc. In recent years, China has introduced many electric buses to its public transport fleets to reduce vehicle emissions. Similarly, South Korea and Japan have included electric buses in their public transportation for cutting down emissions and reducing the dependence on fossil fuels. In addition, the governments in the Asia Pacific countries are offering several incentives for the promotion of electric commercial vehicles.

BYD is one of the leading players in the electric commercial vehicle market. The company is continuously developing new advanced electric commercial vehicles with innovative technologies. BYD is also investing heavily in the R&D of the battery technologies used in electric commercial vehicles. In September 2019, BYD (Build Your Dreams) India, a subsidiary of BYD Group, China, announced its entry into Indias pure electric van segment with the introduction of two new pure EVs – T3 pure electric passenger MPV (multi-purpose vehicle) and T3 pure electric commercial logistics minivan.

Yutong, Proterra, VDL Bus and Coach, NFI Group, and AB Volvo are the other leading players in this market. In June 2019, Yutong launched the ZK6907H of the new 7 Series. It also launched four star models, namely, the T7 3.5T gasoline version, new high-end intelligent connected city bus U10, L4 self-driving bus, and hydrogen fuel cell bus F8. In June 2019, VDL Bus & Coach expanded the VDL Citea Electric product range with the Citea XLE-145 Electric. With this 14.5-meetr e-bus, VDL Bus & Coach added a new length variant to the available electric Low Entry buses. VDL introduced the 12- and 12.9-meter electric Low Entry length variants in September 2018.

In June 2019, at the UITP Global Transport Summit, Volvo Buses announced the introduction of an all-electric articulated bus with space for up to 150 passengers. Also, in April 2018, Volvo Trucks introduced its first all-electric truck for commercial use— the Volvo FL Electric for urban distribution and refuse operations, among other applications.

Related Reports:

Electric Commercial Vehicle Market by Propulsion Type, Vehicle Type, Range, Battery Type, Length of Bus, Power Output Type, Battery Capacity Type, Component Type, Autonomous Vehicles Type, and Region - Global Forecast to 2027

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Report Code
AT 6196
RI Published ON
11/11/2019
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