Electric Commercial Vehicle Market

Market Leaders - Electric Commercial Vehicle Market

The global electric commercial vehicle market size is projected to reach 2,026 thousand units by 2028 from a projected 129 thousand units in 2020, at a CAGR of 41.1%. The base year for the report is 2019, and the forecast period is from 2020 to 2028. 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 ecommerce and 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 2020. 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 Nov 2020, BYD opened a manufacturing plant in Manaus, Brazil, specifically for lithium iron phosphate batteries. The company has already started operations in the facility, which is also the South American country’s first factory for lithium iron phosphate batteries, located at the Manaus Industrial Zone (PIM).

Yutong, Proterra, VDL Bus and Coach, NFI Group, and AB Volvo are the other leading players in this market. In August 2020, Yutong accelerated its overseas expansion by establishing the largest European spare parts warehouse for its buses in France. Earlier, 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 Oct 2019,VDL Translift in Dronten, a division of VDL Groep, presented the first electric vehicles for the collection of waste and raw materials, together with public waste collectors HVC, ROVA, the municipality of Rotterdam, and Cure.

In July 2020, Volvo Penta, a division of AB Volvo, developed an electric driveline for a leading fire service vehicle manufacturer, Rosenbauer’s pioneering fire truck, enabling an innovative new solution with zero exhaust emissions and significantly reduced noise levels. In Dec 2019, Volvo Trucks, a division of AB Volvo, developed heavy-duty electric concept trucks for construction operations and regional distribution.

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, End User and Region - Global Forecast to 2028

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Report Code
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