The automotive industry is focusing on developing electric vehicles to reduce carbon emission. Developed countries are focusing on reducing carbon emission by promoting electric vehicles, electric vehicle technology, and basic infrastructure related to electric vehicle to make these vehicles cost-effective and easily available.
This is expected to boost the demand for electric commercial vehicles during the forecast period. However, ongoing developments in the field of internal combustion engine, high development cost of commercial electric vehicles, and fewer charging station across the globe are likely to hamper the electric commercial vehicle market during forecast period.
The electric commercial vehicle market can be segmented based on propulsion type, vehicle type, components, and region. In terms of propulsion type, the electric commercial vehicle market can be classified into battery electric vehicle, hybrid electric vehicle, and two other segments. The battery electric vehicle segment dominates the market due to government initiatives to promote green transportation across the globe. Battery electric buses require less fuel and maintenance. Hybrid electric buses require conventional fuel along with electric prolusion system to operate. These hybrid vehicles require large batteries and motors to meet its power requirement, which makes hybrid commercial vehicles costlier.
Based on electric vehicle type, the electric commercial vehicle market can be segregated into buses, trucks, and vans. Demand for battery electric buses is increasing across the globe. Most of Municipal Corporations across the world are choosing electric buses for public transportation to reduce pollution and support local manufacturers.
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Major local governments are taking aggressively trying to improve quality of air. Additionally, growing need to reduce consumption of fossil fuels. Less electric battery charging cost, and electric bus offers smooth and comfortable ride owing to all these factors electric bus sub segment is fastest growing segment during forecast period and it is anticipated to drive the electric commercial vehicle market during forecast period.
Based on components, the electric commercial vehicle market can be segmented into electric motors, electric vehicle batteries, and others. Growing demand for electric buses across the globe is likely to drive the electric vehicle batteries segment during forecast period. Most of the electric vehicle buses require large batteries for operation. Presently, lithium iron phosphate battery dominates the electric commercial vehicle market. In China as major manufacturer of electric bus BYD and Lishen provide lithium iron phosphate batteries to electric bus manufacturers.
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Based on region, the electric commercial vehicle market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounts for a major share of the global electric commercial vehicle market. China dominated the electric commercial vehicle market. China is electrifying their fleets as the country has the world’s worst pollution problem. Countries such as Japan and South Korea are investing in the development of electric vehicles and charging stations and creating awareness regarding the benefits related to electric commercial vehicles.
Key players operating in the global electric commercial vehicle market include Tesla, Inc., BYD Company Limited, Daimler AG, ZHONGTONGBUS Bus Holding Co., Ltd, and ABB.