Electric Commercial Vehicle Market worth USD 315.57 Billion by 2030, registering a CAGR of 34.71% – Report by Market Research Future (MRFR)
New York, Nov. 12, 2021 (GLOBE NEWSWIRE) — Electric Commercial Vehicle Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Commercial Vehicle Market Research Report, By Technology, By Application, By Vehicle type, By Component and Region – Forecast till 2030” the market size is projected to be worth USD 315.57 Billion by 2030, registering a CAGR of 34.71% during the forecast period (2022 – 2030), The market was valued at USD 58.65 Billion in 2021.
List of the companies profiled in the Electric Commercial Vehicle Market Research Report are:
- Tesla (US)
- Nissan (Japan)
- BYD (China)
- Daimler (Germany)
- Proterra (US)
- LG Chem (South Korea)
- Zhongtong Bus Holding Co. Ltd (China)
- and Panasonic (Japan). Delphi (US)
- ABB (Switzerland)
- Continental (Germany)
- Siemens(Germany)
- Mitsubishi Electric (Japan)
- Toshiba (Japan)
- Ballard Power Systems (Canada)
- Among others.
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Market Research Future’s Review on Electric Commercial Vehicle Market
Multiple Factors to Bolster Market Growth
The electric commercial vehicle market has grown in particular due to not only individuals shifting their preferences to electric vehicles, but also various governments around the world taking steps to improve public transportation by making it electric, which not only reduces carbon emissions but is also cost-effective, more secure, less noisy, and appealing.
People’s increased awareness of the dangers of petroleum and diesel vehicles has given this industry a boost, resulting in an increase in revenue from the electric commercial market. Due to the ever-increasing prices of conventional fuels, some logistics organizations have also converted to electric transport vehicles, which helps them cut greater costs.
Browse In-depth Market Research Report (188 pages) on Electric Commercial Vehicle
https://www.marketresearchfuture.com/reports/electric-commercial-vehicle-market-6921
COVID-19 Pandemic to Have Temporary Impact on the Global Market
The new coronavirus or COVID-19 pandemic has had a severe influence on the electric commercial vehicle business, resulting in a drop in demand for electric vehicles and a progressive fall in profitability. Due to numerous country lockdowns and restrictions, demand for vehicles has been steadily declining, with production units becoming scarce.
The impact of COVID-19 on the market is plainly visible in the fact that most of the major participants have been forced to shut down their primary production units and lay off employees. Nonetheless, it is expected that the industry will resume development as soon as the lockdown limitations are lifted and individuals are free to move. Following that, the electric commercial vehicle market would anticipate a dramatic increase in demand for electric vehicles to offset losses and match future growth rates.
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Market Segmentation
The worldwide electric commercial vehicle market has been segmented on the basis of vehicle type, component, and propulsion.
On the basis of vehicle type, the worldwide electric commercial vehicle market has been segmented into Bus, Truck, and Others.
On the basis of components, the worldwide global electric commercial vehicle market has been segmented into Electric Motor, Electric Vehicle Battery, Hydrogen Fuel Cell, Others.
On the basis of propulsion, the global electric commercial vehicle market has been segmented into BEV, HEV, PHEV, and FCEV.
Regional Analysis
APAC to Lead the Global Market
Electric commercial vehicle market trends are increasing in every part of the world. The demand for electric vehicles has increased as a result of greener technologies and the push for a cleaner environment. Early growth has been noted in the Asia Pacific area, where countries such as Japan, Korea, China, and India have generated a massive market for electric vehicles, with this region predicted to generate the majority of revenue.
North America and Europe to Follow APAC
North America and Europe have also seen significant post-lockdown advances, as shown in developed countries such as the United States, Canada, and Germany, in terms of logistics vehicles and public transportation vehicles, giving this region a competitive advantage in terms of logistics support.
Segmentation of Market covered in the research:
Electric Commercial Vehicle Market Research Report: Information by Vehicle Type (Bus, Truck, Others), Component (Electric Motor, Electric Vehicle Battery, Hydrogen Fuel Cell, Others), Propulsion (BEV, HEV, PHEV, FCEV), Range, Region – Forecast Till 2030
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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