Global Electric Commercial Vehicle Market on the Rise as Companies Seek Sustainable Transport Solutions

Market Outlook

According to MRFR analysis, the global Electric Commercial Vehicle Market is expected to register a CAGR of ~29.9% from 2022 to 2030 and hold a value of over USD 54.29 billion by 2030.

An electric commercial vehicle can run entirely or in part on electricity instead of fuel or petrol. Commercial electric cars are particularly environmentally friendly due to their low maintenance costs and little to no use of fossil fuels (petrol or diesel). The current trend for promoting sustainable development among governmental bodies, nonprofit groups, and many commercial businesses is fleets of vehicles powered by renewable energy. Initiatives for technological development and innovation in the transport sector have expanded during the last few years.

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Key Companies in the Electric Commercial Vehicle market include

• Tesla (US)
• Nissan (Japan)
• BYD (China)
• Daimler (Germany)
• Proterra (US)
• LG Chem (South Korea)
• Zhong tong Bus Holding Co Ltd (China)
• Panasonic (Japan).
• Delphi (US)
• ABB (Switzerland)
• Continental (Germany)
• Siemens (Germany)
• Mitsubishi Electric (Japan)
• Toshiba (Japan)
• Ballard Power Systems (Canada)

Electric Commercial Vehicle Market Segmentation:

Market By Type Outlook

• Bus
• Truck
• Others

Market By Component Outlook

• Electric Motor
• Electric Vehicle Battery
• Hydrogen Fuel Cell
• Others

Market By Propulsion Outlook

• BEV
• HEV
• PHEV
• FCEV

Regional Analysis

A large segment of the market is controlled by Asia-Pacific. Due to the increasing demand for electric buses and the government-led measures to encourage the development of electric cars in nations such as Japan, China, and India, the market for commercial electric vehicles in the Asia-Pacific region is anticipated to increase dramatically. The market is expanding in this region as a consequence of rising demand for the construction of charging infrastructure and growing regional OEM partnerships.

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