LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global electric van market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global electric van market will grow at a CAGR of over 50% during the forecast period. A major factor that is driving the market’s growth is that electric vans are an economical mode of cargo and passenger transportation.
Vans are usually used for transporting small amounts of cargo or passengers within city limits. The increased stop-and-go traffic within cities makes vans the most preferred mode of transportation for private taxi companies, parcel delivery companies, passenger carrier services, and various food delivery services within a city. The use of fuel in these vehicles contributes to the major portion of operational costs. Replacing conventional vans with electric vans will diminish operational costs. The power requirements of electric vans and the operational cost of an electric van are lesser when compared with conventional vans, thereby improving the profits of delivery companies. Many cities are building electric vehicle charging systems for supporting the use of light-duty electric vehicles and passenger cars.
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In this report, Technavio highlights the development of range maximization techniques in electric vans as one of the key emerging trends in the global electric van market:
Development of range maximization techniques in electric vans
The effective traveling range will be the key factor affecting the development of electric vans during the forecast period. Manufacturers of electric vans are employing several methods for reducing the power consumption of the vehicle. They are concentrating on lightweight body chassis, better aerodynamics, use of energy-efficient light emitting diodes for interior and exterior lights, and use of various battery management technologies to effectively divert power to essential systems, thereby reducing wastage. Regenerative braking has been used in electric vehicles to recover portions of energy during operations and extend effective traveling range. This technology will be implemented in electric vans during the forecast period.
“Electric vehicle manufacturers are integrating telematics in vehicles to offer crucial information regarding electric battery health, an approximate number of miles that can be traveled on the existing power, navigation to the nearest charging system, real-time location tracking of the vehicle, and insurance-based services. In addition to telematics, vehicles are being equipped with electronic systems that detect when the vehicle is charging and operate certain controls autonomously to prevent power consumption when the vehicle is unplugged,” says a senior analyst at Technavio for research on automotive manufacturing.
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Global electric van market segmentation
This market research report segments the global electric van market into the following products (small and mid-range and long-range) and key regions (the Americas, APAC, and EMEA).
The long-range segment held the largest market share in 2017, accounting for nearly 75% of the market. The market share for this segment will decrease to some extent by 2022. But, this product will dominate the market throughout the forecast period.
APAC was the leading region for the global electric van market in 2017, accounting for a market share of almost 47%. This region will witness significant growth during the forecast period.
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