DUBLIN--(BUSINESS WIRE)--The "Electric Commercial Vehicles Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
This report provides the strategists, marketers and senior management with the critical information they need to assess the global electric commercial vehicles market.
This report focuses on electric commercial vehicles market which is experiencing strong growth. The report gives a guide to the electric commercial vehicles market which will be shaping and changing our lives over the next ten years and beyond, including the market's response to the challenge of the global pandemic.
The global electric commercial vehicles market is expected to decline from $48.54 billion in 2019 to $40.7 billion in 2020 at a compound annual growth rate (CAGR) of -16.06%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $96.85 billion in 2023 at CAGR of 21.8%.
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The electric commercial vehicles market consists of sales of electric commercial vehicles and related services. Electric commercial vehicles are electrically-powered, self-propelled electric vehicles used for transportation that helps reduce greenhouse gas releases (GHG) and pollution, that works with the help of both electric motors working in tandem. Electric commercial vehicles are used for the delivery of goods and for transport, such as passengers, that are powered by batteries and includes buses, trucks, vans and pick-up trucks.
Asia Pacific was the largest market in electric commercial vehicles market in 2019 and is expected to be the fastest growing market in the forecast period.
Electric commercial vehicle companies are implementing strategic partnerships for the production of electric commercial vehicles. Strategic partnerships in electric commercial vehicles involves sharing of resources and expertise that enhances the product and multiplies the result. It attracts popularity from consumers and other stakeholders, helping to increase the investment while reducing costs. For instance, in 2020, in South Korea, Hyundai Motor Company and Kia Motors Corporation strategically partnered and is investing 100 million (US $110 million) in a UK-based electric vehicle startup company 'Arrival' for developing electric commercial vehicles such as eco-friendly vans and commercial vehicles for logistics.
The growth of the electric commercial vehicle market is restrained by limited battery power and longer charging duration. For electric commercial vehicles, the range and performance of the battery is typically less powerful and has a limited range (60-100 miles per charge) and is considered suitable only for short-distance travel. The limited travel range of batteries of electric vehicles raises concerns among the consumers that their vehicles may run out of charge/power before reaching the destination. Longer charging duration is another major challenge for the market. Lack of availability of supercharging stations adds to the woes associated with the use of batteries in an electric vehicle.
Key Topics Covered:
1. Executive Summary
2. Electric Commercial Vehicles Market Characteristics
3. Electric Commercial Vehicles Market Size And Growth
3.1. Global Electric Commercial Vehicles Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Electric Commercial Vehicles Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Electric Commercial Vehicles Market Segmentation
4.1. Global Electric Commercial Vehicles Market, Segmentation By Propulsion Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.2. Global Electric Commercial Vehicles Market, Segmentation By Vehicle Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.3. Global Electric Commercial Vehicles Market, Segmentation By Battery Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.4. Global Electric Commercial Vehicles Market, Segmentation By Technology, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5. Electric Commercial Vehicles Market Regional And Country Analysis
5.1. Global Electric Commercial Vehicles Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Electric Commercial Vehicles Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- AB Volvo
- Daimler AG
- Scania AB
- Nikola Motor Company
- Tata Motors
- Emoss Mobile Systems
- ZHONGTONGBUS Bus Holding Co., Ltd
- Ashok Leyland Ltd.
- Dongfeng Motor Corp.
- Hino Motors Ltd.
- Isuzu Motors Ltd.
- Iveco S.p.A.
- Workhorse Group Inc.
- LG Chem
- Mitsubishi Electric
- Ballard Power Systems
- VDL Groep
- Olectra Greentech
For more information about this report visit https://www.researchandmarkets.com/r/ripavx