Growing Demand for Reduction In Automotive Emission Is Expected to Boost the Electric Commercial Vehicle Market

1. Need for Fuel-Efficient and Emission-Free Vehicles to trigger Electric Commercial Vehicle Market The report "Electric Commercial Vehicle Market by Propulsion (BEV, HEV, PHEV & FCEV), Vehicle Type (Bus, Truck, Pick-Up Truck and Van), Component, Range, Autonomous Vehicle, Charging Infrastructure, and Region - Global Forecast to 2025" The Electric commercial vehicle market is projected to grow at a CAGR of 39.85% during the forecast period to reach 1,831,865 Units by 2025 from an estimated 125,212 Units in 2017. Increasing awareness of the pollution menace, government policies and mandates to restrict pollution, reduction in battery prices, and rapid adoption of electric vehicles such as buses and vans are some of the major factors driving the growth of electric commercial vehicle market. A key driver for the increase in adoption of electric commercial vehicle in recent years is the changing consumer preference. Strategies to minimize the dependence on fossil fuel in developing economies are propelling the electric commercial vehicle market. Whereas, electric commercial vehicles are used extensively by transportation companies in countries such as China, The Netherlands, and Sweden. All these factors are driving the market for electric commercial vehicle market. Browse 63 market data Tables and 56 Figures spread through 164 Pages and in-depth TOC on "Electric Commercial Vehicle Market by Propulsion (BEV, HEV, PHEV & FCEV), Vehicle Type (Bus, Truck, Pick-Up Truck and Van), Component, Range, Autonomous Vehicle, Charging Infrastructure, and Region - Global Forecast to 2025" https://www.marketsandmarkets.com/Market-Reports/electric-commercial-vehicle-market-16430819.html Early buyers will receive 10% customization on reports. Asia Pacific: the largest market for electric commercial vehicle Asia Pacific is projected to be the largest market for electric commercial vehicles from 2017 to 2025. The market growth, in terms of volume, in the region can be attributed to numerous factors such as adoption of more electric buses, government policies to restrict urban pollution, engagement of OEMs to develop electric vehicles of different propulsion system. Bus is estimated to hold the largest market share in terms of volume during the forecast period The market share for bus in electric commercial vehicle market is estimated to be the highest in 2017 and is projected to remain predominant during the forecast period. The share, in terms of volume, of bus in electric commercial vehicle market is estimated to be the highest followed by the share of van, pick-up truck, and truck. Countries such as China and US have witnessed significant sales of electric bus bus due to rapid economic growth and favorable government policies to curb down emission.

2. The market is segmented by propulsion system, vehicle type, components, range, charging infrastructure, autonomous vehicle, and region. The report discusses four propulsion systems of electric commercial vehicle, namely, battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), fuel cell electric vehicle (FCEV). BEV accounts for the largest market share in the electric commercial vehicle market, by propulsion, and is estimated to grow with the highest CAGR during the forecast period because of its wide application in several types of vehicles. The bus segment is estimated to be the fastest growing market, in terms of volume, for electric commercial vehicle, by vehicle, followed by van, pick-up truck, and truck. Various government mandates and individual country targets to phase out fossil fuel-based public transportation system and to replace them with electric buses will help the bus market grow over the forecast period. Above 500 miles range segment of the Electric commercial vehicle market is expected to grow the most. In this segment, the market growth will be propelled mostly by bus. The growth is expected with anticipation that most of the electric commercial vehicles produced and sold over the forecast period will be buses. Efforts have been on to make buses that can travel longer range on a single charge. Battery Electric Vehicle (BEV) segment of the electric commercial vehicle market is estimated to be the largest segment by propulsion from 2017 to 2025 BEV is expected to be the largest segment, by propulsion, of the electric commercial vehiclemarket, as BEV finds great application in electric commercial vehicles such as buses and vans. The growth of BEV in electric commercial vehicle market is mainly due to two factors—advancement in battery capacity which fulfills the power requirement in electric commercial vehicle and the decrease of the price of EV battery. The price of EV battery is expected to reach US$ 109/kWh in few years. The electric commercial vehicle market is dominated by a few globally established players such as Daimler (Germany), Tesla (US), BYD (China), NISSAN (Japan), Proterra (US). The ecosystem of the Electric Commercial Vehicle Market consists of manufacturers such as Daimler (Germany), Tesla (US), BYD (China), NISSAN (Japan), Proterra (US) and nstitutes such as Japan Automobile Manufacturers Association (JAMA), European Automobile Manufacturers Association (EAMA), Canadian Automobile Association (CAA), and Korea Automobile Manufacturers Association (KAMA). Target Audience Automobile industry as an end-use industry Automobile organizations/associations Battery manufacturers Charging infrastructure suppliers Compliance regulatory authorities EV component suppliers Government agencies Information Technology (IT) companies & System integrators

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