Electric Commercial Vehicles Market is Expected to Reach $316.67 Billion in 2030

ALBANY, Calif. - Dec. 15, 2022 - PRLog -- Global electric commercial vehicles market opportunities and strategies to 2030 from Altus Market Research provides the strategists; marketers and senior management with the critical information they need to assess the global electric commercial vehicles market as it emerges from the COVID 19 shut down.

The global electric commercial vehicles market is expected to grow from $100,375.6 million in 2021 at a growth rate of 11.6% to $316,674.2 million in 2030, at a CAGR of 14.3%.

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Growth in the historic period resulted from increasing investments by governments, reducing cost of EV batteries, growing demand for electrical commercial vehicles in emerging markets. Factors that negatively affected growth in the historic period were longer charging duration, longer charging duration. Going forward, growth in the forecast period resulted from rise in fuel rates, rising popularity of charging vehicles overnight at home for lower costs, rapid growth in ecommerce, coronavirus pandemic.

The electric commercial vehicles market is segmented by propulsion type includes BEV, PHEV and FCEV.

The BEV market was the largest segment of the electric commercial vehicles market segmented by propulsion type, accounting for 61.9% of the total in 2020. FCEV is expected to be the fastest growing segment going forward, at a CAGR of 13.6% during 2020-2025.

The electric bus market was the largest segment of the electric commercial vehicles market segmented vehicle type, accounting for 56.1% of the total in 2020. Electric truck is expected to be the fastest growing segment going forward, at a CAGR of 12.9% during 2020-2025.

The battery electric commercial vehicles market was the largest segment of the electric commercial vehicles market segmented by technology, accounting for 61.9% of the total in 2020. Hybrids is expected to be the fastest growing segment going forward, at a CAGR of 14.1% during 2020-2025.

Going forward, the fastest-growing regions in the electric commercial vehicles market will be North America, Western Europe where growth will be at CAGRs of 13.3% and 12.5% respectively. These will be followed by Asia Pacific, South America where the markets are expected to grow at CAGRs of 12.4% and 12.2% respectively, during 2020-2025.

The global electric commercial vehicles market is highly fragmented, with large number of small players in the market. The top ten competitors in the market made up to 2.6% of the total market in 2020. Major players in the market include BYD Company Ltd., Zhengzhou Yutong Bus Co. Ltd, Daimler AG, Proterra, VDL Groep BV.

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