According to Persistence Market Research, the global electric commercial vehicle market will witness a CAGR of 7% between 2021 and 2031.
Segregation of Electric Commercial Vehicle Market
The global electric commercial vehicle market, by type of powertrain, spans FCEV, PHEV, and BEV. By vehicle type, it’s electric van, electric pick-up truck, electric truck (heavy and medium duty trucks), and electric bus. By type of battery, it’s lead acid, NiMH, and Lithium ion. By battery capacity, it’s above 250 kW, between 100-250 kW, and less than 100 kW. End-use-wise, it’s distribution service, last mile delivery, field service, refuse service, and long haul transportation. By length of bus, it’s above 14m, 9-14m, and less than 9m. Range-wise, above 300 miles, 150-300 miles, and less than 150 miles.
Out of these, lead acid batteries are dominating the market due to their proven efficacy. Electric pick-up truck rules as per type of vehicle. By distribution service, long haul transportation leads the market.
At the same time, it needs to be noted that the installation costs in the form of EV charging stations are too much to bear for the developing economies. However, with the initial hiccups being crossed, the future is expected to be bright for electric commercial vehicle market.
North America holds the largest market share due to the US holding the baton of electric commercial vehicles, followed by Canada. Also, the fact that the US is hub to assembly plants for majority of electric vehicle OEMs and also stringent regulations regarding pollution by several regulatory bodies. Europe comes in second on the similar grounds. However, the Asia-Pacific is expected to grow at the fastest rate in the electric commercial vehicle market in the near future. This could be credited to the craze towards environmentally-friendly vehicles. LATAM and MEA are also not behind. They are bound to contribute a great deal to the growth of electric commercial vehicle market in the near future.
The Competitive Landscape
The key participants in the electric commercial vehicle market include Proterra Inc., BYD Auto Co. Ltd., AB Volvo, Daimler AG, Tata Motors Ltd., Yutong, VDL Groep, and likewise. Coming to developments, Proterra, in September 2020, put forth the XZ5. It comes across as a 5th-generation battery-electric transit bus that has a novel streamlined design. It is abreast with energy storage of 660 kW that is capable of delivering close to 329 miles (drive range). Around the same time, Yutong did present the “5G-enabled intelligent mobility solution” in China in the live show. Unmanned intelligent bus terminals, intelligent bus stops, and autonomous driving buses were on the display.
Mercedes-Benz, in September 2020, did come up with its new-fangled all-electric eCitaro G. It comes with offbeat solid-state batteries. Volvo Penta, in July 2020, tabled an electric driveline for Rosenbauer’s fire truck thereby facilitating a solution with “zero” exhaust emissions and noise mitigation. BYOD, in March 2020, came up with Blade Battery. It’s a development inclined towards curbing concerns regarding safety of battery in the electric vehicles.
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The Way Further
The governments across the globe are increasingly emphasizing on electrification on the part of public transport fleets, thereby pressing for vehicles with zero carbon emission in logistics and e-Commerce sector. This factor is bound to make the electric commercial vehicle a revenue-generation machine in the years to come. The crisis that had sprung up in the form of the pandemic is being tackled by the key players in the form of joint venture. For instance – Royal DSM entered into joint venture with VDL Groep in September 2020 for manufacturing medical facemasks as well as critical facemask components all across The Netherlands.