Commercial Electric Vehicles Market Value Expected to Reach $132.73 Billion by 2022

PRNewswire is a press release distribution service. On Mar 27, 2020 released an article on the global commercial electric vehicles market, sourced from TBRC`S Global Commercial Electric Vehicles Market report. The global commercial electric vehicles market was valued at about $34.7 billion in 2018 and is expected to grow to $132.73 billion at a compound annual growth rate (CAGR) of 39.9% through 2022. Government subsidies to consumers and manufacturers help in the adoption of electric vehicles. The adoption of electric vehicles has been identified as an effective method to reduce carbon emissions and dependency on fossil fuels. So, the governments of many countries are providing direct subsidies to both the buyers and manufacturers to increase the adoption rate of electric vehicles. For example, subsidies provided to an electric bus manufacturing company in China propelled the electric bus sales from 1000 units in 2011 to 1,32,000 units in 2016.