The global commercial electric vehicles market size is expected to grow from $68.43 billion in 2021 to $101.44 billion in 2022 at a compound annual growth rate (CAGR) of 48.2%. The global commercial electric vehicle market size is expected to grow to $303.15 billion in 2026 at a CAGR of 31.5%.
What is the Global Commercial Electric Vehicles Market?
The commercial electric vehicles market consists of sales of commercial electric vehicles. The commercial electric vehicles manufactured include Battery Electric Vehicles (BEV), Hybrid Electric Vehicles, and Plug-in Hybrid Electric Vehicles (PHEV).
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What drives the Global Commercial Electric Vehicles Market?
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. In March 2019, the Indian government under the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) scheme announced an outlay for 1434.45 million USD (10,000 crores) to promote the use of electric vehicles and hybrid vehicles. The scheme had 213.6 million USD (1,500 crores) outlay in 2019-20; 716.7 million USD (5,000 crores) in 2020-21 and 501.69 USD (3,500 crores) in 2021-22 and will cover buses with Electric Vehicle (EV) technology; electric, plug-in hybrid and strong hybrid four-wheelers; electric three-wheelers including e-rickshaws and electric two-wheelers.
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Global Commercial Electric Vehicles Market Segments
The global commercial electric vehicles market is segmented:
By Technology: Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-In Hybrid Electric Vehicles
By Vehicle: Bus, Truck, Pick-Up Truck, Van
By Charging Infrastructure: Pantograph, Plug-In, Inductive
By Geography: The regions covered in the commercial electric vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Commercial Electric Vehicles Global Market Report 2022provides market size and growth forecasts for the global commercial electric vehicles market, global commercial electric vehicles market share, commercial electric vehicles market segments and geographies, commercial electric vehicles market competitive landscape including leading competitors’ revenues, profiles and market shares. The commercial electric vehicles market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Commercial Electric Vehicles Industry Playersinclude Tesla, Nissan, BMW, Chevrolet, Ford, Volkswagen, Kia Motors, Audi, BYD, and Daimler. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
