Global Electric Commercial Vehicles Market To Reach Value Of About $97 Billion In 2023

The global electric commercial vehicles market is expected to decline from $48.5 billion in 2019 to $40.7 billion in 2020 at a rate of -16.1%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $96.8 billion in 2023 at a rate of about 22%. The support from the government to promote use of commercial electrical vehicles is driving the market. However, the growth of the electric commercial vehicle market is restrained by limited battery power and longer charging duration.

The electric commercial vehicles market consists of sales of electric commercial vehicles and related services. Electric commercial vehicles are electrically powered, self-propelled electric vehicles used for transportation that help reduce greenhouse gas releases (GHG) and pollution and that work with the help of both electric motors working in tandem. Electric commercial vehicles are used for the delivery of goods and for transport. They are powered by batteries and includes buses, trucks, vans and pick-up trucks.

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The global electric commercial vehicles market is further segmented based on type and geography.
By Propulsion Type: BEV; PHEV; FCEV
By Vehicle Type: Electric Bus; Electric Truck; Electric Pick-up Truck; Electric Van
By Battery Type: Lithium-iron-phosphate (LFP); Lithium-nickel-manganese-cobalt oxide (NMC); Others
By Technology: Battery Electric Commercial Vehicles; Plug-in Hybrids; Hybrids; Fuel Cell Electric Commercial Vehicles
By Geography: The global electric commercial vehicles market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific electric commercial vehicles market accounts for the largest share in the global electric commercial vehicles market.

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Trends In The Electric Commercial Vehicles Market
Electric commercial vehicle companies are implementing strategic partnerships for the production of electric commercial vehicles. Strategic partnerships in electric commercial vehicles involve sharing of resources and expertise that enhances the product and multiplies the result. It attracts popularity from consumers and other stakeholders, helping to increase the investment while reducing costs.
Electric Commercial Vehicles Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides electric commercial vehicles market overviews, analyzes and forecasts electric commercial vehicles market size and growth for the global electric commercial vehicles market, electric commercial vehicles market share, electric commercial vehicles market players, electric commercial vehicles market size, electric commercial vehicles market segments and geographies, electric commercial vehicles market trends, electric commercial vehicles market drivers and electric commercial vehicles market restraints, electric commercial vehicles market’s leading competitors’ revenues, profiles and market shares. The electric commercial vehicles market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.