The latest market research report by Technavio on the global electric commercial vehicle marketpredicts a CAGR of around 42% during the period 2018-2022.
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Technavio has published a new market research report on the global electric commercial vehicle market 2018-2022 under their aerospace and defense library. (Graphic: Business Wire)
The report segments the global electric commercial vehicle market by application (buses, heavy and medium commercial vehicles, and light commercial vehicles) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global electric commercial vehicle market, according to Technavio aerospace and defense researchers:
- Growing preference for electric long-haul trucks: a major market driver
- Technological innovations in batteries for electric commercial vehicles: emerging market trend
- APAC dominated the global electric commercial vehicle market in 2017, accounting for a market share of more than 65%.
- In 2017, the buses segment held the largest share of the market
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Growing preference for electric long-haul trucks: a major market driver
The growing preference for electric long-haul trucks is one of the major factors driving global electric commercial vehicle market. The long-haul trucks or tractor trailers are vital for long-distance freight transportation by road. The long-haul tractor trailers are usually used by freight transportation companies to move large amounts of freight through roadways. Unlike EVs, conventional diesel commercial trucks encompass high fuel costs for freight transportation. The reduction of operation costs increases the profit margins of freight operators and fleet management companies. The key vehicle makers concentrate on developing electric long-haul trucks, which have increased range capabilities to reduce operational costs for freight operators.
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Technological innovations in batteries for electric commercial vehicles: emerging market trend
Battery OEMs have undertaken research activities for the development of various types of battery packs for EVs to increase their traveling range. EV manufacturers prefer batteries, which can withstand frequent charging cycles, retain large amounts of power, and charge faster.
According to a senior analyst at Technavio for research onaerospace manufacturing, "Lithium-ion based battery packsare usually used in EVs. Many manufacturers of battery components are redesigning technologies used for manufacturing lithium-ion batteries. They aim at developing battery packs, which have high power storage capacity and require less charging time."
Global market opportunities
APAC dominated the global electric commercial vehicle market in 2017, accounting for a market share of more than 65%. The electric commercial vehicle market in APAC is exhibiting the highest growth because of innovations in battery technologies, which significantly reduce the production costs of EVs in the region. The reduced production costs have led manufacturers to offer competitive prices to interested buyers. The growth of the electric commercial vehicle market in EMEA can be attributed to the government policies and development of EV charging infrastructure. In the Americas, the major stakeholders, namely Tesla, Proterra, and Daimler, drive the demand for electric commercial vehicles.
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