Electric Commercial Vehicle Market 2027: Future Growth and Opportunities | Techsci Research

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Electric Commercial Vehicle Market 2027 Future
Growth and Opportunities Techsci Research
The Global electric commercial vehicle market is
expected to experience strong growth during the
forecasting period, growing at a robust CAGR of
19.43 according to the TechSci Research
report titled Electric Commercial Vehicle
Market- Global Industry Size By Vehicle Type, By
Propulsion Type, By Range, By Region,
Competition, Forecast Opportunities,
2017-2027F. This growth is mainly due to
sustainable government regulations. China is
leading the way as the largest electric commercial
vehicle producer and market, expected to grow at
a CAGR of 13.52 during the forecast period. The
Chinese government has shown their commitment to
improving the productivity of electric
commercial vehicles by implementing initiatives
such as subsidies for EV buyers, enacting laws
requiring automakers to produce EVs, funding the
installation of EV charging stations, and
regulations against polluting vehicles. Japan and
South Korea are also experiencing growth in the
EV market due to their government's efforts in
installing EV charging stations, creating
pollution standards, and other measures to
support EV demand. In India, efforts are being
made to enhance the EV market demand. The Global
electric commercial vehicle market is classified
based on vehicle type, propulsion type, range,
and region. The increase in demand for electric
light commercial vehicles is attributed to the
growing deployment of these vehicles in logistic
services.
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Browse over XX market data Figures spread through
110 Pages and an in-depth TOC on "Electric
Commercial Vehicle Market"- https//www.techscires
earch.com/report/electric-commercial-
vehicle-market/2718.html During the forecast
period, the hybrid electric vehicle segment is
expected to have the highest volume in the
market, while the battery electric commercial
vehicle market is projected to register a CAGR
of 18.94. The FCEV segment is expected to
experience the fastest growth among propulsion
types due to its increasing demand. The growth of
the hybrid vehicle market is attributed to
technological advancements that have improved
fuel economy and reduced emissions. The market is
segmented based on range, with categories of
0-150 miles, 151-250 miles, 251-500 miles, and
500 miles above. The expansion of the electric
truck and bus market, particularly in public
transportation and freight services, is primarily
responsible for the rapid growth in this market
segment. EVs with a range between 151-250 miles,
including light commercial vehicles such as vans,
pickup trucks, and utility vehicles, are in high
demand due to a surge in fuel prices and
government measures to reduce fleet emissions of
buses and vehicles. China, with 50 of global
sales in 2021, is the world's largest market for
electric commercial vehicles, making
Asia-Pacific the largest region for such
vehicles. However, due to the implementation of
lockdowns to prevent the COVID-19 pandemic, sales
of electric commercial vehicles in most
countries fell significantly at the end of the
first and second quarters of 2020. Nevertheless,
the market rapidly recovered by the end of the
second quarter and became wholesome in the third
quarter, giving a positive outlook to the market
forecast for 2022. Major players in the global
electric commercial vehicle market, such as BYD
Auto Co., Ltd., General Motors Company, Tesla,
Inc., and others, are enhancing their product
portfolio in different regions and developing
advanced technologies to stay competitive in the
market and increase their customer
outreach. Download Free Sample Report SAIC Motor
Corp., Ltd. dominated the market in the year
2021, due to its remarkable dealership network,
which offers a wide range of economical yet
qualitative products with adaptive technological
demands of their customers as well as
withstanding governments safety norms. The
demand for electric commercial vehicles is
anticipated to increase globally in the coming
years, on account of growing e-commerce delivery
services and the increasing need for greater
fuel-efficient vehicles., said Mr. Karan
Chechi, Research Director with TechSci Research,
a research-based global management consulting
firm. Global Electric Commercial Vehicle
Segmented By Vehicle Type (Light Commercial
Vehicle, Bus, Truck), By Propulsion Type
(Battery Electric Vehicle, Hybrid Electric
Vehicle, Plug-in Hybrid Electric Vehicle, Fuel
Cell Electric Vehicle, By Range (0-150 Miles,
151-250 Miles, 251-500 Miles, 500 Miles
Above), By Region, Competition, Forecast
Opportunities, 2017-2027F, has evaluated the
future growth potential of global electric
commercial vehicle market and provides statistics
information on market size, structure and
future market growth. The report intends to
provide cutting-edge market intelligence and
help decision makers take sound investment
decisions. Besides, the report also identifies
and analyzes the emerging trends along with
essential drivers, challenges, and opportunities
in Global Electric Commercial Vehicle Market.
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Download Free Sample Report- https//www.techscire
search.com/sample-report.aspx?cid2718 About
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