Meticulous Research®—a leading global market research company, published a research report titled, ‘Electric Commercial Vehicle Market by Vehicle Type (Light Commercial Vehicles and Heavy Commercial Vehicles), Propulsion Type (BEV and HEV), Power Output, End User (Public Transport and Logistics), and Geography - Global Forecast to 2031.’
Download Free Sample Report@ https://www.meticulousresearch.com/download-sample-report/cp_id=5766?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=20-09-2024
Meticulous Research® projects that the global electric commercial vehicle market will soar to $920.9 billion by 2031, growing at a CAGR of 25.4% from 2024 to 2031. In terms of volume, the market is expected to reach 9.4 million units by 2031, with a 26.3% CAGR. This growth is propelled by supportive government regulations, increasing investments from leading automotive manufacturers, and a consistent decline in battery costs. However, high upfront costs and a lack of adequate charging infrastructure in developing countries pose obstacles.
The report highlights emerging market potential and opportunities presented by smart city projects, though concerns like range limitations and underperformance in heavy-duty applications remain challenges. The market is segmented into categories such as vehicle type (light and heavy commercial vehicles), propulsion type (battery and hybrid electric), power output, and key end users, including public transport and logistics.
In 2024, light commercial vehicles are forecasted to lead the market, driven by a growing focus on reducing emissions and fleet sustainability. The battery electric vehicle segment is expected to hold the largest share, supported by emissions regulations and falling battery costs. Meanwhile, the 100 kW to 250 kW power output range is set to dominate, with strong adoption in electric buses and freight vehicles. Public transportation is predicted to be the largest end-user segment, driven by rising fuel prices and emissions norms.
Regionally, Asia-Pacific is expected to lead the market in 2023 due to strong policy support, subsidies, and tax incentives, while Europe is set to see the highest growth rate, fueled by rising adoption of electric mobility solutions. Key players include companies such as NFI Group, Volvo, Traton SE, Tesla, and others.
About Meticulous Research®:
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
Contact Us:
Meticulous Research®
Email- [email protected]
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Comments on “$920.9 Billion Market Forecast for Electric Commercial Vehicles by 2031”