Yahoo Finance Commercial Electric Vehicles Global Market Report 2023
Major players in the commercial electric vehicle market are Tesla, Nissan, BMW, Chevrolet, Ford, Volkswagen, Kia Motors, Audi, BYD, and Daimler. The global commercial electric vehicle market 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%.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Commercial Electric Vehicles Global Market Report 2023" - https://www.reportlinker.com/p06280936/?utm_source=GNW
Major players in the commercial electric vehicle market are Tesla, Nissan, BMW, Chevrolet, Ford, Volkswagen, Kia Motors, Audi, BYD, and Daimler.
The global commercial electric vehicle market 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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The commercial electric vehicle market is expected to grow to $303.15 billion in 2026 at a CAGR of 31.5%.
The commercial electric vehicles market consists of sales of hybrid electric vehicles (HEVs) and extended range electric vehicles (E-REVs).Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Commercial electric vehicles are electrically powered, self-propelled electric vehicles used for transportation that help reduce greenhouse gas emissions (GHG) and pollution and work with the help of both electric motors working in tandem.
The main technologies in commercial electric vehicles are battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles.Battery electric vehicles operate only on stored electricity, and their main components consist of a high-voltage battery, one or more electric motors (either alternating current [AC] or direct current [DC]), and a controller for managing the power electronics.
The vehicle types involved are buses, trucks, pick-up trucks, and vans. The charging infrastructure involved is pantograph, plug-in, and inductive.
Government subsidies to consumers and manufacturers help with 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 buyers and manufacturers to increase the adoption rate of electric vehicles.For example, in order to make electric vehicles (EVs) accessible to all Americans for both short- and long-distance travel, the federal government has set the 2030 target of having half of all new vehicles sold in the country be zero-emissions vehicles.
It has also committed to developing a practical and equitable network of 500,000 chargers.
The difference in vehicle performance acts as a restraint on the growth of the commercial electric vehicle market.Electric vehicles provide excellent torque at low speeds, but at higher speeds, the performance drops.
The range of current battery electric vehicles (BEVs) is typically 50 to 100 miles.For example, the Nissan LEAF electric vehicle has high torque (236 lb-ft) but relatively low power at 147 hp.
The conventional fuel car Honda S2000, on the other hand, has a respectable 256 hp.
Technological advances to improve charging speed and enhance battery design are the latest trend in the commercial electric vehicle market.Manufacturers are looking at solid-state batteries that use graphene as the potential solution and are expected to increase both the range and the charging speed of the batteries in electric vehicles.
Apart from the improvements in battery design and charging speed, there will be a significant shift toward diversifying the sources of power for EVs.Solar panels have already become much more efficient at capturing the sun’s energy.
With the recent development of three-phase charging, the most modern electric vehicles can charge up to 80% in just 30 minutes.For instance, Earthday, a Catalan startup, introduced fast-charging graphene-based batteries that weigh only 55 kg and use a paste-like electrolyte based on graphene.
Earthday claims that the graphene-based battery charges up to 1350 times faster than normal batteries based on lithium technology.
In Europe, the parliament mandates the installation of appropriate vehicle alerting systems in electric vehicles.Electric cars and plug-in hybrid cars such as the all-electric BMWi3 or the Toyota Prius currently emit very little sound when running on electric power only.
Campaigners say this is dangerous for partially sighted and blind people. Keeping this in mind, liberal democratic MEPs introduced an amendment that makes it mandatory to install a vehicle alerting system in electric vehicles.
In June 2021, Ashok Leyland, a company manufacturing automotives based in India, acquired Switch Mobility Automotive for an undisclosed amount.Ashok Leyland expands its commercial electric vehicle portfolio and makes an investment in Switch Mobility, acquiring all of the company’s shares.
Switch Mobility Automotive is a company operating commercial electric vehicles based in the UK.
The regions covered in the commercial electric vehicles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the commercial electric vehicles market report are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The commercial electric vehicles market research report is one of a series of new reports that provides commercial electric vehicle market statistics, including commercial electric vehicle industry global market size, regional shares, competitors with a commercial electric vehicle market share, detailed commercial electric vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the commercial electric vehicle industry. This commercial electric vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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