April 19, 2018
According to a new research report, the electric vehicle market is projected to grow at a rate of almost 40 per cent in less than a decade to reach 1,831,865 units by 2025 from a current 125,212 units per annum.
According to Electric Commercial Vehicle Market by Propulsion (BEV, HEV, PHEV & FCEV), Vehicle Type (Bus, Truck, Pick-Up Truck and Van), Component, Range, Autonomous Vehicle, Charging Infrastructure, and Region – Global Forecast to 2025 by publisher MarketsandMarkets, increasing awareness of the pollution menace, government policies and mandates to restrict pollution, reduction in battery prices, and rapid adoption of electric vehicles such as buses and vans are some of the major factors driving the growth of the electric commercial vehicle market.
A key driver for the increase in adoption of Electric Commercial Vehicle in recent years is the changing consumer preference.
Asia Pacific: the largest market for electric commercial vehicles
Asia Pacific is projected to be the largest market from 2017 to 2025. The market growth, in terms of volume, in the region can be attributed to numerous factors such as adoption of more electric buses, government policies to restrict urban pollution, engagement of OEMs to develop electric vehicles of different propulsion system.
Buses estimated to hold the largest market share in terms of volume
The market share for buses is estimated to be the highest in 2017 and is projected to remain predominant during the forecast period.
The share, in terms of volume, is estimated to be the highest followed by the share of vans, pick-up trucks, and trucks. Countries such as China and the U.S. have witnessed significant sales of electric buses due to rapid economic growth and favourable government policies to curb emissions.