Europe Electric Commercial Vehicle Market to Grow at a CAGR of 25.12% through un
According to TechSci Research report, Europe Electric Commercial Vehicle Market- By Country, Competition Forecast and Opportunities, 2017-2027
Increasing penetration of electric commercial vehicle manufacturers & sustained focus of the government on adoption of green vehicles will lead to the growth of electric commercial vehicles in the forecasted period.
According to TechSci Research report, “Europe Electric Commercial Vehicle Market- By Country, Competition Forecast and Opportunities, 2017-2027”, Europe electric commercial vehicle market is anticipated to grow at a CAGR of 25.12% in terms of value, during the forecast period, owing to the increased rate of EV adoption by commercial fleet management companies and growing government focus on the implementation of electric buses. Europe electric commercial vehicle market stood at around 88,950 units in the year 2021. France, being the largest electric commercial vehicle market in Europe, is expected to grow at a CAGR of 23.11% in the forecast period in terms of volume. Moreover, several public and private initiatives are expanding the charging infrastructure in the region. Additional benefits are provided to the EV drivers like preferential parking permits and ability to drive in bus and taxi lanes and subsidies in purchase tax, VAT, toll road charges, registration tax, and annual circulation tax giving a point of affordability to consumers and hence, sustained growth is expected in the region.
Browse over 47 market data Figures and spread through 90 Pages and an in-depth TOC on " Europe Electric Commercial Vehicle Market"
Europe electric commercial vehicle market is classified based on propulsion type, vehicle type, range, and country. Based on propulsion type, the market is segmented into BEVs, HEVs, PHEVs, and FCEVs. Hybrid electric vehicles (HEVs) currently constitute a majority of the market because they are relatively inexpensive and provide better range/autonomy. However, the popularity of battery electric vehicles is steadily increasing due to their lower ownership costs and reliability, low maintenance, and easier & faster charging and hence are expected to witness robust growth in upcoming years.
In terms of vehicle type, electric commercial vehicles are distinguished into three categories buses, trucks & light commercial vehicles (LCVs). On the basis of purpose and variety of utility, the market is majorly contributed by pick-up trucks. However, the penetration of electric buses & trucks is increasing and is expected to continue to grow the market sustainably.
Based on range, the market is segmented among vehicles with range/autonomy of up to 150 miles, 151-250 miles, 251-500 miles, and 501 miles & above. Vehicles with a range of up to 150 miles contribute most of the market, but as manufacturers are developing economical batteries with better capacities, vehicles with a higher range will be growing the market in the next five years.
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A major contribution to an EV’s cost is electric motors, EV batteries or a hydrogen fuel cell. EV batteries constitute a great cost investment and are driven by huge sales of battery-operated vehicles; the demand is currently dominated by batteries in an electric vehicle. However, owing to intensive research & developments, battery costs are contracting year-on-year, and with increased implementation of performance-oriented motors in EVs, price is sustainably expected to decrease in the forecast years and hence, give positive rise to the electric commercial vehicles market in Europe.
In addition to that, the market is distributed into France, Germany, United Kingdom, Spain, Italy, Norway, Netherlands, Sweden, Belgium, and Poland. Majority of electric commercial vehicle demand comes from France, Germany & United Kingdom and will witness a growth of 23.11%, 20.69%, and 23.61% CAGRs, respectively, in the next five years in terms of volume and will drive the overall market in the forecast period.
Due to the implementation of lockdown to prevent the COVID-19 pandemic in the year 2020, sales of all vehicles were halted and also affected consumer spending. Nevertheless, in most of the regions across Europe, the market rapidly recovered at the end of the third quarter of 2020.
Key market players in the Europe electric commercial vehicle market include:
· Renault–Nissan–Mitsubishi Alliance
· Peugeot S.A.
· Ford Motors Corporation
· Toyota Motor Corporation
· Hyundai Kia Automotive Group
· Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF)
· BYD Auto Co. Ltd.
· AB Volvo
· Man SE
· Solaris Bus & Coach sp. z o.o
Renault–Nissan–Mitsubishi Alliance currently dominates with two-digit shares in Europe electric commercial vehicle market. Other market players include Peugeot S.A., Ford Motors Corporation, Toyota Motor Corporation, Hyundai Kia Automotive Group, Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF), BYD Auto Co. Ltd., AB Volvo, Man SE, Solaris Bus & Coach sp. z o.o, etc. which will contribute growth to the market in the forecast period.
Renault–Nissan–Mitsubishi Alliance 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 government’s safety and emission norms. The demand for commercial electric vehicles is anticipated to increase in the coming years on account of increased spending of fleet management companies on economic electric vehicles and the growing government’s initiatives to promote electric vehicles will tend to grow the market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Europe Electric Commercial Vehicle Market, By Propulsion Type (BEV, HEV, PHEV and FCEV), By Vehicle Type (Bus, Truck, and LCV), By Range (0-150 Miles, 151-250 Miles, 251-500 Miles and 501 Miles & Above), By Country (France, Germany, United Kingdom, Norway, Netherlands, Italy, Spain, Sweden, Poland, and Belgium), By Company and By Country, Forecast and Opportunities, 2017-2027”, has evaluated the future growth potential of Europe 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 Europe electric commercial vehicle market.
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