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
As per the latest report by Meticulous Research®, the global electric commercial vehicle market is anticipated to reach $920.9 billion by 2031, with a strong CAGR of 25.4% from 2024 to 2031. By volume, the market is expected to hit 9.4 million units by 2031, growing at a CAGR of 26.3%. The market’s growth is fueled by favorable government policies, increased investments from major automotive OEMs, and falling battery prices. However, high initial costs and the lack of charging infrastructure in developing regions are key challenges.
Emerging economies and smart city projects offer significant growth opportunities, while limitations in driving range and heavy-duty performance remain constraints. The market is segmented by vehicle type (light and heavy commercial vehicles), propulsion type (battery and hybrid electric vehicles), power output, and end-use applications such as public transport and logistics.
In 2024, light commercial vehicles are projected to dominate the market due to rising awareness of emissions reduction and regulatory pressures. Battery electric vehicles are expected to lead by propulsion type, driven by emission standards and decreasing battery costs. The 100 kW to 250 kW power output segment is set to dominate, supported by the adoption of electric buses and trucks. Public transport will also account for the largest end-user share, boosted by fuel price increases and stricter emissions regulations.
Geographically, Asia-Pacific is poised to lead in 2023, supported by comprehensive policies and incentives, while Europe is expected to register the highest growth rate, driven by increasing electric vehicle adoption for public transportation and freight. Key market players include NFI Group Inc., AB Volvo, Traton SE, Mercedes-Benz Group, and others.
Buy Now@ https://www.meticulousresearch.com/Checkout/57359007?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=20-09-2024
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