Electric Heavy Vehicle Market Size Worth $1,831,865 Units By 2028
Market Scenario
Global Electric Heavy Vehicle Market was volume 125,215 Unit in 2017 and is estimated to reach 1,831,865 Units by 2026 at a CAGR of about 39.85% during a forecast period.
The report electric heavy vehicle market based on propulsion, vehicles, and region. In terms of propulsion, the electric heavy vehicle market is classified into battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV). Based on vehicles, the electric heavy vehicle market is categorized into bus, truck, pick-up truck and van. Region wise into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
The major drivers of electric heavy vehicle market are the need for fuel-efficient and emission-free vehicles and the increase in demand for electric commercial vehicle such as electric truck in the logistics industry to minimize the additional liability of fuel expenses. With strong electric-vehicle technology, infrastructure is also becoming increasingly cost competitive and available which is the major factor that will drive the growth and adoption of electric heavy vehicles. The less number of charging stations and high cost involved in the initial development of electric heavy vehicle are restraining factors for the electric heavy vehicle market. Government funds and incentive programs to encourage adoption of electric heavy vehicles such as public buses and electric trucks will be creating opportunities in upcoming years.
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Global Electric Heavy Vehicle Market
In terms of propulsion, battery electric vehicle accounts for the largest market share in the electric heavy vehicle market and is expected to grow with the highest CAGR during the forecast period because of its wide application in number of types of vehicles. The growth of BEV in electric heavy vehicle market is mainly due to two factors such as advancement in battery capacity which fulfils the power requirement in electric commercial vehicle and the decrease of the price of EV battery.
Based on vehicles, the market share for bus in electric heavy vehicle market is estimated to be the highest in 2017 and is expected to remain predominant during the forecast period. Various government mandates and individual country targets to phase out fossil fuel-based public transportation system and to replace them with electric buses will help the bus market grow over the forecast period.
In terms of region, Asia Pacific region is expected to hold the largest volume share of global electric heavy vehicle market in year 2017.The segment is projected to grow with a significant CAGR in the forecast period. On the other hand, U.S. is the fastest growing region for plug-in hybrid trucks market majorly fuelled by the introduction of new electric heavy vehicles and the regional market value is anticipated to increase at a CAGR of more than 50% during the forecast period.
Some of the key players in the electric heavy vehicle market are Orange EV, Tesla, Hino Heavy Vehicles, Isuzu Motors Limited, Nissan, Goupil Industries, Dong Feng Motors, Iveco, Efficient Drivetrains Inc (EDI), BYD, Wrightspeed, Renault & Groupe Delanchy, Cummins Inc., Daimler AG and Nikola Motor Company.
Scope of Global Electric Heavy Vehicle Market
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Electric Heavy Vehicle Market by propulsion
• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Fuel Cell Electric Vehicle (FCEV)
Electric Heavy Vehicle Market by Vehicles
• Bus
• Truck
• Pick-Up Truck
• Van
Electric Heavy Vehicle Market by Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Key Players operating in Global Electric Heavy Vehicle Market
• Orange EV
• Tesla
• Hino Heavy Vehicles
• Isuzu Motors Limited
• Nissan
• Goupil Industries
• Dong Feng Motors
• Iveco
• Efficient Drivetrains Inc (EDI)
• BYD
• Wrightspeed
• Renault & Groupe Delanchy
• Cummins Inc.
• Daimler AG
• Nikola Motor Company
• Proterra
• LG Chem
• Samsung SDI
• Panasonic
• Delphi
• ABB
• Siemens
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