The global electric commercial vehicle market is anticipated to grow at a lucrative CAGR of 19.0% during the forecast period (2020-2026). Electric commercial vehicles are the best option to replace traditional commercial vehicles while bringing sustainability to the environment. Replacement of traditional vehicles with electric ones is a costly endeavor. Therefore, the government’s support in the form of funding, subsidy, or grant will fuel the growth of the global electric commercial vehicle market.
Moreover, witnessing the opportunity in the electric commercial vehicle industry, multiple start-ups have secured funding in the last couple of years. Some of the major investments in the field of the electric commercial vehicle include GM funding to Nicola; Amazon and BlackRock funding to Rivian. In September 2020, GM partnered with Nikola Motor Co., a US-based manufacturer of electric hydrogen-fuel cell vehicles and trucks. GM bought the 11.0% ownership of the start-up for $2 billion.
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Besides, in July 2020, Rivian, an EV start-up has raised $2.5 billion, bringing its total funding to date to around $6.0 billion ahead of the launch of its all-electric pickup truck and SUV in early 2021. The new funding comes from Soros Fund Management LLC, Coatue (a hedge fund), Fidelity Management and Research Company, and investment firm Baron Capital Group. The huge influx of money in the companies will provide the required capital to establish their manufacturing and marketing capabilities all across the globe during the forecast period.
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Market Coverage
- Market number available for – 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segment Covered- By Vehicle Type, By Range, By Application
- Regions Covered- North America, Europe, Asia-Pacific, Rest of the World
- Competitive Landscape- BYD Co. Ltd; Rivian, Nikola Motor Co.; Proterra, Inc; AB Volvo; Tesla Inc.
Key questions addressed by the report.
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Electric Commercial Vehicle Market report Segment
By Vehicle Type
- Electric Bus
- Electric Truck (Medium and Heavy Duty Trucks)
- Electric Pick-up Truck
By Range
- Less than 250 Km
- 250- 500 Km
- Above 500 Km
By Application
- Public
- Private
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
