Commercial Electric Vehicles Market Value Expected to Reach $132.73 Billion by 2022
LONDON, March 27, 2020 /PRNewswire/ -- TheBusinessResearchCompany.com announces addition of new report "Global Commercial Electric Vehicles Market Report 2020" to its research database. According to this report, Asia Pacific accounts for about 35% of the global commercial electric vehicles market.
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Read More On The Business Research Company's Commercial Electric Vehicles Market Report @ https://www.thebusinessresearchcompany.com/report/commercial-electric-vehicles-global-market-report .
Government Subsidies Will Drive The Commercial Electric Vehicles Market At Around 40% CAGR
The global commercial electric vehicles market was valued at about $34.7 billion in 2018 and is expected to grow to $132.73 billion at a compound annual growth rate (CAGR) of 39.9% through 2022. Government subsidies to consumers and manufacturers help in the adoption of electric vehicles. The adoption of electric vehicles has been identified as an effective method to reduce carbon emissions and dependency on fossil fuels. So, the governments of many countries are providing direct subsidies to both the buyers and manufacturers to increase the adoption rate of electric vehicles. For example, subsidies provided to an electric bus manufacturing company in China propelled the electric bus sales from 1000 units in 2011 to 1,32,000 units in 2016. In March 2019, the Indian government, under the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) scheme, announced an outlay for 1434.45 million USD (10,000 crore) to promote the use of electric vehicles and hybrid vehicles. The scheme will have a 213.6 million USD (1,500 crore) outlay in 2019-20, 716.7 million USD (5,000 crore) in 2020-21, and 501.69 USD (3,500 crore) in 2021-22. It will cover buses with Electric Vehicle (EV) technology; electric, plug-in hybrid and strong hybrid four wheelers; electric three-wheelers including e-rickshaws, and electric two-wheelers.
Manufactured commercial electric vehicles include Battery Electric Vehicles (BEV), Hybrid Electric Vehicles, and Plug-in Hybrid Electric Vehicles (PHEV). Request A Sample Of The Commercial Electric Vehicles Market Report @ https://www.thebusinessresearchcompany.com/sample.aspx?id=2496&type=smp .
Technological Advances In The Commercial Electric Vehicles Market
Technological advances to improve charging speed and enhance battery design is the latest trend in the global commercial electric vehicles market. Manufacturers are looking at solid-state batteries which use graphene as the potential solution and increase both range and the charging speed of the electric vehicles' batteries. Apart from the improvements in battery design and charging speed, there will be a significant shift towards diversifying the sources of power for EVs. Solar panels have already become much more efficient at capturing the sun's energy. With the recent development of three phase charges, most modern electric vehicles can charge up to 80% in just 30 minutes. For instance, Earthdas, a Catalan startup founded in 2016, introduced fast charging graphene-based batteries in 2018 that weighed only 55 Kgs and used a paste-like electrolyte based on graphene. Earthdas claims that the graphene-based battery charges up to 1,350 times faster than normal batteries based on lithium technologies.
Commercial Electric Vehicles Market Restraint
The difference in vehicle performance acts as a restraint on the growth of the commercial electric vehicle market. Electric vehicles provide excellent torque at low speed, but at high speeds the performance drops. The range of current battery electric vehicles (BEVs) is typically between 50 to 100 miles. For example, the Nissan LEAF electric vehicle has high torque, 236 lb-ft, but relatively low power at 147 HP. On the other hand, the conventional fuel car Honda S2000 has a decent power of 256 whp.
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Government Regulations On Alerting Systems In Electric Vehicles
In Europe, the parliament mandates the installation of appropriate vehicle alerting systems in electric vehicles. Electric cars and plug-in hybrid cars such as the all-electric BMWi3 or the Toyota Prius currently emit less sound when running on electric power only. Campaigners say this is dangerous for partially sighted and blind people. Keeping this in mind, liberal democrat MEPs introduced an amendment which makes it mandatory to install vehicle alerting systems in electric vehicles. The regulation was passed and implemented in April 2014.
Bharat Forge Acquires Tevva Motors
Major players in the global commercial electric motors market are Tesla, Nissan, BMW, Chevrolet and Ford. Companies in the market have been investing in mergers and acquisitions to strengthen their businesses. In June 2018, Bharat Forge acquired 35.26% of Tevva Motors for $0.9 billion. The joint venture is expected to enhance the production of two-wheeler and commercial electric vehicles. Tevva Motors, a UK-based company, provides electric powertrain solutions for commercial vehicles & buses in the 7.5 -14 Tones weight category.
Here Is A List Of Similar Reports By The Business Research Company:
Passenger Electric Vehicles Global Market Report 2020
Electric Bikes And Scooters Global Market Report 2020
Electric Vehicle Battery Manufacturing Global Market Report 2020
Electric Vehicle Charging Stations Equipment Global Market Report 2020
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