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The electric commercial vehicle market is poised to grow by 531.99 th units during 2020-2024 progressing at a CAGR of 25% during the forecast period. The reports on the electric commercial vehicle market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the growing focus on reducing vehicular emissions, increasing adoption of EVs for improved logistics and transportation, and favorable government initiatives.
The electric commercial vehicle market analysis includes product segment and geographic landscape. This study identifies the growing focus on strategies to develop advanced ECVs as one of the prime reasons driving the electric commercial vehicle market growth during the next few years. Also, technological advances in ECVs and the integration of telematics and autonomous technologies will lead to sizable demand in the market.
The Electric Vehicles Market is projected to reach 26,951,318 units by 2030 from an estimated 3,269,671 units in 2019, at a CAGR of 21.1% during the forecast period. The base year for the report is 2018, and the forecast period is from 2019 to 2030. The electric vehicle market has witnessed rapid evolution with the ongoing developments in automotive sector. Favorable government policies and support in terms of subsidies and grants, tax rebates and other non-financial benefits in the form of car pool lane access, and new car registration (specifically in China where ICE engine new car registration are banned in some urban areas) the increasing vehicle range, better availability of charging infrastructure and proactive participation by automotive OEMs would drive the global electric vehicle sales.