The transport sector is one of the most significant contributors to GHG emissions globally, owing to which many countries worldwide are focusing on converting the existing fleet of commercial vehicles to zero-emission electric vehicles. With the upcoming government mandates on emissions caused by vehicles, the automotive industry is focusing on efficiency, emission-free propulsion, and innovative technologies. The electric commercial vehicle, especially electric pick-up trucks and electric vans is expected to witness significant growth during the forecast period, driven by e-commerce, logistics, delivery and mobility growth. While these vehicles are expected to enhance the performance and range of electric commercial vehicles, factors such as significant charging time, high price, limited life of batteries, and inadequate availability of charging stations make users hesitant to opt for electric commercial vehicles over ICE commercial vehicles.
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The use of electric commercial trucks would also greatly benefit logistics companies, whose profits have been steadily declining due to the continually rising fuel prices. Key OEMs such as BYD (China), Mercedes Benz Group AG (Germany), AB Volvo (Sweden), Nikola Motors (US), and Volkswagen AG (Germany) have launched electric light trucks, electric vans, medium and heavy-duty trucks in recent years.
As per Atin Jain, Team Lead (Automotive and Transportation) at MarketsandMarkets Research, “The adoption of electric commercial vehicles is growing rapidly, driven by factors such as excessive emissions by fossil fuel-powered commercial vehicles, fluctuations in fuel prices, government subsidies, incentives and favorable policies. Continuous improvements in charging infrastructures have also led to adoption of electric commercial vehicles across the globe. R&D activities are being carried out to improve battery technology, reduce battery cost, reduce charge time and increase vehicle range.
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