Europe Electric Commercial Vehicle Market, By Propulsion Type (BEV, HEV, PHEV and FCEV), By Vehicle Type (Bus, Truck, and LCV), By Range (0-150 Miles, 151-250 Miles, 251-500 Miles and 501 Miles & Above), By Country (France, Germany, United Kingdom, Norway, Netherlands, Italy, Spain, Sweden, Poland, and Belgium), Competition, Forecast and Opportunities, 2017-2027
Europe electric commercial vehicle market stood at USD6071.31 million in the year 2021, growing at a CAGR of 25.35% during the forecast years to achieve the market value of USD22,494.01 million by 2027F. Growing demand for electric vehicles is driving the growth of the Europe electric commercial vehicle market in the upcoming five years. Expanding automotive industry and growing advancements in the automotive sector further support the growth of the Europe electric commercial vehicle market in the next five years. Rapid adoption of electric vehicles in the commercial sector to facilitate transportation in the region also aids the market growth. The use and sales of commercial vehicles have multiplied rapidly in recent years. With the growing demand for freight movements, demand for commercial vehicles is also increasing. A higher number of commercial vehicles mean higher pollution caused due to exhausting toxic gases. Increasing concerns for environmental degradation and inclination towards safe energy are also facilitating the growth of the Europe electric commercial vehicle market in the future five years. Moreover, the inclination of the government to promote green energy, control the energy consumption in the region, along with growing technological advancements, are some of the other factors substantiating the growth of the Europe electric commercial vehicles market in the forecast years.
The Europe electric commercial vehicle market is segmented by propulsion type, vehicle type, range, competitive landscape and country-wise analysis. In terms of propulsion type, the market is segmented into hybrid electric vehicles (HEVs), battery electric vehicles (BEVs), plug-in hybrids (PHEVs), and fuel cell electric vehicles (FCEVs). Based on vehicle type, the market is further divided into bus, truck, and light commercial vehicle (LCV). By range, the market is segmented among vehicles with ranges of 0-150 Miles, 151-250 Miles, 251-500 Miles, and 500 Miles & above.
Hybrid electric vehicles (HEVs) are anticipated to hold the largest revenue shares in the market and may dominate the propulsion type market segment in the upcoming five years. The highest revenue generation may be accounted to increasing demands for hybrid electric vehicles. Complete and 100% shift to electric vehicles is still a struggle worldwide. In such cases, the use of hybrid vehicles has increased and may help with increasing its popularity further among the population.
Renault–Nissan–Mitsubishi Alliance, Peugeot S.A., Ford Motors Corporation, Toyota Motor Corporation, and Hyundai Kia Automotive Group are the five leading players operating in the Europe electric commercial vehicle market. Other companies include Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF), BYD Auto, Volvo AB, Man SE, etc. Apart from these flagship companies, many start-up companies are also increasing their footprint in the Europe electric commercial vehicle market by pushing their low-cost products blended with ease of availability.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022E
Forecast Period: 2023F-2027F
Objective of the Study:
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