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IN THE NEWSApril 20, 2021- Volvo Trucks announced the electrification of large parts of heavy road transport, by launching three new heavy-duty all-electric models. The launch is driven by company’s own ambitious climate goals, as well as consumer demand for cleaner transports.
The global electric delivery vans market is estimated to garner a large amount of revenue and grow at a CAGR of ~17% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing emphasis of government on electrification of public transport fleet, increasing demand for emission-free delivery vans, and escalating adoption of electric vehicles worldwide. According to the International Energy Agency, the stock of electric cars around the world rose up to more than 7.2 million in 2019, up from about 5 million in the year 2018. Around 2.1 electric cars were sold in 2019. Along with these, surge in environmental concerns around the world is giving impetus to the imposition of stringent emission regulations, which in turn is expected to significantly contribute to the market growth in the forthcoming years. Moreover, rising number of new product launches and collaborations among major companies is projected to offer ample growth opportunities to the market in the near future.
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The market is segmented based on propulsion type into battery electric truck, hybrid electric truck, plug-in hybrid electric truck, and fuel cell electric truck, out of which, the hybrid electric truck segment is anticipated to hold the largest share in the global electric delivery vans market. This can be accounted to the environment-friendliness, financial benefits, regenerative braking system and low dependence of these vehicles on fossil fuels. Additionally, on the basis of application, the segment for distribution services is predicted to acquire the largest share during the forecast period owing to the growing demand for electric delivery vans in the logistics industry resulting from the rapid expansion of e-commerce services. Apart from these, increase in usage of green vehicles in the distribution services industry is also assessed to drive growth to the market segment in the imminent time.
On the basis of geographical analysis, the global electric delivery vans market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the North America region is estimated to grab the largest share and witness noteworthy growth over the forecast period on the back of the rising technological advancements in electric vehicles, and high awareness levels about fossil fuel emissions. In addition, intensifying government support regarding electrification of delivery trucks is also evaluated to boost market growth in the coming years. Furthermore, the market in Europe is also assessed to occupy significant market share during the forecast period ascribing to favorable government policies associated with the manufacture of green vehicles and the strong presence of electric vehicle companies in the region. As per the European Environment Agency, the uptake of electric vans increased in Europe, from 0.8 % of total registrations in 2018 to 1.3 % in 2019. In 2019, electric car registrations were close to 550,000 units, having reached 300,000 units in 2018.
The global electric delivery vans market is further classified on the basis of region as follows:
Our in-depth analysis of the global electric delivery vans market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing emphasis of government on electrification of public transport fleet and increasing demand for emission-free delivery vans.
The market is anticipated to attain a CAGR of ~17% over the forecast period, i.e., 2022 – 2030.
Limited battery capacity of electric delivery vans is estimated to hamper the market growth.
North America will provide more business opportunities for market growth owing to the rising technological advancements in electric vehicles, and high awareness levels about fossil fuel emissions in the region.
The major players in the market are Rivian SCANIA AB, Dongfeng Motor Group Co., Ltd, BYD Company Ltd, DAIMLER AG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by propulsion type, range, application, and by region.
The distribution services segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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