Electric Commercial Vehicle Market Size Worth $848.94

New York,USA, Aug. 27, 2022 (GLOBE NEWSWIRE) — The global Electric Commercial Vehicle Market size was USD 57.13 Billion in 2021 and will reach USD 848.94 Billion by the year 2030 with a 9.51% CAGR. The electric commercial type of vehicle is referred to as those that are exclusively powered by electricity instead of gasoline or diesel. Factors like a hike in fuel costs, an increase in demand for E.V.s, and the wide range of availability of the E.V.s at a cheap price are extensively augmenting the market growth. 

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Key Highlights of the Electric Commercial Vehicle Market:

• The Electric-Van segment accounted for the maximum share of 40.26% for the Vehicle Type sector. 
• The Li-Ion Phosphate/LFP segment of the Battery Type section led the market with a share of 58.56%.
• For Propulsion Type, the PHEV/ Plug-In Hybrid E.V. accounted for the maximum market share of 46.77%.
• For the End-User section, the Last-mile delivery segment led the market growth with a 29.87% share.
• For the Regional section, Asia-Pacific comprehensively dominated the market with a total share of 48.18%.  

Factors Expediting the Electric Commercial Vehicle (ECV) Market growth: 

(Rise in prices of fossil fuels, Lower cost of maintainenece, and the rise in government funding for the technological developments of ECVs are driving the overall growth of the market)

• A major hike in the price of fossil fuels is one of the primary reasons augmenting the market growth. SMR’s survey revealed that around 84.11% of automobiles across the world rely on fossil-fuels for their energy supply. Since the price of fossil-fuels has crossed its limits, the countries like Norway, Germany, USA, China, etc. are switching to renewable sources of energy, which has resulted in an increasing demand for ECVs, thereby propelling the market growth. Furthermore, SMR’s…