Global Commercial Electric Vehicles Market Analysis 2023 – Market Size And Key Drivers

The Commercial Electric Vehicles Global Market Report 2023 by The Business Research Company, provides commercial electric vehicles market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Commercial Electric Vehicles Global Market Report 2023, the market size grew from $88.45 billion in 2022 to $116.95 billion in 2023 at a compound annual growth rate (CAGR) of 32.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of the commercial electric vehicles market is expected to grow from $357.44 billion in 2027 at a CAGR of 32.2%.

Government subsidies to consumers and manufacturers help with the adoption of electric vehicles. The adoption of electric vehicles has been identified as an effective method to reduce carbon emissions and dependency on fossil fuels. So, the governments of many countries are providing direct subsidies to both buyers and manufacturers to increase the adoption rate of electric vehicles.

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The commercial electric vehicles market is segmented:

1) By Technology: Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles

2) By Vehicle: Bus, Truck, Pick-Up Truck, Van

3) By Charging Infrastructure: Pantograph, Plug-in, Inductive

Technological advances to improve charging speed and enhance battery design are the latest trend in the commercial electric vehicle market. Manufacturers are looking at solid-state batteries that use graphene as the potential solution and are expected to increase both the range and the charging speed of the batteries in electric vehicles. Apart from the improvements in battery design and charging speed, there will be a significant shift toward diversifying the sources of power for EVs. Solar panels have already become much more efficient at capturing the sun’s energy. With the recent development of three-phase charging, the most modern electric vehicles can charge up to 80% in just 30 minutes. For instance, Earthday, a Catalan startup, introduced fast-charging graphene-based batteries that weigh only 55 kg and use a paste-like electrolyte based on graphene. Earthday claims that the graphene-based battery charges up to 1350 times faster than normal batteries based on lithium technology.

The commercial electric vehicles market report table of contents includes: