At the present time, the primary concern of the governments across the world is to somehow take care of the rapidly degrading environment. Vehicles, including commercial vehicles, are among the major contributors to the degrading quality of the air, which has led to the formulation and implementation of stringent environmental policies. Conventional diesel-based commercial vehicles are a considerable part of the public transportation system and contribute to the greenhouse has emissions (GHG) significantly. Hence, in order to reduce the emissions from traditional diesel-powered commercial vehicles, such as buses and trucks, the governments are focusing on spreading awareness regarding the environment among people and encouraging the deployment of low and zero emission transport systems. Due to these factors, the adoption of commercial vehicles which run on alternative fuels is growing. The governments are supporting this by announcing financial incentives for the purchase of these vehicles.

According to a research conducted by PS Intelligence, the global commercial electric vehicle market is predicted to reach $362.7 billion, witnessing a 13.3% CAGR in the coming years. Commercial electric vehicles include hybrid electric vehicle (HEV), fuel cell electric vehicle (FCEV), battery electric vehicle (BEV), and plug-in electric vehicle (PHEV). Out of these, the largest demand was created for BEVs during 2013–2017. The major factor responsible for this is the provision of subsidies, incentives, and other financial benefits offered by the government to increase the operation of eco-friendly vehicles. This category includes all the commercial electric vehicles that only use battery as their primary source for propulsion.     

COMMERCIAL ELECTRIC VEHICLE MARKET

• By Propulsion – Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), and Fuel Cell Electric Vehicle (FCEV)
• By Vehicle Type – Electric Bus [10 m, 10 m], Electric Truck [Light-duty truck (LDT), Medium-duty truck (MDT), and Heavy-duty truck (HDT)]
• By Battery – Lithium-iron-phosphate (LFP), Lithium-nickel-manganese–cobalt oxide (NMC), and Others
• By Cell Format – Pouch, Prismatic, and Round
• By Region – North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW)

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The emergence of autonomous vehicles is also projected to drive the demand for commercial electric vehicles in the near future. Autonomous vehicles are equipped with features such as global positioning system, light detection and ranging, and computer-aided vision, which help in perceiving the surroundings. In the last few years, automated driving has gained popularity among the end users as this technology provides reduced costs (including maintenance costs, labor, and fuel) and improved efficiency (more predictable transport times). Ascribed to all these factors, original equipment manufacturers such as AB Volvo, SB Drive, Navya SAS, Easy Mile SAS, and SB Drive are embracing autonomous driving and are further working toward the development of autonomous vehicles.