According to the TechSci Research report, “India Electric Commercial Vehicle Market – By Region, Competition, Opportunity, and Forecast, 2019-2029F“, the market is anticipated to grow with a rapid CAGR in the upcoming years.
Due to growing public awareness of the risks to the environment and the harm that traditional petrol and diesel vehicles cause to the ecosystem, the market for electric commercial vehicles is growing fast. Commercial vehicles that run on electricity rather than petrol, crude oil, diesel, or other by-products, are the most popular on the market. Electric commercial vehicles will become increasingly common in the E-commerce and logistics companies E-commerce companies have embraced electrification in a big way, and a lot of logistics players have completely electrified fleets for the first and last mile. Many businesses are under pressure to go green, which is driving electrification in the small and light commercial segments.The zero-emission strategy is growing the demand for commercial electric vehicles, and the government has already begun the green push by authorizing electric garbage dumping trucks and intercity electric buses. The rising importance of environmental, social, and governance framework (ESG) is a critical cause for the commercial transportation industry’s increased interest and investment in electrification. Managing environmental, social, and governance (ESG) issues is critical for automakers today. As a result, tiny and light CVs are developing as a sweet spot for operations. Furthermore, rising fuel costs are resulting in a large price gap with power rates. The government has set a target of electrifying 30% of the country’s vehicle fleet by 2030 and has implemented several incentives and regulations to encourage the growth of the EV industry. The Union budget for FY24 has provided a significant boost to the sector in terms of electric car manufacturing, hydrogen acceptance, and emerging technology.The adoption of electric vehicles is being driven by significant growth in industries such as logistics and supply chain organizations. Furthermore, the country’s tough pollution restrictions are pressing many firms to electrify their automobiles, moving the market forward. Meanwhile, low-emission zones are forcing fleets to use cleaner diesel trucks. The market is booming because of the developments in battery technology and the extensive use of cutting-edge technologies such as ADAS, AI, IoT, and others in offering the most up-to-date features in their goods. Major firms make investments to boost OEM competition and market expansion. Players are also working together to develop new goods and infrastructure for electric commercial vehicles.
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The India Electric Commercial Vehicle market can be segmented by vehicle type, propulsion type, by battery capacity, end user, and region. By vehicle type, the market is segmented into Light Commercial Vehicle (LCV) and Heavy Commercial Vehicle (HCV). Due to increased demand for electric light commercial vehicles in the logistics industry, it is anticipated to grow at a significantly quick CAGR over the forecast period. Fuel price increases prompted logistics organizations to utilize electric vehicles to save transportation costs. Based on the Propulsion type, the market is divided into four categories Battery electric vehicle (BEV), Plug-in Hybrid Vehicle (PHEV), and Fuel cell electric vehicle (FCEV). Based on Battery capacity, the market is segmented into <50kwh, 50-150kwh, >150kwh. Based on the end user, the market is divided into Logistics and Last Mile Delivery. Due to the increase in online selling and the quick growth of e-commerce, the last-mile delivery segment is predicted to grow at a considerably rapid CAGR throughout the forecast period.Some of the major players operating in the India Electric Commercial Vehicle Market include:
- Tata Motors LimitedPMI Electro MobilityOlectra GreenTechJBM Motor LimitedAshok Leyland Ltd.Infraprime Logistics Technologies Pvt Ltd.Mahindra & Mahindra Limited.Eicher Motors LimitedOmega Seiki Mobility Limited
- Introduction 1.1. Product Overview1.2. Key Highlights of the Report1.3. Market Coverage1.4. Market Segments Covered1.5. Research Tenure Considered
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“With the increasing expansion of the E-commerce and logistics industry, this industry is adopting electric commercial vehicles for their supply chain & distribution, thereby increasing the Electric commercial vehicle market. Also with the environmental concerns, the government is promoting electric commercial vehicle adoption in the daily commute. Furthermore, many players are heavily investing in the electric vehicle ecosystem to have a competitive edge over others. Considering all the above factors, the India Electric Commercial Vehicle market has the potential to thrive in the upcoming years.” Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.“India Electric Commercial Vehicle Market by Vehicle Type (Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Buses) By Propulsion Type (Battery Electric Vehicle (BEV), Plug-in Hybrid Vehicle (PHEV)), Fuel Cell Electric Vehicle (FCEV)), By Battery Capacity (<50kwh, 50-150 kwh,>150kwh), By End User (Logistics, Last mile Delivery), By Region Competition Forecast & Opportunities, 2019- 2029F”, has evaluated the future growth potential of India Electric Commercial Vehicle Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India Electric Commercial Vehicle Market. You may also read:Automotive Bearings Market – Trends, Share [Latest] & Forecast.Automotive Air Conditioning Market Worth [2029], Overview, Trends, ForecastCar Door Latch Market [2029] Analysis, Dynamics, and Key Players.Automotive Connectors Market Value, Trends [2029], Economy, Expansion, LeaderAutomotive Microcontrollers Market Analysis, Development [2029], Key Terms Table of Content-India Electric Commercial Vehicle Market- Research Methodology
2.1. Objective of the Study2.2. Baseline Methodology2.3. Key Industry Partners2.4. Major Association and Secondary Sources2.5. Forecasting Methodology2.6. Data Triangulation & Validation2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview3.2. Market Forecast3.3. Key Regions3.4. Key Segments
- Impact of COVID-19 on India Electric Commercial Market
4.1. Key Segments Impacted4.2. Key Regions Impacted
- Voice of Customer Analysis
5.1. Factors Influencing Purchase Decision5.2. Brand Awareness5.3. Challenges/Issues Faced Post Purchase
- India Electric Commercial Market Outlook
6.1. Market Size & Forecast6.1.1. By Volume6.1.2. By Value6.2. Market Share & Forecast6.2.1. By Vehicle Type Market Share Analysis (Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Buses)6.2.2. By Propulsion Type Market Share Analysis (Battery Electric Vehicle (BEV), Plug in Hybrid Vehicle (PHEV))6.2.3. By Battery Capacity Market Share Analysis (<50kwh, 50-150 kwh,>150kwh)6.2.4. By End User Market Share Analysis (Logistics, Last mile Delivery)6.2.5. By Regional Market Share Analysis6.2.5.1. North Market Share Analysis6.2.5.2. South Market Share Analysis6.2.5.3. West Market Share Analysis6.2.5.4. East Market Share Analysis6.2.6. By Company Market Share Analysis (By Value, 2023)