New market research report "Electric Commercial Vehicle Market by Propulsion (BEV, HEV, PHEV & FCEV), Vehicle Type (Bus, Truck, Pick-Up Truck and Van), Component, Range, Autonomous Vehicle, Charging Infrastructure, and Region - Global Forecast to 2025" published by MarketsandMarkets said that specific market is expected to grow at a CAGR of 39.85% during the forecast period to reach 1,831,865 units by the year 2025 from the estimated 125,212 units in 2017.
Increasing awareness of the pollution menace, government policies and mandates to restrict pollution, reduction in battery prices, and rapid adoption of electric vehicles such as buses and vans are some of the major factors driving the growth of Electric Commercial Vehicle Market. A key driver for the increase in adoption of Electric Commercial Vehicle in recent years is the changing consumer preference. Strategies to minimize the dependence on fossil fuel in developing economies are propelling the Electric Commercial Vehicle Market. Whereas, Electric Commercial Vehicles are used extensively by transportation companies in countries such as China, The Netherlands, and Sweden. All these factors are driving the market for Electric Commercial Vehicle Market.
Dailmer (Germany), Tesla (US), BYD (China), NISSAN (Japan), and Proterra (US) are the current world dominators in the electric commercial vehicle market.
Edited by Victoria Haviland
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