Electric commercial vehicle market to grow from $18.9 billion in 2022 to $23.9 billion in 2027, registering a CAGR of 4.8% – Yahoo Finance | CarTailz



As part of this research, electric all-terrain vehicles (ATVs), utility task vehicles (UTVs), utility carts, shuttle carts, and industrial utility vehicles were mapped. The growth of the e-commerce and logistics industry over the years has increased the demand for electric industrial utility vehicles (for internal operations).

New York, Nov. 08, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Electric Commercial Vehicles Market by Vehicle Type, Application, Battery Type, Powertrain Type, Propulsion, Seating Capacity – Global Forecast to 2027” – https: //www.reportlinker.com/p06361569/?utm_source=GNW
With the rapid deployment of charging stations around the world, the demand for slow vehicles such as electric and shuttle cars has also increased. Technological breakthroughs in EV batteries and other EV technologies have made it possible to have high-performance motors in electric ATVs and off-road UTVs (comparable to their ICE counterparts). This will cause a shift in demand for electric ATVs and UTVs in the years to come. The market for electric utility vehicles is dominated by established players such as Polaris (USA), Club Car (USA), Toyota Industries Corporation (Japan), John Deere (USA) and Textron (USA), among others. These players have worked to provide offerings for the commercial electric vehicle ecosystem. They have initiated partnerships to further develop their technology and offer best-in-class products to their customers.

Electric industrial commercial vehicles will be the largest market segment during the forecast period
Electric industrial utility vehicles are used for material transport in various industries. Battery powered industrial vehicles use rechargeable batteries to power the respective vehicles.

These vehicles have gained a lot of traction in recent years. They have the advantage of being environmentally friendly.

These engines produce fewer emissions, making industrial electric vehicles an ideal green machine for warehouse and industrial projects.
The process of industrialization has accelerated in the last decade and increased the use of electric industrial vehicles. In regions like Asia Pacific, Europe and North America, most industrial vehicles are electric.

For example, around 64% of forklifts in North America are electric. Today, industrial electric vehicles are widely used in the logistics and warehousing industries for load carrying and towing, towing and other purposes.

Most logistics providers around the world focus on reducing their carbon footprint. In order to reduce CO2 emissions and other exhaust gases, industrial vehicle manufacturers are focusing on battery-powered vehicles.

Many industrial electric vehicle manufacturing companies such as BYD, Toyota Industries Corporation, WAEV and Kion Group have made technological advances, acquisitions and partnerships to expand their industrial vehicle production line. For example, in July 2022, Toyota Material Handling, a subsidiary of Toyota Industries Corporation, announced the acquisition of Penn West Toyota Lift, a forklift dealership in Mount Pleasant, Pittsburgh, Erie and Pennsylvania.

Li-ion batteries will lead the demand for electric commercial vehicles during the forecast period
According to the Alternate Fuel Data Center (AFDC), most all-electric vehicles and plug-in hybrid electric vehicles (PHEVs) use lithium-ion batteries. Research and development continues to reduce their relatively high cost, increase their durability, and improve safety overheating concerns.

Electric utility vehicles have become popular with the increased demand for city cars, golf carts, industrial vehicles, and commercial vehicles. Traditionally, these vehicles were powered by lead-acid batteries, which were bulky and heavy.

Lithium-ion batteries, which are only a third of the weight of lead-acid batteries, offer almost 100% charging and discharging efficiency.
Equipping an electric commercial vehicle with a lithium-ion battery can significantly increase the weight-to-power ratio. In 2019, EZ-GO developed the EZ-GO Elite Lithium Vehicle powered by Samsung SDI Lithium technology.

The company stated that the EZ-GO RXV Elite Lithium vehicle had an annual running cost of $3,000, consumed 2.98 kWh of energy and the battery weighed 46 LB, which is nearly eight times lighter than a 328 LB lead-acid battery . Other OEMs such as Club Car have the Onward Series and Tempo Lithium Ion Series, and Yamaha Motor Co Ltd. has the AC2 series. Many domestic players in the electric utility vehicle market are focused on manufacturing lithium-ion battery-powered vehicles, such as Speedways Electric of India, which develops commercial electric vehicles, custom electric utility vehicles, food and beverage carts, SGC series golf carts, and luxury golf Cart – Royale Series for its clients from Tata, Aditya Birla Group, Godrej, Westin Hotels and Resorts and other industries.

North America will become the value leader in the electric commercial vehicle market in the coming years
North America accounts for the largest share of electric ATV, UTV, utility cart, and shuttle cart sales. The US is the largest contributor, followed by Canada and Mexico.

The US has a high demand for these electric utility vehicles due to their use in recreational activities, agriculture and commercial transportation. Additionally, the popularity of mountain biking, trailing, off-road championships/events and also favorable terrain/weather are fueling demand for these vehicles.

The region is home to top players in the commercial electric vehicle market. Canada is an emerging market and is likely to grow faster than the US and Mexico in the years to come.

In-depth interviews were conducted with CEOs, marketing executives, other innovation and technology leaders, and executives from various key organizations operating in this market.
• By company type: Tier I – 67%, Tier II and Tier III – 9% and OEMs – 24%
• By title: CXOs – 33%, Managers – 52%, Executives – 15%
• By region: North America – 20%, Europe – 34%, Asia Pacific – 38%, Rest of World – 8%
The market for electric commercial vehicles is dominated by established players such as Polaris (USA), Club Car (USA), Toyota Industries Corporation (Japan), John Deere (USA) and Textron (USA), among others. They have worked on providing offerings for the commercial electric vehicle ecosystem.

They have initiated partnerships to further develop their electric commercial vehicle technology and offer best-in-class products to their customers.

Research Coverage:
The report covers the Electric Commercial Vehicles market based on Vehicle Type, Battery Type, Powertrain Type, Powertrain, Seating Capacity, Application and Region (North America, Europe, Asia Pacific and Rest of the World). It covers the competitive landscape and company profiles of the major players in the electric utility vehicle ecosystem.
The study also includes an in-depth competitive analysis of the key market players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key benefits of purchasing the report:
• This report will assist market leaders/new entrants with information on the closest possible approximation of sales figures for the entire EV ecosystem and its sub-segments.
• This report will help stakeholders understand the competitive landscape and gain more insights to better position their companies and plan appropriate go-to-market strategies.
• This report will also help stakeholders to understand the pulse of the market and provide information on the key market drivers, restraints, challenges and opportunities.
Read the full report: https://www.reportlinker.com/p06361569/?utm_source=GNW

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