Global Industrial Electric Vehicles Market is expected to Exhibit a CAGR of 20.2% During the Forecast Period

The latest market report published by Credence Research “Global Industrial Electric Vehicles Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global Industrial Electric Vehicles market attained revenue of around USD 165.21 billion in 2020 and expected to cross a CAGR of over 30.1% during the forecast period from 2021 to 2027 to reach around USD 800.71 billion in 2027.

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An electric vehicle runs on electricity through electric motor instead of an internal combustion engine, which demands continuous supply of energy from batteries. In these cars, varieties of batteries are used. Lithium ion, zinc-air, molten salt, and various nickel-based designs are among them. Electric vehicles were created to replace traditional modes of transportation, which pollute the atmosphere. Due to various technological advances, electric vehicles have grown in popularity.

Key Trends in Global Industrial Electric Vehicles Market

Growing concern regarding environmental pollution

ICE vehicles release a large amount of greenhouse gases into the atmosphere. To combat this, policymakers in a number of countries have taken steps to promote the use of electric vehicles. These programmes will contribute to the improvement of air quality. The use of electric vehicles would minimize reliance on fossil fuels. Furthermore, compared to ICE cars, electric vehicles have lower maintenance and running costs.

Impact of COVID 19 on Industrial Electric Vehicles Market

The COVID-19 has severely impacted automotive industry across the world. It also led to shut down of various automotive production facilities. Somehow, as the lockdown was lifted in most countries, there was a healthy rise sale of EV. MEV and HEV led the sales. The period from 2022 to 2024 is considered to be the most optimistic for the sales as key players are planning to launch new products.

Global Industrial Electric Vehicles Market by Type Insights

Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV) and Hybrid Electric Vehicles (HEV) are some of the major types of industrial electric vehicles. In terms of sales, the PHEV segment had estimated market share of more than 31.8 percent in 2020. In terms of sales, the BEV segment is assessed to reach a CAGR of 26.7% during the upcoming years. This can be due to rising environmental awareness and the gains from BEVs.

Global Industrial Electric Vehicles Market by Vehicle Type Insights

Global market is segmented based on Vehicle Type as Two-wheelers, Passenger Cars, and Commercial Vehicles. The Passenger Cars held highest share in 2020 owing to surged sales and demand in Asia-Pacific. High adoption is result of presence of EV manufacturers’ original equipment manufacturers.

Global Industrial Electric Vehicles Market by Regional Insights

The forecast for global EV sales in 2020 is becoming more complicated in the wake of COVID-19. The preliminary electric vehicle sales data for January and February is very promising in Europe and encouraging in the United States, but dismal in China, where the total vehicle demand fell by 80% in February. Insufficient parts availability could impact the global car industry for a longer time if quarantines and plant closures persist through Q2.

Global Industrial Electric Vehicles Market Competitive Landscape

Most prominent players in the global industrial electric vehicles market include BMW Group, Tesla, Daimler AG, Nissan Motor Corporation, Volkswagen AG, Toyota Motor Corporation, General Motors, BYD Company Motors, Energica Motor Company S.p.A., and Ford Motor Company. The report has profiles of key players.

Market Segmentation

Global Industrial Electric Vehicles Market by Type, 2015 – 2027

· Battery Electric Vehicles (BEV)

· Hybrid Electric Vehicles (HEV)

· Plug-in Hybrid Electric Vehicles (PHEV))

Global Industrial Electric Vehicles Market by Vehicle Type, 2015 – 2027

· Two-wheelers

· Passenger Cars

· Commercial Vehicles

Global Industrial Electric Vehicles Market by Region, 2015 – 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Industrial Electric Vehicles Market: Key Players

· Tesla

· BMW Group

· Nissan Motor Corporation

· Toyota Motor Corporation

· Volkswagen AG

· General Motors

· Daimler AG

· Energica Motor Company S.p.A.

· BYD Company Motors

· Ford Motor Company