India Electric Commercial Vehicle Market is Growing Due to E-commerce and Logistics Industry
Rising focus on
reduction in carbon emission, government initiatives and policies, and low
operational and maintenance costs are driving the growth of India Electric
Commercial Vehicle market.
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 the 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 logistic 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 authorising 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
organisations. 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, by propulsion type, by battery
capacity, by end user and by 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 organisations to utilise
electric vehicles to save transportation costs. Based on the Propulsion type, the
market is divided in 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, 50-150 kwh, >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 Limited
·
PMI Electro Mobility
·
Olectra GreenTech
·
JBM Motor Limited
·
Ashok Leyland Ltd.
·
Infraprime Logistics Technologies Pvt Ltd.
·
Mahindra & Mahindra Limited.
·
Eicher Motors Limited
·
Omega Seiki Mobility Limited
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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
have 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.
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