Electric Van market Growth Trend & Forecast with latest research study released by Delvens evaluating the market risk side analysis, highlighting opportunities, and leveraging strategic and tactical decision-making support. The report provides information on market trends and development, growth drivers, technologies, and the changing investment structure of the Global Electric Van market.
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The global Electric Van market size was estimated at USD 6.4 billion in 2023 and is projected to reach USD 41.70 billion in 2030 at a CAGR of 26.40% during the forecast period 2023-2030.
Electric vans run on electricity and use an electric motor instead of an internal combustion engine. Electricity is produced by the batteries installed in the electric van. The traction battery powers the electric motor and the vans are charged by connecting to a charging station or wall socket. In addition, an electric van is often used for commercial purposes such as cargo transportation, package delivery, last mile deliveries and more. In addition, electric vans have several advantages such as environmental friendliness, lower operating costs, low maintenance costs and others.
The growth of the global electric van market is fueled by government initiatives to promote electric mobility, reduced costs of electric vehicle batteries and increase demand for emission-free and efficient electric vans. However, the lack of charging infrastructure and the limited range of electric vans are factors restraining the growth of the market. Further, technological advancements are expected to provide growth opportunities during the forecast period.
Delvens Industry Expert's Standpoint
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. Since gasoline is a fossil fuel, it is not a sustainable energy source and will eventually run out. To enable sustainable growth, alternative fuel sources must be created and used. Electric van is employed, which are more cost-effective than traditional vans and do not require gasoline. As a result, many governments throughout the world have started initiatives to deploy electric van to improve the sustainability of their urban transportation system.
The prominent players in the Electric Van market are
· Renault S.A.
· Tesla Inc
· Mercedes-Benz Group AG
· General Motors Company
· Ford Motor Company
· Nissan Motor Co., Ltd.
· Workhorse Group, Inc.
· Stellantis NV
· Toyota Motor Corporation
· Volkswagen AG
· BYD Company Ltd and More
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Recent Developments
· In May 2022, Ford Motor Company launched E-Transit in Europe with a range of 236 miles.
· In October 2021, BYD launched ETP3 Panel Van with a load capacity of 780 kg and a driving range of 275 km. It is also equipped with a 44.9 kWh battery, a 35-kW rated electric motor, and a top speed of 100 km/hour.
· In April 2021, Toyota Motor Corporation launched the Proace Electric van which offers a battery capacity of 75 kWh and a range of 175 km.
The Electric Van Market is segmented into various segments such as Range, battery capacity, charging type, propulsion, application, end user and region:
Based on range
· Up to 100 miles
· 100 to 200 miles
· Above 200 miles
Based on the battery capacity
· Up to 50 kWh
· Above 50 kWh
Based on the propulsion
· Battery Electric Van
· Hybrid Electric Vehicles
· Fuel Cell Electric Vehicles
· Plug-in Hybrid Electric Van
Based on charging type
· Normal charging
· Fast charging
Based on application
· Personal
· Commercial
Based on end use
· Last mile delivery
· field services
· distribution service
· refrigerated services
The Report helps to identify the opportunities in Global Regions:
· North America (the United States, Canada, and Mexico)
· Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
· Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
· South America (Brazil etc.)
· The Middle East and Africa (North Africa and GCC Countries)
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In addition to the market data for the Electric Van Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirements.
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