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“Increasing demand for emission-free and energy-efficient mass transit solutions to drive electric van market”
The electric van market is projected to reach 1,082.9 thousand units by 2030 from 106.8 thousand units in 2022, at a CAGR of 33.6% from 2022 to 2030. The increasing focus of countries on promoting the electrification of mass transit solutions due to increased concerns over pollution and government support in terms of subsidies and grants are propelling the growth of the electric van market.
“Reduction in battery prices”
Research is underway to increase the pack size of batteries to support a range of electric vans and reduce costs. The research focuses on conventional lithium-ion, advanced lithium-ion using an intermetallic anode (silicon alloy composite), and future advanced lithium-ion (lithium metal, including lithium-sulfur) batteries. In addition, companies are developing innovative battery technologies to stay competitive in the industry. For instance, ElectRoad’s battery allows EVs to use very small and inexpensive batteries only for acceleration. Since the battery is only used for about 6% of the vehicle running time, it can increase the battery life by several years. Advancements in technology have also enabled wireless charging while driving, which is a dynamic charging technology that can also help reduce vehicle weight and optimize energy use. In April 2022, NITI Aayog, a policy think tank of the Government of India, announced its plan to reduce the goods and services tax on lithium-ion batteries from 18% to 5%.
“Lower emission compared to other vehicles”
The use of fuel cells in electric vans has resulted in the provision of reliable power for up to 18 hours with no emissions except water vapor. FCEVs use pure hydrogen as fuel. The residue of hydrogen fuel is only water and heat. Hence, no harmful substances, such as greenhouse gases and particulate matter, are emitted by these vehicles. The reduction of greenhouse gases through the use of FCEVs acts as a growth driver for the overall automotive fuel cell market. Fuels such as diesel and gasoline emit greenhouse gases such as CO2, CO, NOx, and hydrocarbons (HC). These gases and particulate matters lead to climate change and global warming. CO2 emissions from a gallon of gasoline and diesel are 8,887 g CO2/gallon and 10,180 g CO2/gallon, respectively. Hence, using hydrogen power energy not only for transportation but also for commercial and industrial purposes would reduce greenhouse gas emissions significantly. FCEVs are among the cleanest fuel vehicles on the market.
“Implementation of stringent emission norms and environmental regulations”
The stringent regulations formulated for the reduction of C02 emissions are expected to transform the automotive sector in India, China, and Japan over the next decade. While automotive OEMs are focusing on the electrification of vehicles, consumers are becoming more aware of the impact of vehicular emissions on the environment. Governments are also taking effective measures, such as tax subsidies, to promote the adoption of electric vehicles. Hence, the electric van market will grow. As indicated by the WHO, a significant reason for deaths has been air contamination. Governments around the world are robustly putting resources into infrastructural advancements to diminish ozone-depleting substances and lower air pollutions, which are achieved through the framing of stringent government regulations over vehicle emissions. For instance, in India, the budget for FY2021 includes a scrappage policy which would help encourage the adoption of greener vehicles. The growth of the electric vehicle market is expected to offer new opportunities for electric van manufacturers. Thus, the shift towards electric vehicles is expected to facilitate the growth of the electric van market in the coming years.
The study contains insights from various industry experts, ranging from component suppliers to tier-1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type: OEMs - 57%, Tier 1 – 29%, Tier 2 - 14%
- By Designation: CXOs - 54%, Directors - 32%, Others - 14%
- By Region: Asia Pacific- 28%, Europe - 43%, North America - 29%
Major players profiled in the report are General Motors (US), Renault (France), Toyota Motor Corporation (Japan), BYD (China), and Ford Motor Company (US).
Research Coverage
In this report, the electric van market has been segmented into three major regions, namely, North America, Europe, and Asia Pacific. The report estimates the size of the electric van market, by volume, based on range (up to 100 miles, 100-200 miles, and above 200 miles), battery type (nickel manganese cobalt, lithium-ion, and others), battery capacity (up to 50 kWh and above 50 kWh), propulsion (BEV, FCEV, and PHEV), and end use (last mile delivery, distribution services, field services, and refrigerated services).
Key Benefits of Buying the Report:
- The report will help market leaders/new entrants in this market with information on the closest approximations of revenue and volume numbers for the electric van market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.