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Market Overview of Global Commercial Vehicle Electrification market:
According to our latest research, the global Commercial Vehicle Electrification market looks promising in the next 5 years. As of 2022, the global Commercial Vehicle Electrification market was estimated at USD 23475.1 million, and it's anticipated to reach USD 62258.64 million in 2028, with a CAGR of 17.65% during the forecast years.
A commercial vehicle is any type of motor vehicle used for transporting goods or passengers.
Commercial Vehicle Electrification is the process of powering the vehicle by electricity, replacing vehicle components that operate on a conventional energy source with components that operate on electricity.
Affect the normal operation of the industry
The raging COVID-19 has plunged the global economic environment into depression. The influence of COVID-19 on commercial vehicle electrification industry will involve all major links and entities in the industrial chain. The management efficiency of the company declined, commuting was hindered, production plans were hindered, and the company's development strategy and marketing methods were forced to adjust. In addition, during the COVID-19 period, the logistics speed slowed down or even stopped, and the supply of raw materials for commercial vehicle electrification production was tight. The company's production is limited to some extent, and the production of related enterprises in the hardest hit areas is greatly affected.
Affect downstream market demand
The outbreak of the COVID-19 epidemic is likely to have a greater impact on the commercial vehicle industry, which is likely to affect the commercial vehicle electrification industry. The delay in the supply of many parts from Asia has led to the shortage of raw materials for the global automobile industry. According to OICA data, in 2019, the global sales volume of commercial vehicles was 26.693 million, and in 2020, the global sales volume of commercial vehicles was 24.382 million, down 8.7% year on year. At the beginning of 2020, many original equipment manufacturers closed most of the production in Europe, including the leading German manufacturers closed most of the manufacturing departments in Europe, and other original equipment manufacturers closed for a longer time. With the slowdown of automobile production and the further impact of COVID-19 epidemic on the industry situation, the commercial vehicle electrification market will be negatively affected in the short term, and will gradually recover and develop in the second half of the forecast period.
Region Overview:
In 2022, the share of the Commercial Vehicle Electrification market in Asia-Pacific stood at 69.74%.
Company Overview:
Toyota Industries Corp. is one of the major players operating in the Commercial Vehicle Electrification market, holding a share of 26.2% in 2023.
Toyota Industries Corp.
Toyota Industries Corporation was founded in 1926 by Sakichi Toyoda to manufacture and sell the automatic looms which he had invented and perfected. Since that time Toyota Industries has promoted diversification and expanded the scope of its business domains to include textile machinery, automobiles (vehicles, engines, car air-conditioning compressors, etc.), materials handling equipment, and electronics.
Crown Equipment Corp.
Since its entry into the material handling equipment industry in 1960, Crown has earned a reputation as a leading innovator in world-class forklift and material handling equipment.
Segmentation Overview:
Among different product types, Pure electric Vehicle segment is anticipated to contribute the largest market share in 2028.
Application Overview:
In the Commercial Vehicle Electrification market, 60.69% of the total value was generated through the Light Commercial Vehicles (LCVs) segment by application in 2022.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Commercial Vehicle Electrification market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global Commercial Vehicle Electrification Market Report:
Market Size Estimates: Commercial Vehicle Electrification market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: Commercial Vehicle Electrification market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Commercial Vehicle Electrification market
Segment Market Analysis: Commercial Vehicle Electrification market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: Commercial Vehicle Electrification market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the Commercial Vehicle Electrification Market: Revenue and sales volume of major countries in each region
Commercial Vehicle Electrification Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the Commercial Vehicle Electrification market in major regions.
Commercial Vehicle Electrification Industry Value Chain: Commercial Vehicle Electrification market raw materials & suppliers, manufacturing process, distributors, downstream customers
Commercial Vehicle Electrification Industry News, Policies & Regulations
Key players in the global Commercial Vehicle Electrification market are covered in Chapter 12:
Crown Equipment Corp.
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Daimler AG
Proterra
Kion Group AG
BYD Auto
Volvo Group
Hangcha Group
ANHUI HELI Co ., LTD.
VDL Groep
YUTONG
Toyota Industries Corp.
Dongfeng Motor
Doosan Corporation
FAW Co.Ltd
In Chapter 2 and Chapter 15.1, based on types, the Commercial Vehicle Electrification market from 2018 to 2028 is primarily split into:
Parallel Hybrid Vehicle
Fully Hybrid Vehicle
Mild Hybrid Vehicle
Pure electric Vehicle
In Chapter 3 and Chapter 15.2, based on applications, the Commercial Vehicle Electrification market from 2018 to 2028 covers:
Light Commercial Vehicles (LCVs)
Heavy Commercial Vehicles (HCVs)
Buses & Coaches
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the Commercial Vehicle Electrification market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028