United States Electric Commercial Vehicles Market Booming: Estimated to Grow at the CAGR of 42.1% in the Forecast Period
Published | 10 September 2021
United States electric commercial vehicles market is growing at a high CAGR because of increasing consciousness towards non-renewable resources and carbon emissions and government financial aids and policies for adopting electric commercial vehicles...
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the United States electric commercial vehicles market is estimated to grow at a CAGR of 42.1% during the forecast period (2021-2027). United States electric commercial vehicles market is gaining significant traction due to an increased awareness of carbon emission and the damaging effects of fuel vehicles on the environment. Fuel vehicles used in the commercial industry in the United States is one of the significant causes of air pollution as it releases toxic gases such as carbon monoxide, lead, hydrocarbons, etc. Because of this, the government is increasingly promoting the use of electric commercial vehicles by offering subsidies and tax rebates to increase their penetration in commercial operations. In addition, high and volatile fuel prices in the United States contribute to the adoption of electric commercial vehicles because they are cost-effective. However, high initial costs associated with the production of electric commercial vehicles could pose a significant barrier to its growth during the forecast period. Additionally, the lack of sufficient charging infrastructure in the country may also hamper the market growth.
Growing Demand for Low Carbon Emission Vehicles Is Anticipated to Drive the US Electric Commercial Vehicles Market
The growing environmental concern regarding the release of pollutants from fuel vehicles is one of the major driving factors for the United States electric commercial vehicles market. The US government is taking steps to reduce carbon emissions from the atmosphere, including stringent regulations governing the release of CO2 from vehicles. Therefore, the commercial sector is increasingly switching towards the adoption of commercial vehicles. Moreover, the government is also offering many benefits such as tax rebates, subsidies, and low registration fees, which are expected to increase demand for commercial electric vehicles in the US over the forecast period.
Expanding Application of Electric Commercial Vehicles In Logistics Sector Is Estimated To Boost The United States Electric Commercial Vehicles Market Growth
The adoption of electric commercial vehicles in the logistics sector is emerging as one of the major driving factors for the United States electric commercial vehicles market. Electric commercial vehicles benefit from the presence of major companies in consumer goods, electronics, and other sectors that are increasingly adopting electric pick-up trucks, buses, etc., for managing warehouse activities, which proves to be cost-effective. The use of electric commercial vehicles also offers several other benefits, such as decreased noise levels, improved air quality, etc., which favor market growth.
United States (US) Electric Commercial Vehicles Market - By Propulsion Type
Based on propulsion types, the United States electric commercial vehicles market is segmented into the battery, hybrid, plug-in hybrid, and fuel cell. The demand for battery-powered electric commercial vehicles accounts for the largest market shareand is likely to maintain its dominance even during the forecast period. Among the reasons for this segment's growth is that battery-powered vehicles run exclusively on electricity. As a result, their carbon footprint is almost zero. These battery types are also cost-effective because they do not use fossil fuels such as petrol and diesel, saving vehicle owners considerable money.
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United States (US) Electric Commercial Vehicles Market - Regional Insights
Geographically, the United States electric commercial vehicles market is segmented into Northeast, Southwest, West, Southeast, Midwest. The Southwest region dominates the market with Oklahoma and California having the highest demand for electric commercial vehicles in the United States market. California is also growing at a high rate in the adoption of electric commercial vehicles with the highest number of registrations over the years. Additionally, other states are also promoting the use of electric commercial vehicles by offering special incentives to EV buyers, which is expected to boost the sales of electric commercial vehicles in the forecast period.
Impact of COVID-19 on United States Electric Commercial Vehicles Market
USA was affected significantly by the COVID-19 outbreak and the global pandemic. Because of the explosion in COVID-19 cases, the government had to place a lockdown in order to combat the spread of the disease. Consequently, restrictions were placed on mobility and production. Due to this, the demand for electric commercial vehicles dropped significantly in the United States electric commercial vehicles market. However, the market is expected to recover soon and likely is to flourish in the post-COVID-19 period.
The leadingplayers in the United States electric commercial vehicles market are Tesla, BYD Company Ltd., Volkswagen AG, Daimler AG, Nissan Motor Company, Ford Motor Company, Toyota Motor Corporation, Lucid, Mitsubishi Motors Corporation, General Motors Company, and other prominent players.
US Commercial Electric Vehicles market is a highly consolidated and concentrated market, with big players, such as Tesla and Toyota Motor Corporation. The companies offer a wide range of commercial vehicles to grab a larger share in the market. In addition, they invest a significant amount of money in research and development to introduce innovations in electric vehicles and improve battery life. Furthermore, the adoption of competitive strategies like mergers, collaborations, partnerships, acquisitions, etc., is also very prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United States electric commercial vehicles market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the United States electric commercial vehicles market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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