Electric Commercial Vehicles Market Players Optimize Driving Range By Incorporating AI
June 23, 2022
The Business Research Company’s Electric Commercial Vehicles Market 2022 - Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON , UK, June 23, 2022 /EINPresswire.com/ -- The use of artificial intelligence (AI) is one of the key electric commercial vehicles market trends gaining popularity. AI algorithms and controllers help provide a realistic driving-range estimation and optimize energy conservation in electric vehicles, ultimately helping add extra driving range. According to the electric commercial vehicles market analysis, artificial intelligence is also the core in self-driving cars which are becoming increasingly popular in the market. For instance, Apertiv and the Hyundai motor group together have been combing their technical expertise with real world experience to design autonomous driving technology.
The global electric commercial vehicles market size is expected to grow from $89.97 billion in 2020 to $162.11 billion in 2025 at a CAGR of 12.5%. The global electric commercial vehicles market share is expected to reach $316.67 billion in 2030, at a CAGR of 14.3%.
Read more on the Global Electric Commercial Vehicles Market Report
The electric commercial vehicles market growth is estimated to increase going forward, driven by the rise in fuel prices. Fuel prices in India, especially petrol prices, have been rising. For example, the petrol prices in India were as high as INR 110.04 ($1.47) as on 3rd November 2021. Electric vehicles have a minimum battery life of eight years and the charging cost is much lower compared to monthly expenditure on fuel. Fuel prices in India are high due to heavy taxation, which might increase further. Industrial fuel vehicles also cause supply disruptions due to a price hike. Moreover, oil imports heavily increase India’s import bill. The government has already made efforts to encourage e-transport by gradually phasing out fuel-run public transport vehicles in some cities and replacing them with EVs.
Major players covered in the global electric commercial vehicles industry are BYD Company Ltd., Zhengzhou Yutong Bus Co. Ltd, Daimler AG, Proterra, VDL Groep BV.
TBRC’s electric commercial vehicles market report is segmented by propulsion type into BEV, PHEV, FCEV, by vehicle type into electric bus, electric truck, electric van, others, by battery type into lithium-iron-phosphate (LFP), lithium-nickel-manganese-cobalt oxide (NMC), others, by technology into battery electric commercial vehicles, plug-in hybrids, hybrids, fuel cell electric commercial vehicles.
Electric Commercial Vehicles Market 2022 – By Propulsion Type (BEV, PHEV, FCEV), By Vehicle Type (Electric Bus, Electric Truck, Electric Van), By Battery Type (Lithium-Iron-Phosphate (LFP), Lithium-Nickel-Manganese-Cobalt Oxide (NMC)), By Technology (Battery Electric Commercial Vehicles, Plug-In Hybrids, Hybrids, Fuel Cell Electric Commercial Vehicles), And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides a electric commercial vehicles market overview, forecast electric commercial vehicles market size and growth for the whole market, electric commercial vehicles market segments, geographies, electric commercial vehicles market trends, electric commercial vehicles market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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