Commercial Vehicle Electric Propulsion System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
- Transparency Market Research
Commercial Vehicle Electric Propulsion System Market: Overview
Electrification of vehicles is accelerating globally and major vehicle manufacturers are putting their substantial resources for safer and cleaner, energy efficient affordable vehicle concepts. Commercial vehicle segment is also catching up the electrification concept to reduce emissions and save fuel for the future. Electric propulsion system is basically the powertrain of an electric vehicle. The electric motor converts electric energy into kinetic energy which is used to power the wheels.
With the rise of fuel prices such as diesel and to reduce the impact pollution caused by commercial vehicle, hybrid electric vehicles (HEV) are also introduced in the commercial vehicle segment. Due to Low Emission Zones (LEZs) set up in many areas of European Union bus and trucks manufacturers are looking forward for technological advances in the area of commercial hybrid vehicles.
Commercial Vehicle Electric Propulsion System Market: Growth Enablers
Increasing concern about fuel efficiency, global warming and emission norms, manufacturers are more focused on developing more advanced electric propulsion systems without compromising on its performance. Rise in the growth of hybrid automobile sector globally, it is indirectly fueling the growth of electric propulsion systems market as these are required in every hybrid automobiles to power the wheels. An electric or hybrid commercial vehicle combines the conventional diesel engine propulsion system with an electric propulsion system. The presence of the electric propulsion system or powertrain is basically to achieve better fuel economy and reduce carbon emission that would impact the environment.
There are various kinds of Hybrid Electric Vehicles (HEV) available in the market. These HEVs constitute much more than just an electric motor. Moderns HEVs includes technologies like regenerative braking, which is an energy recovery mechanism and stores the energy generated while braking to recharge the main battery rather than wasting it as heat energy as conventional brakes do. Many HEVs also has a mechanism to shut down the main diesel engine at idle reducing emission and restarting it when needed. It is generally termed as a start-stop system which is basically profitable for bus operators plying on busy city routes with many stoppages.
The major drivers influencing the commercial vehicles electric propulsion systems market globally is the increasing number of commercial HEV automobile production and the growing demand for emission free and fuel efficient commercial vehicle.
Some of the major restraints of the commercial vehicles electric propulsion systems market globally are high fluctuations of the material prices which hinders in manufacturing of electric propulsion system and less load carrying capacity.
Commercial Vehicle Electric Propulsion System Market: Segmentation and Regional Insight
The commercial vehicles electric propulsion systems market can be distinguished by product hybrid type and vehicle type. In the product outlook, there are generally three types; Full Hybrid, Mild Hybrid and Plug-in hybrid. The vehicle type segment can be bifurcated into heavy commercial electric vehicles, light commercial electric vehicles, forklifts, golf carts, airport EVs and taxi.
Europe being the largest HEVs manufacturer globally also posses the largest market for commercial vehicles electric propulsion systems industry. Moreover various Low Emission Zones (LEZs) set up by the European Union restricts the use of polluting commercial vehicles. This has led to the development of commercial vehicles electric propulsion systems to reduce the overall emission and increase fuel efficiency. North America led the second largest market for commercial vehicles electric propulsion systems industry followed by Asia Pacific and West of the World.
The major players in this industry are BYD Company (China.), AC Propulsion (U.S.), Allison Transmission (U.S.), Smith Electric Vehicle (U.S.), Tesla Motors (U.S.), and MAN SE (Germany) among others.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia and New Zealand)
- Middle East and Africa (GCC, Southern Africa, North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
Have query on this report?Make an Enquiry
The team was the biggest help to us. Not only were we provided with customized solutions but also we were guided through the most complicated situations. The information was on-point yet comprehensive. The experience was absolutely satisfying and helped us turn many challenges into opportunities.
Ours is a startup with a unique set of challenges and we were therefore hesitant but the team totally put us at ease with their knowledge and expertise. Our business and its challenges were understood perfectly and help was extended accordingly. The tailor made approach really helped us gain the most informative insights.
The report repository is absolutely impressive –updated and exhaustive in terms of markets covered and information provides. Besides, with the support extended to us by the team, we could reduce costs as well as move to sustainable growth. This really helped us tap into new opportunities. Happy to have gone ahead with ResearchMos.us.
We have had a long term engagement with ResearchMoz.us and never have we felt that the work done and help extended were below flawless. The report repository is one of the best one can hope to tap into. Recently, our partner businesses opted for consultancy services and they are all thrilled with the outcome.
Insights from reports helped us improve our profit margins significantly. Most of the knowledge we needed on the market were provided to us on a granular basis. From trends, and drivers to competitive analysis, the information was not just crisp but also insightful. That helped us chart a robust growth strategy and as of now we are happy to state that we are reaping big benefits.