Pune, India – Aug 12, 2024 – According to a survey by Prophecy Market Insights, the commercial electric vehicle market is poised for substantial growth in the next decade, with a CAGR of 22.9% from 2024 to 2034. The market’s current valuation in 2024 stands at a robust USD 72.1 Billion, a figure that is projected to soar to USD 470.3 Billion by 2034.
Electric commercial vehicles are cars specifically designed for commercial and industrial usage driven by electricity. There is no need for fossil fuels; ECVs are backed by rechargeable batteries rather than internal combustion engines. ECVs are being used by different delivery services, trucks, and buses for industrial purposes. Unlike traditional cars, ECVs have reduced the cost of vehicle production and do not produce sound and pollution; this advantage is increasing their demand in urban and ecologically responsible markets. The technological innovations in the battery and the charging structures make the ECVs an attractive investment for the business industry.
The ECV market is seeing quick growth, technological advancements, and extreme competition. Businesses are expanding globally, emphasizing sustainability, and modifying their services to stay in the game. To learn more about the market players, download a free sample report here.
- Electric vehicles offer a multitude of benefits for fleet managers,from lower maintenance costs to reduced operating expenses, and even government incentives. These vehicles operate on electricity, enabling fleet operators to save significantly on fuel costs. The electric motors and regenerative braking systems, with their few moving parts, contribute to lower wear and tear, reducing brake downtimes and maintenance costs.
- In July 2024, Lohia released new E3W variants and intends to expand its network into new markets. Lohia, an ECV manufacturer in India, has launched new electric three-wheeler (E3W) models, coming up with a renewed version of the E3W category. The purpose of introducing these new models is to build credibility in the highly competitive entry-level E3W sector, which has grown exponentially. Lohia is all set to introduce five new battery-powered rickshaw models in the L3 and L5 categories.
About Prophecy Market Insights
Prophecy Market Insights is a specialized market research, marketing, business strategy, analytics, and solutions business that provides strategic and tactical support to customers for making data-driven decisions and defining and achieving potential opportunities in the target market. Prophecy’s expertise covers services, developments, products, latest trends, challenges, and market growth factors, along with market predictions in various business niches such as Healthcare, Biotechnology, Pharmaceutical, Information technology (IT), Automotive, Chemical, Food and Beverage, Industrial, Agriculture, Oil and Gas, and Energy.
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