The global electric commercial vehicle market is anticipated to grow at a lucrative CAGR of 19.0% during the forecast period (2020-2026). Electric commercial vehicles are the best option to replace traditional commercial vehicles while bringing sustainability to the environment. Replacement of traditional vehicles with electric ones is a costly endeavor. Therefore, the government's support in the form of funding, subsidy, or grant will fuel the growth of the global electric commercial vehicle market.
Moreover, witnessing the opportunity in the electric commercial vehicle industry, multiple start-ups have secured funding in the last couple of years. Some of the major investments in the field of the electric commercial vehicle include GM funding to Nicola; Amazon and BlackRock funding to Rivian. In September 2020, GM partnered with Nikola Motor Co., a US-based manufacturer of electric hydrogen-fuel cell vehicles and trucks. GM bought the 11.0% ownership of the start-up for $2 billion.
Browse the full report description of "Global Electric Commercial Vehicle Market Size, Share & Trends Analysis Report By Vehicle Type (Electric Bus, Electric Truck, Electric Pick-up Truck), By Range (Less than 250 km, 250-500 km, More than 500 km), By Application (Public, Private) Forecast period 2020-2026" at https://www.omrglobal.com/industry-reports/electric-commercial-vehicle-market
Besides, in July 2020, Rivian, an EV start-up has raised $2.5 billion, bringing its total funding to date to around $6.0 billion ahead of the launch of its all-electric pickup truck and SUV in early 2021. The new funding comes from Soros Fund Management LLC, Coatue (a hedge fund), Fidelity Management and Research Company, and investment firm Baron Capital Group. The huge influx of money in the companies will provide the required capital to establish their manufacturing and marketing capabilities all across the globe during the forecast period.
Market Coverage
Key questions addressed by the report.
Global Electric Commercial Vehicle Market report Segment
By Vehicle Type
By Range
By Application
Global Electric Commercial Vehicle Market Report Segment
North America
Europe
Asia-Pacific
Rest of the World
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