Electric van are enclosed wagons or motor truck vehicles that receives power from the power grid and are driven by an electric motor. Electric van are a multipurpose enclosed box-shaped motor vehicles, which constitute of rear or side doors and side panels frequently with windows. It comprises of all electric vehicles, which involves battery electric van, plug-in hybrid electric van, and hybrid electric van. Electric van are primarily low or zero-emission van that contribute significantly toward a greener atmosphere via reduced carbon emission.
Transportation is a major cause of carbon emission and road transport accounts for a higher share of total carbon emissions. Surge in vehicular emission levels, which are harmful to the environment, is caused majorly due to fossil fuel driven vehicles. This has led to the development of eco-friendly vehicles and machinery, which in turn has steered the demand for electric van, as they curtail carbon emission. This is a key factor that is projected to augment the demand for electric van, which are widely utilized to transport goods or livestock. Long-term cost-effectiveness of electric vehicles, eco-friendliness, cost reduction of electric vehicle batteries, and longer running distance capabilities are prompting consumers to adopt electric vehicles. This, in turn, is likely to boost the electric van market during the forecast period. The operating cost of an electric van is about half that of a fuel powered conventional van. Moreover, governments across the globe are enacting various policies and regulations on carbon emission and supporting and facilitating the rapid commercialization of zero-emission vehicles, which in turn is estimated to drive the electric van market during the forecast period. However, a lack of charging infrastructure supplemented with higher cost of the vehicle are anticipated to hamper the electric van market.
The global electric van market can be segmented based on type, end-use, component, and region. Based on type, the electric van market can be bifurcated into battery electric van, plug-in hybrid electric van, and hybrid electric van. Among them, battery electric van is a highly lucrative segment, as these vehicles are completely emission free van. Stringent government norms are also likely to boost the demand for battery electric van.
Based on end-use, the electric van market can be split into personal and commercial. The commercial segment accounts for a major share of the electric van market. This is primarily due to higher adoption of van for transport of goods and packaged materials. In terms of component, the electric van market can be bifurcated into battery, electric motor, and other three segments. Among components, the battery segment leads the electric van market. Battery is an essential component of any kind of automobile and assists as a primary source of power for electric automotive functions.
Based on region, the global electric van market can be split into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific dominates the global electric van market, primarily due to the higher rate of adoption of electric vehicles in the region, owing to a surge in fuel prices and rise in transportation pollution. Increased awareness about the benefits of electric vehicles, government incentives in order to promote electric vehicles, and availability of electric vehicle charging infrastructure across China and Japan have led to the higher adoption of electric van, thereby boosting the market share of the region.
Major players operating in the global electric van market include Renault, Daimler AG, Nissan Motor Corporation., PSA Group, Toyota Motor Corporation., IVECO S.p.A., London Electric Vehicle Company, General Motors, Ford Motor Company, AB Volvo, MAHINDRA & MAHINDRA LTD., BYD Company Limited., and Volkswagen AG.
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