Electric Van Market by Product and Geography - Forecast and Analysis 2020-2024

  • Published: Aug 2020
  • Pages: 120
  • SKU: IRTNTR44714

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The electric van market size has the potential to grow by 151.72 thousand units during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by product (small and mid-range electric vans and long-range electric vans) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BYD Co. Ltd., Daimler AG, Ford Motor Co., Groupe PSA, Mahindra & Mahindra Ltd., Nissan Motor Co. Ltd., Renault SA, Toyota Motor Corporation, Volkswagen AG, and Workhorse Group Inc.

Market Overview

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Market Competitive Analysis

The electric van market is fragmented and comprises some of the well-established players that are into the production of electric vans. These players are continuously working on developing long-range electric vans. The prominent vendors are also expected to focus on exploring multiple revenue enablers, such as rental services, during the forecast period. BYD Co. Ltd., Daimler AG, and Ford Motor Co. are some of the major market participants. Although the preference for electric vans as an economical mode of cargo and passenger transportation will offer immense growth opportunities, the insufficient charging infrastructure will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this electric van market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this electric van market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • BYD Co. Ltd.
  • Daimler AG
  • Ford Motor Co.
  • Groupe PSA
  • Mahindra & Mahindra Ltd.
  • Nissan Motor Co. Ltd.
  • Renault SA
  • Toyota Motor Corporation
  • Volkswagen AG
  • Workhorse Group Inc.

Electric Van Market: Segmentation by Product

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Small and mid-range electric vans have a mile range of below 100 miles. The battery capacity and vehicle type play an important role in determining the range of electric vans. The electric vans that are used for cargo hauling have a higher effective range than that of passenger electric vans. Also, the short- and mid-range electric vans offer increased cargo-carrying capacity as the additional space that was conventionally used for accommodating the battery is converted to hold cargo. Vehicle manufacturers are expected to develop new models of small- and mid-range electric vans during the forecast period, which will drive the market.

However, market growth in this segment will be slower than the growth of the market in the long-range electric vans segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the electric van market size.

Electric Van Market: Segmentation by Geography

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APAC was the largest electric van market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The high volume adoption from e-commerce companies and logistics companies in China will significantly drive electric van market growth in this region over the forecast period.

50% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for electric vans in APAC. Market growth in this region will be faster than the growth of the market in North America.

Electric Van Market: Key Drivers and Trends

Rising usage of electric vans as an economical mode of cargo and passenger transportation will be one of the key factors fueling the electric van market growth during the next few years. Vans are commonly used for transporting small amounts of cargo or passengers for small distances. Vehicle fuel accounts for the major portion of the operational costs in these vans. The power requirements of electric vans and the operational cost of an electric van are lesser than conventional vans, thereby improving the profits of delivery companies. Van manufacturers have been developing light-duty electric vehicles capable of handling multiple charge cycles throughout the day, which is further encouraging delivery companies to opt for electric vans and driving the electric van market growth.

The development of range maximization techniques is one of the major electric van market trends quickly gaining traction. Electric van manufacturers are employing various methods for reducing the power consumption of the vehicle. This includes lightweight body chassis, better aerodynamics, use of energy-efficient light-emitting diodes for interior and exterior lights and the use of various battery management technologies to effectively divert power to essential systems. Effective traveling range will be the major factor affecting the development of electric vans during the forecast period. The electric van market forecast predicts that fueled by these factors, the electric van market will grow at a CAGR of almost 25% during the forecast period.

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Electric Van Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive electric van market growth during the next five years
  • Precise estimation of the electric van market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the electric van industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of electric van market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The electric van market growth will increase by $151.72 thousand units during 2019-2024.
The electric van market is expected to grow at a CAGR of 24.99% during 2019-2024.
Technavio has segmented the electric van market by product (Small and mid-range electric vans and Long-range electric vans) and geographic (APAC, Europe, North America, South America, and MEA).
BYD Co. Ltd., Daimler AG, Ford Motor Co., Groupe PSA, Mahindra & Mahindra Ltd., Nissan Motor Co. Ltd., Renault SA, Toyota Motor Corporation, Volkswagen AG, Workhorse Group Inc. are a few of the key vendors in the electric van market.
APAC will register the highest growth rate of 50.09% among the other regions. Therefore, the electric van market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
  • China
  • France
  • Germany
  • US
  • Japan
The key factors driving the electric van market growth are:
  • Development of charging infrastructure for EVs
  • Presence of battery renting options for electric vans
The electric van market vendors should focus on grabbing business opportunities from the small and mid-range electric vans segment as it accounted for the largest market share in the base year.
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