Electric Utility Vehicle Market Players Are Maximizing Range By Incorporating AI

Electric Commercial Vehicles Market 2022 – By Region, Opportunities and Strategies – Forecast to 2030

Commercial Research Company Electric Commercial Vehicle Market 2022 – Opportunities and Strategies – Global Forecast to 2030

LONDON, GREATER LONDON, UK, June 23, 2022 /EINPresswire.com/ — The use of artificial intelligence (AI) is one of the key trends in the electric utility vehicle market that is gaining popularity. Algorithms and AI controllers help provide realistic range estimation and optimize energy conservation in electric vehicles, helping to add extra range. According to the electric utility vehicle market analysis, artificial intelligence is also at the core of self-driving cars which are becoming increasingly popular in the market. For example, Apertiv and car group Hyundai have combined their technical expertise with real-world experience to design self-driving technology.

The global electric commercial vehicle market size is expected to grow from USD 89.97 billion in 2020 to USD 162.11 billion in 2025 with a CAGR of 12.5%. The global electric commercial vehicle market share is expected to reach $316.67 billion in 2030, growing at a CAGR of 14.3%.

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The growth of the electric utility vehicle market is expected to increase in the future, driven by rising fuel prices. Fuel prices in India, especially gasoline prices, have increased. For example, petrol prices in India reached INR 110.04 ($1.47) as of November 3, 2021. Electric vehicles have a minimum battery life of eight years and the cost of charging is much lower than monthly fuel expenses . Fuel prices in India are high due to heavy taxation, which could rise further. Industrial fuel vehicles are also causing supply disruptions due to rising prices. Moreover, oil imports greatly increase India’s import bill. The government has already made efforts to encourage e-transport by phasing out gasoline-powered public transport vehicles in some cities and replacing them with electric vehicles.

The major players covered in the global Electric Commercial Vehicles industry are BYD Company Ltd., Zhengzhou Yutong Bus Co. Ltd, Daimler AG, Proterra, VDL Groep BV.

TBRC Electric Commercial Vehicles market report is segmented by Propulsion Type into BEV, PHEV, FCEV, by Vehicle Type into Electric Bus, Electric Truck, Electric Van, Others, by Battery Type as Lithium Iron Phosphate (LFP), lithium-nickel-manganese-cobalt oxide (NMC), others, by technology in battery electric utility vehicles, plug-in hybrids, hybrids, fuel cell electric utility vehicles.

Electric Commercial Vehicle Market 2022 – By Propulsion Type (BEV, PHEV, FCEV), By Vehicle Type (Electric Bus, Electric Truck, Electric Van), By Battery Type (Lithium Iron Phosphate (LFP), Lithium- Nickel-Manganese-Cobalt Oxide (NMC)), by Technology (Battery Electric Utility Vehicles, Plug-in Hybrids, Hybrids, Fuel Cell Electric Utility Vehicles), and by Region, Opportunities and Strategies – The Global Predictions to 2030 are part of a series of new reports from The Business Research Company that provide an overview of the Electric Utility Vehicle market, forecast Electric Utility Vehicle market size and growth for the overall market, market segments from Electric Commercial Vehicles, Geographies, Electric Commercial Vehicles Market Trends, Electric Commercial Vehicles Market Drivers, Constraints s, the main competitors’ revenues, profiles and market shares.

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