Electric & Hybrid Multi-Purpose Vehicle Market to Grow at a CAGR of 10.72% by 2026
Owing to rapid adoption of EVs by fleet owners due to lower ownership costs and various tax exemptions, the global electric & hybrid multi-purpose vehicle market is expected to register a robust growth in the forecast period.
According to TechSci Research report, “Global Electric & Hybrid Multi-Purpose Vehicle Market By Tonnage Capacity (Up to 3.5 Ton & Above 3.5 Ton), By Fuel Type (Hybrid and Electric), By End Use (Personal & Commercial), By Region (Asia-Pacific, North America and Europe), Competition, Forecast & Opportunities, 2026”, Global electric & hybrid multi-purpose vehicle market is estimated to reach 779.45 thousand units by 2026. According to a report published by the European Federation for Transport and Environment AISBL, the European Environment Agency estimates that road transport contributes to about 70% of nitrogen dioxide (NO2) and about 30% of particulate matter (PM). It is estimated that around 7% of the EU urban population is exposed to NO2 levels above the EU/WHO limit value and that more than three-quarters of the urban population is exposed to PM 2.5 levels exceeding the WHO guideline value. This is a growing concern for all governments across the globe. Therefore, the governments are actively involved in launching various incentive policies and tax rebates for electric vehicle purchasers to promote green vehicle technology. The Electric Vehicles Initiative (EVI) is a multi-government policy forum dedicated to accelerating the introduction and adoption of electric vehicles worldwide. Fifteen countries that are currently participating in EVI include: Canada, Chile, China, Finland, France, Germany, India, Japan, the Netherlands, New Zealand, Norway, Poland, Portugal, Sweden, and the United Kingdom. Moreover, with expansion of EV charging infrastructure and lowered costs of EV batteries and other components, various fleet owners and radio cab & taxi owners are actively adopting electric & hybrid multi-purpose vehicles across the globe. Numerous well-known companies and start-up companies are investing in electric vehicle technologies and manufacturers are also involved in launching of technologically advanced vehicle models, aiding the growth of electric & hybrid multi-purpose vehicles along the course of the next five years.
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According to the Office of Energy Efficiency & Renewable Energy, there are two basic types of EVs: all-electric vehicles (AEVs) and plug-in hybrid electric vehicles (PHEVs). AEVs include Battery Electric Vehicles (BEVs) and Fuel Cell Electric Vehicles (FCEVs). PHEVs run on electricity for shorter ranges (6 to 40 miles), then switch over to an internal combustion engine running on gasoline when the battery is depleted. The flexibility of PHEVs allows drivers to use electricity as often as possible while also being able to fuel up with gasoline if needed.
Global electric & hybrid multi-purpose vehicle market can be segmented based on tonnage capacity, fuel type, end use, region and company. On the basis of tonnage capacity, the market is segmented among vehicles with engine capacity of up to 3.5 tones and above 3.5 tones. Due to the perception of MPVs as lighter usage than minibuses or vans, vehicles of capacity up to 3.5 tones are more popular among customers. Based on fuel type, the market is segmented among hybrid vehicles and electric vehicles. Since electric vehicle charging infrastructure is still in its budding stage, the adoption of electric vehicles is still overseen by hybrid vehicles with better running range and performance. In terms of end use, customers have better charging convenience at their homes as compared to public charging stations for commercial purposes. Therefore, when end use is concerned, personal users are dominating the market currently. However, with rapid adoption of EVs & hybrid vehicles by radio cab & taxi owners and other small & medium enterprises, commercial end use is also gaining shares. Moreover, the market is segmented across the geographical regions of Asia-Pacific, North America, and Europe. Asia-Pacific being a group of developing nations and home to several EV manufacturing companies like Toyota and Honda, accumulates a majority of the demand for electric & hybrid multi-purpose vehicles.
In the year 2020, to prevent the spread of COVID-19, the governments implemented lockdown which impacted the supply chain, international trade, production as well as sales. According to TechSci Research’s estimates, the market suffered a decline of 13.32% in terms of volume. Globally, the aggregate investment contracted massively at the time of lockdown, overall production declined, and imports of goods and services witnessed a robust descent impacting the economy as well as people purchasing power negatively in 2020. This decline left a remarkable depreciation in the electric & hybrid vehicle market across most countries; however, it is currently reviving and is set to overcome the descent in the 2021-2022 period owing to the government’s stimulus for economy revival and unlocking international trades and investments. On the other hand, due to succumbed growth in ICE vehicles, in various countries like China, Canada, United Kingdom, Germany, etc., electric vehicles witnessed a massive growth in the year 2020.
Toyota Motor Corporation, Renault-Nissan Alliance, Honda Motor Company, Ltd., Stellantis N.V. (Citroen), Mercedes-Benz AG etc. are some of the leading players operating in the global electric & hybrid multi-purpose vehicle market. Apart from these flagship companies, many startup companies are also increasing their footprint in the global electric & hybrid multi-purpose vehicle market by pushing their low-cost products blended with ease of availability.
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“Owing to various incentive schemes launched by the governments and development of EV charging infrastructure, the growth of global electric & hybrid multi-purpose vehicle market is accelerating. Also, increasing global EV brands’ market penetration and expansion of manufacturing capabilities are further expected to back the growth of the global electric & hybrid multi-purpose vehicle market in future years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Electric & Hybrid Multi-Purpose Vehicle Market By Tonnage Capacity (Up to 3.5 Ton & Above 3.5 Ton), By Fuel Type (Hybrid and Electric), By End Use (Personal & Commercial), By Region (Asia-Pacific, North America and Europe), Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global electric & hybrid multi-purpose vehicle market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global electric & hybrid multi-purpose vehicle market.
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