Electric & Hybrid Multi-Purpose Vehicle Market to Surpass $ 17 Billion by 2025

Increasing use of electric & hybrid multi-purpose vehicle and vans for the transportation of goods and passengers coupled with growing demand for cleaner vehicles to drive global electric & hybrid multi-purpose vehicle market through 2025

According to TechSci Research report, “Global Electric & Hybrid Multi-Purpose Vehicle MarketBy Fuel Type, By Tonnage Capacity, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2025, the global Electric & Hybrid Multi-Purpose Vehicle market is anticipated to reach $ 17 billion by 2025, owing to rising demand for cleaner vehicles for transportation of passengers and goods. A rising number of companies are also investing in environment friendly vehicles to increase their operational savings as well as strengthen their respective brands. Companies such as Deutsche Post DHL Group, Amazon, etc. are slowly replacing their fleet of delivery vans with electric & hybrid vehicles. This move is expected to provide additional value to businesses in improved routing efficiency and lower operational cost.

Vehicle manufacturers across the globe are also introducing more performance-oriented electric & hybrid multi-purpose vehicles to better suit different end use requirements, which is further anticipated to increase demand for electric & hybrid multi-purpose vehicles across the globe in the coming years. Asia-Pacific accounts for the largest share in the global electric & hybrid multi-purpose vehicle market on account of huge and growing demand in Japan and China. The electric & hybrid multi-purpose vehicle market is still in its inception phase in other major parts of the world.

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“Global Electric & Hybrid Multi-Purpose Vehicle Market “

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Global electric & hybrid multi-purpose vehicle market can be segmented based on fuel type, tonnage capacity, end use industry and region. In terms of fuel type, the hybrid multi-purpose vehicle segment accounts for the lion’s share in the market and the trend is expected to continue in the coming years as well. Electric multi-purpose vehicle segment is expected to grow at an impressive rate during the forecast period.

The demand for electric & hybrid multi-purpose vehicle is also proliferating due to incentive programs of different governments across the world for encouraging adoption of electric and hybrid vehicles, fuel economy standards and zero and low-emission vehicles. Policies are being drawn to minimize the gap between cost of ownership of electric vehicles and conventional vehicles as well as for developing a strong charging infrastructure and battery technology.

Toyota Motor Corporation, Renault Nissan Alliance, and Honda Motor Corporation are among the leading players operating in the global electric & hybrid multi-purpose vehicle market. Apart from these companies, companies such as General Motors, Mercedes Benz, etc., are also increasing their marketing activities and enriching product portfolio globally to increase their customer outreach. Major companies in the global electric & hybrid multi-purpose vehicle industry are also focusing on increasing their dealer and distributor network to grab a larger share in the global electric & hybrid multi-purpose vehicles market.

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“APAC dominates the global electric & hybrid multi-purpose vehicle market, backed by increase in demand for electric & hybrid multi-purpose vehicle for personal and commercial purposes in the region. Over the next five, demand for electric & hybrid multi-purpose vehicles is anticipated to increase in the other regions also due to rising focus on eco-friendly vehicles. Moreover, with growing charging infrastructure and expansions of product portfolios by major electric & hybrid multi-purpose vehicle manufacturers, demand for such vehicles is projected to increase during forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based management consulting firm.

“Global Electric & Hybrid Multi-Purpose Vehicle Market By Fuel Type, By Tonnage Capacity, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2025 has evaluated the future growth potential of global electric & hybrid multi-purpose vehicle market and provides statistics & 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 global electric & hybrid multi-purpose vehicle market.

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