Commercial
Vehicle Electric Propulsion System Market: Overview
Transparency
Market Research Added A New Report "Commercial
Vehicle Electric Propulsion System Market".
Electrification of vehicles is accelerating globally and major
vehicle manufacturers are putting their substantial resources for
safer and cleaner, energy efficient affordable vehicle concepts.
Commercial vehicle segment is also catching up the electrification
concept to reduce emissions and save fuel for the future. Electric
propulsion system is basically the powertrain of an electric vehicle.
The electric motor converts electric energy into kinetic energy which
is used to power the wheels.
With the rise of
fuel prices such as diesel and to reduce the impact pollution caused
by commercial vehicle, hybrid electric vehicles (HEV) are also
introduced in the commercial vehicle segment. Due to Low Emission
Zones (LEZs) set up in many areas of European Union bus and trucks
manufacturers are looking forward for technological advances in the
area of commercial hybrid vehicles.
Commercial
Vehicle Electric Propulsion System Market: Growth Enablers
Increasing concern
about fuel efficiency, global warming and emission norms,
manufacturers are more focused on developing more advanced electric
propulsion systems without compromising on its performance. Rise in
the growth of hybrid automobile sector globally, it is indirectly
fueling the growth of electric propulsion systems market as these are
required in every hybrid automobiles to power the wheels. An electric
or hybrid commercial vehicle combines the conventional diesel engine
propulsion system with an electric propulsion system. The presence of
the electric propulsion system or powertrain is basically to achieve
better fuel economy and reduce carbon emission that would impact the
environment.
There are various
kinds of Hybrid Electric Vehicles (HEV) available in the market.
These HEVs constitute much more than just an electric motor. Moderns
HEVs includes technologies like regenerative braking, which is an
energy recovery mechanism and stores the energy generated while
braking to recharge the main battery rather than wasting it as heat
energy as conventional brakes do. Many HEVs also has a mechanism to
shut down the main diesel engine at idle reducing emission and
restarting it when needed. It is generally termed as a start-stop
system which is basically profitable for bus operators plying on busy
city routes with many stoppages.
The major drivers
influencing the commercial vehicles electric propulsion systems
market globally is the increasing number of commercial HEV automobile
production and the growing demand for emission free and fuel
efficient commercial vehicle.
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Some of the major
restraints of the commercial vehicles electric propulsion systems
market globally are high fluctuations of the material prices which
hinders in manufacturing of electric propulsion system and less load
carrying capacity.
Commercial
Vehicle Electric Propulsion System Market: Segmentation and Regional
Insight
The commercial
vehicles electric propulsion systems market can be distinguished by
product hybrid type and vehicle type. In the product outlook, there
are generally three types; Full Hybrid, Mild Hybrid and Plug-in
hybrid. The vehicle type segment can be bifurcated into heavy
commercial electric vehicles, light commercial electric vehicles,
forklifts, golf carts, airport EVs and taxi.
Europe being the
largest HEVs manufacturer globally also posses the largest market for
commercial vehicles electric propulsion systems industry. Moreover
various Low Emission Zones (LEZs) set up by the European Union
restricts the use of polluting commercial vehicles. This has led to
the development of commercial vehicles electric propulsion systems to
reduce the overall emission and increase fuel efficiency. North
America led the second largest market for commercial vehicles
electric propulsion systems industry followed by Asia Pacific and
West of the World.
The major players in
this industry are BYD Company (China.), AC Propulsion (U.S.), Allison
Transmission (U.S.), Smith Electric Vehicle (U.S.), Tesla Motors
(U.S.), and MAN SE (Germany) among others.
The report offers a
comprehensive evaluation of the market. It does so via in-depth
qualitative insights, historical data, and verifiable projections
about market size. The projections featured in the report have been
derived using proven research methodologies and assumptions. By doing
so, the research report serves as a repository of analysis and
information for every facet of the market, including but not limited
to: Regional markets, technology, types, and applications.
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