Commercial Electric Vehicle Market Business Report by 2025 Commercial Electric Vehicle Market by 2025 | Page 3

Commercial Electric Vehicle Market
Globally, APAC held the largest share in the commercial electric vehicle market during the historical period,
accounting for more than 80% sales volume in 2017. China is the largest market for these vehicles in the world.
Favorable government subsidies, stringent emission norms, and fuel-based vehicle replacement targets are the
major factors driving the domestic demand for commercial electric vehicles in China.
The commercial electric vehicle market in other parts of the world is still in its nascent phase and depends
largely on government policies. The presence of few electric bus manufacturers and comparatively higher
upfront costs have restricted the sales of these vehicles in these regions. However, the manufacturers in these
regions are investing heavily for the development of these vehicles, which is anticipated to upsurge the market
growth during the forecast period.
P&S Intelligence