ELECTRIC VAN MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Key Takeaways from Analyst
Global electric van market is poised to witness significant growth over the coming years. Stringent emission norms across regions are prompting van fleet operators to transition towards electric options. Governments are also offering subsidies and tax benefits for commercial electric vehicles, fuelling adoption. However, higher acquisition costs remain a key restraint with total cost of ownership still being higher than conventional diesel vans. Europe continues to be the dominant market currently due to strong supportive policies. The EU has outlined plans to phase out petrol and diesel-powered commercial vehicles by 2040. Several large corporates in the U.K. and Germany have already committed to electrify their van fleets.
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