Commercial Vehicle Electric Propulsion System Market: Overview
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.
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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.
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