Commercial and Industrial Electric Vehicle Industry to Grow 420% Over Next Decade

4 years ago by Eric Loveday 1

Balqon Electric Tractor

Balqon Electric Tractor

According to the research firm with the unusual name of Researchmoz, commercial and industrial is where the most growth is at.

Electric Motorhome or Bus Chassis

Electric Motorhome or Bus Chassis

Researchmoz says that, right not, the commercial and industrial segments represents over 60% of the electric vehicle market, based on value alone.  We’re not talking sales figures here.  Instead, we’re look at the amount of money spent on electric vehicles in two particular segments: commercial and industrial.

Resarchmox further says that, over the next decade, these two segments of electric vehicles will grow to 4.2 times their current size, easily outpacing the growth of electric passenger vehicles.

Commercial and industrial electric vehicles include fork lifts, cranes, the Balqon yard tractor show above, taxis, buses, work boats, and even some types of motorhomes.  Basically, if its a heavy-hauler or heavy-lifting machine and its electric, then it fits into the commercial or industrial electric categories.

As the research firm sees it, the demand for off-road industrial vehicles and on-road commercial vehicles will continue to grow at a rapid pace due to their efficiency in operation, subsidies offered by governments, ability to reduce pollution and alignment with environmental goals set forth by organizations and corporations around the world.

Source: Researchmoz

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One response to "Commercial and Industrial Electric Vehicle Industry to Grow 420% Over Next Decade"

  1. It’s not surprising that commercial vehicles represent the majority of the electric vehicle market. Companies who have fleets of vehicles will benefit massively from going electrical, as you say they will save money with subsidies from the government, and being green is always a good image for a business.