It's in the commercial and industrial segment where the majority of electric vehicles dollars will be spent.

Electric Motorhome or Bus Chassis

Electric Motorhome or Bus Chassis

That's the word, according to Research and Markets:

"Those selling components for electric vehicles and those wishing to make the vehicles themselves must seek where the majority of the money is spent and will be spent. That must lead them to industrial and commercial electric vehicles because today these represent 60% of the value of the electric vehicle market. Indeed, this sector is set to grow 4.2 times in the next decade. Industrial and commercial electric vehicles include heavy industrial vehicles, the term referring to heavy lifting, as with forklifts."

There exists even more electric commercial and industrial machines, as Research and Markets explains:

"Then we have buses, trucks, taxis and the other light industrial and commercial vehicles. There are also a few work boats and commercial boats and one day there will be commercial electric aircraft but this is really a story about the burgeoning demand for off-road industrial vehicles and on-road commercial vehicles."

Why the electric focus in these two segments?  Well, the answer comes in two parts.  First, it's a way for fleets to save on operating costs.  Second, it aligns with government objectives focused on reducing air pollution.

There are subsidies for some vehicles in both the industrial and commercial segments, though Research and Markets says that incentives don't contribute to growth in a meaningful way.

Source: Research and Markets