PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397139
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397139
Electric Transporters' Market size was valued at USD 49,812.1 Million in 2022, expanding at a CAGR of 8.4% from 2023 to 2030.
Electric transport vehicles serve the purpose of efficiently conveying goods and passengers over short distances to their intended destinations. The primary objective of these versatile vehicles is to save time and provide a cost-effective mode of transportation. Electric transporters are equipped with one or more electric motors that propel the vehicle using electrical energy stored in rechargeable batteries. Moreover, government initiatives promoting green transportation and attractive incentive policies for electric vehicles, alongside substantial investments in electric vehicle infrastructure, are expected to drive the growth of the electric transporter market in the foreseeable future.
The surge in fuel prices has resulted in increased sales of electric transporters in recent years, positioning electric transportation as a prominent and eco-friendly alternative to traditional modes of conveyance. In addition to addressing rising fuel costs, the reduced maintenance expenses associated with conventional vehicles are poised to further propel market expansion. In recent years, heightened environmental awareness among consumers has led to concerns about issues such as air and noise pollution, as well as the depletion of non-renewable natural resources. Governments worldwide are actively implementing measures to mitigate air pollution and reduce CO2 emissions, enforcing stringent regulations that compel automotive manufacturers to innovate and develop environmentally friendly and efficient alternatives.
The Global Electric Transporters' Market is segmented on the basis of Vehicle Type, Battery Type, Voltage, and Region.
The market is divided into three categories based on Battery Type: Sealed Lead Acid, NiMH and Li-Ion. In 2022, sealed lead-acid batteries commanded the largest share of revenue. The prominence of this segment can be attributed to its extensive adoption in China. These batteries are projected to maintain their market dominance until 2025 due to their cost-effectiveness in comparison to other battery types, coupled with their popularity in China. Consumers express a preference for electric batteries that offer extended range capacity and are easily removable, as this convenience facilitates rapid charging. Consequently, these preferences are influencing the design of electric transporters.
The market is divided into four categories based on Voltage: 24V, 36V, 48V, Greater than 48V, Regarding voltage considerations, the 48V segment accounted for largest market share of the electric transporters market in 2022. This segment is anticipated to experience substantial growth throughout the forecast period. High voltage batteries offer superior performance and present opportunities for vehicle hybridization. The demand for high voltage batteries is on the rise as consumers seek enhanced performance output. High voltage batteries, while equipping scooters with improved acceleration, may experience a performance decline as the battery discharges.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The Electric Transporters' Market refers to the logistics and supply chain processes that are focused on the storage, transportation, and distribution of temperature-sensitive products, primarily in a controlled and refrigerated environment. This market has seen significant growth in recent years, driven by factors such as increased demand for perishable goods, pharmaceuticals, and vaccines. Companies in this market are adopting advanced technologies like temperature monitoring systems and refrigeration equipment to maintain product integrity. Additionally, there's a growing emphasis on sustainability, with the development of eco-friendly refrigeration solutions. The COVID-19 pandemic has further accelerated the need for robust cold chain infrastructure, especially for vaccine distribution.
In September 2023, the Renault Group and the Volvo Group disclosed their collaboration on the development of a next-generation electric van series that will utilize an advanced 800-volt platform driven by software. A dedicated joint venture has been established to oversee this substantial project, with production set to commence in 2026.
In June 2023, DHL Express expanded its electric vehicle fleet in Indonesia by adding 24 electric transport vans. These newly introduced electric delivery vans will be deployed in both Jakarta, the capital city, and Bandung. Furthermore, DHL Express has plans to extend the electrification of its delivery fleet beyond these initial deployments.