Electric Van Market Size, Share, Growth Analysis, By Battery Capacity(Up to 50 kWh, and Above 50 kWh), By Application(Personal, Commercial), By Range(Up to 100 miles, 100 to 200 miles) - Industry Forecast 2024-2031

Drivers

Imposition of Strict Emission Mandates

• Governments and regulatory bodies around the world are implementing new regulations and norms to curb emissions caused by vehicles. To comply with these regulations and promote sustainability, people have increased the adoption of electric vehicles such as electric bikes and electric vans.

Operational Cost Benefits for Organization

• Companies can utilize electric vans to save on the costs of fuel and further push their sustainability agenda. Investing in an electric van can pay off big time for organizations and improve their profit margins as well, this is a key factor that will promote electric van market growth in the future.

Restraints

Range Limitations

• Electric vehicles come with a limited range and need to be recharged periodically to keep them functional. These vehicles need a charging infrastructure to keep them operational over long distances and the absence of the same is projected to impede market development.

High Initial Costs

• Getting an electric van is quite expensive as compared to a traditional van owing to the high costs of battery technology. Not all people and organizations are willing to spend a high amount initially and this trend is slated to hurt electric van sales outlook in the future.