Allied Market Research

2024

Electric & Hybrid Multi-purpose Vehicle Market

Electric & Hybrid Multi-Purpose Vehicle Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Tonnage and by End Usage : Global Opportunity Analysis and Industry Forecast, 2023-2032

AT : Electric and Hybrid Vehicles

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Author's: | Lalit Janardhan Katare
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Electric & hybrid multi-purpose vehicles (MPV) are designed to maximize the interior space for transporting passengers as well as cargo in rear seating rows. MPV’s are installed with reconfigurable seats in rear three rows, a higher roof, flat floor and sliding doors for rear passengers. Furthermore, the upright seating positions maximizes the use of interior space to feel more spacious and comfortable. The seating arrangement of MPV has two or three rows, which conveniently could serve 5-8 passengers. Electric & Hybrid MPV’s use unibody frame construction and thus are lightweight. Additionally, improved frame construction and reduced weight results in better handling & fuel-efficiency. Therefore, improved frame construction and better fuel efficiency is expected to drive the growth of the global electric & hybrid multi-purpose vehicle market in near future. 

COVID-19 scenario analysis: 

  • Electric & hybrid multi-purpose vehicles is an evolving sector; however, a major impact on the production and sales operations have been observed, owing to the Corona virus pandemic.
  • Majority of electric and hybrid multi-purpose vehicle manufacturers have suspended all manufacturing operations, owing to the government declared lockdown due to which devastating losses were witnessed.  
  • The manufacturers are losing momentum toward the electrification of the multi-purpose vehicles due to the Corona virus; therefore, disrupting the investments and liquidity for the electric & hybrid multi-purpose vehicle segment.
  • The affected countries are facing issues such as closure of factories and unavailability of workforce owing to COVID-19 pandemic which further causes a major cash flow problem for the electric & hybrid multi-purpose vehicle manufacturers.
  • As the governments all over the world have declared lockdowns over the past few months the need for rebalancing the risks and liquidating the assets is required in order to optimize the flexibility of electric & hybrid multi-purpose vehicle manufacturers. 

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

Increase in demand for electric & hybrid electric vehicles, favorable government policies & subsidies regarding electric vehicles, and growth in concerns over environmental pollution are driving the growth of the market. However, high manufacturing & maintenance cost is expected to hamper the growth of the market. On the contrary, charging stations powered by renewable energy such as solar energy is expected to create an opportunity for the market investments.

The global electric & hybrid multi-purpose vehicle market trends are as follows:

Growing concerns over environmental pollution 

The internal combustion engine vehicles emit a high volume of carbon discharge in the environment which is encourages the consumers to shift from diesel engine to electric & hybrid vehicles. Governments across the world have taken initiatives to deploy electric vehicles to control the environmental pollution level and improve the air quality. For instance, electric vehicle initiative (EVI), a multi firm government policy forum established in 2009 under clean energy ministerial (CEM), helped major electric vehicle manufacturers to accelerate the production of electric & hybrid MPV’s globally. Furthermore, initiatives to deploy electric multi-purpose vehicle will reduce the dependence on crude oil. Therefore, growing concerns over environmental pollution is expected to boost the growth of the electric & hybrid multi-purpose vehicle market.    

High manufacturing & maintenance cost

Electric & hybrid multi-purpose vehicles have major advantages over diesel MPV’s, however the manufacturing and maintenance cost for the electric MPV is higher than internal combustion engine vehicles. Moreover, the reason for high cost of electric MPV’s is primarily due to lower production level. Furthermore, the unavailability of infrastructure required for the electric & hybrid MPV growth has proved to be a negative factor, which further affects the growth of the electric MPV market. Therefore, unavailability of infrastructure and high manufacturing cost is expected to hamper the growth of the electric & hybrid multi-purpose vehicle market.

Key benefits of the report:

  • This study presents the analytical depiction of the electric & hybrid multi-purpose vehicle industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with challenges of the electric & hybrid multi-purpose vehicle market.
  • The current market is quantitatively analyzed to highlight the electric & hybrid multi-purpose vehicle market growth scenario.
  • We can also determine electric & hybrid multi-purpose vehicle will remain a significant revenue shareholder in the global electric & hybrid multi-purpose vehicle market through the predictable future.

Questions answered in the global electric & hybrid multi-purpose vehicle market research report:

  • Which are the leading market players active in the electric & hybrid multi-purpose vehicle market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?

Electric & Hybrid Multi-Purpose Vehicle Market Report Highlights

Aspects Details
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By Type
  • Battery Electric Vehicle
  • Hybrid Electric Vehicle
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By Tonnage
  • Up to 3.5 Tons
  • Above 3.5 Tons
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By End Usage
  • Passenger Vehicles
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa, Rest of LAMEA)
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Key Market Players

Volvo, MAN, Honda, Toyota Group, Renault-Nissan Alliance, BYD, Tesla., Volkswagen, Daimler, Hyundai

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Electric & Hybrid Multi-Purpose Vehicle Market

Global Opportunity Analysis and Industry Forecast, 2023-2032