government, have already executed conversion roadmaps to satisfy reduction requirements. Global commercial fleet operators from both the private and public sectors, including the U.S. The market for last-mile delivery services is expected to experience heightened expansion at a compounded annual growth rate (“CAGR”) of at least 18% in the coming years, as global digital transformation continues to underpin demand. Census Bureau, Americans spent more than $790 billion during 2020 on online purposes, up 32% from pre-pandemic levels. The pandemic is forecasted to have accelerated demand for e-commerce by at least five years, with the U.S. The last-mile delivery market has ballooned into a $20 billion industry in the last 18 months due to rapid e-commerce adoption during the COVID-19 pandemic. The increasing demand for last-mile delivery transportation solutions due to rising e-commerce adoption will also further propel electrification of commercial fleets in coming years. Specifically, commercial vehicle fleet conversion to electric would take priority, as the segment continues to account for more than 80% of total transportation sector GHG emissions. Global electrification of the transportation sector has been viewed as a key element to decarbonizing the economy, as it currently accounts for one of the largest portions of global greenhouse gas (“GHG”) emissions. Material catalysts such as a defined global expansion roadmap and/or consolidation with peers within the supply chain would be required to drive further upside potential in the long-run.ĭecarbonization has become an urgent ordeal within global political agendas as the world continues to trail behind the 7.6% annual emissions reduction goal required to avoid worsening impacts of climate change.
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