Global Battery Electric Vehicle Market: Key Insights and Opportunities Expected to Grow Till 2022

From: Fact.MR
Published: Wed Dec 12 2018

In order to study the many forthcoming movements and patterns prevailing in the global market, FactMR has included the latest Forecast report on Battery Electric Vehicle Market to its vast database. The delivered study offers significant figures about the leading regions and applications which are functioning in the Global Battery Electric Vehicle Market Forthcoming Trends by 2022, along with their market production, consumption, revenue, upcoming industry trends and forecasted market share details. Further, the accomplished market research report also anticipates that the concerned market would grow at a constructive CAGR until 2022.

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Overtaking digitalization and connectivity, the battery electric vehicle continue to witness significant demand in the automotive industry as compared to the conventional vehicles. Equipped with relatively low center of gravity, the electrical vehicles have a comparatively low chances of rolling over. The electric vehicles are not integrated with equipment including radiators, starter motors, fuel injection system, and expensive exhaust system. As these battery operated vehicles mainly operate on strong rotors, the maintenance cost for these vehicles are relatively low. Further, the electric vehicles are not dependent on the exhaust system as they run on strong rotors. Attributed to such factors, the expenses related to the maintenance of these vehicles continues to remain low in the automotive industry as they are not dependent on the oil products.

Low Risks and Threats During Accidents

The maintenance costs mainly associated with these automotive include maintaining suspension, battery, brakes, and tyres. Demand for the battery electric vehicle is expected to rev up attributed to relatively low risk of threats to body of the vehicle in case of accidents such as collision, fire or explosion. As these electric vehicles are not equipped with the exhaust system, the end users are less dependent on oil products.

Eco-friendly Vehicles with Low Maintenance Cost

With increasing government support for clean energy and environment, the automotive manufacturers continue using green materials for production including old parts of vehicles, plastic bags, second hand home appliances, and recycled water bottles. Leading market players such as the Nissan Motor Corporation prefer producing the paddings, and body of the vehicle with bio-based materials. Moreover, as these vehicles mainly operate on rotors, the end users bear low cost of maintenance. Bound to such factors, the global battery electric vehicle market is expected to witness an impressive growth during the forecast period.

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Changing perspective towards the battery electric vehicle has led to surge in demand for vehicles with stored electricity. The stored electricity segment among other power sources is expected to represent a value of over US$ 44,000 Mn by the end of 2022. This segment is expected register the highest CAGR in the global market throughout 2022.

Parallel hybrid as compared to the other types of powertrain is expected to witness the highest revenue growth in the global market. The parallel hybrid segment is expected to represent a value of over US$ 21,000 Mn by the end of 2017. However, combined hybrid is expected to register the highest CAGR in the global market throughout 2022.

Demand for the battery electric vehicle is expected to remain concentrated among the passengers as compared to the other end users. The passenger car segment is expected represent a value of over US$ 33,000 Mn by the end of 2022. Moreover, this segment is expected to register the highest CAGR in the global market throughout 2022.

Competitive Tracking

Leading players operating in the global battery electric vehicle market include Bayerische Motoren Werke AG, Daimler AG, Ford Motor Company, General Motors, Honda Motor Company, Limited, Mitsubishi Heavy Industries Ltd, Nissan Motor Corporation, Limited, Renault SA, Tesla Motors, Inc., Toyota Motor Corporation, and Volkswagen AG.

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