Battery Electric Vehicles (BEVs) Market By Vehicle Type (Cars, Trucks, Buses, Motorcycles), By Battery Type (Lithium ion (Li-ion) Batteries, Lead Acid Batteries, Nickel Metal Hydride Batteries) - Growth, Future Prospects & Competitive Analysis, 2018 – 2026
Rising environmental concerns are positively influencing the growth of the battery electric vehicle (BEV) market.
The global market for battery electric vehicles (BEVs) was valued at US$ 89.15 billion in 2017 and is expected to grow at a CAGR of 20.6% from 2018 to 2026. Oil supply constraints and rising environmental concerns have prompted automakers to design and develop alternative fuel vehicles.
This factor has positively influenced the BEV market's growth. Because these vehicles emit no pollutants or greenhouse gases, their popularity has grown in recent years. Moreover, improvements in supporting infrastructure are another important factor contributing to the overall market growth of BEVs. Governments across various countries have been instrumental in providing support through incentive programs and taxes in order to drive the sales of BEVs.
Market Synopsis
The Lithium-ion Battery Segment Will Witness the Fastest Growth in the Coming Years
In terms of battery type, the lithium-ion battery segment is expected to register the fastest CAGR during the forecast period from 2018 to 2026. In recent years, li-ion batteries have emerged as the most preferred choice of batteries for BEV manufacturers.
Factors such as high charge retention capacity, low maintenance cost, and high energy density are some of the most prominent factors contributing to the lithium-ion battery segment's growth. However, drawbacks in the form of high cost and safety concerns pertaining to overheating and overcharging remain for these batteries.
Asia Pacific will continue to be the most profitable market for BEV manufacturers to invest in.
In terms of growth rate, the Asia Pacific market is expected to witness the fastest growth during the forecast period from 2018 to 2026. China is expected to play a crucial role in this growth. The country was the largest market for battery electric vehicles worldwide in 2017, and the adoption of BEVs in the country has been growing at a very rapid rate. Rising concerns related to energy security and incentives for the use of battery-powered vehicles are some of the most prominent factors aiding the battery-electric vehicle market's growth in the region.
Report Scope by Segments
The report categorizes the market in terms of vehicle type, battery type, and geography.
Key players profiled in the report include General Motors Company, BYD Company Limited, Tesla, Renault-Nissan, Toyota, Kia Motors, Volkswagen, BMW, Hyundai, and Chevrolet.
Key questions are answered in this report.
What was the global BEV market size in 2017, and what is the forecast for 2026?
What are the current trends in the BEV market?
What are the various valuable opportunities for the players in the market?
Which is the largest regional market for BEVs?
Which region is expected to have the fastest growth and why?
What are the future prospects for the BEV market?
What are the major drivers and restraints influencing the market's growth?
What are the new innovations by the leading players?
What are the key strategies adopted by the leading players in the market?
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☛ The market for Electric Vehicle BatteriesIn 2017, it was worth $2.24 billion USD.
The market for Battery Electric Vehicles Market is expected to reach USD$ 89.15 Bn in 2026.
The Battery Electric Vehicles Market is expected to see significant CAGR growth over the coming years, at 20.6%.
The report is forecasted from 2018 -2026.
The base year of this report is 2017.
Motors Company, BYD Company Limited, Tesla, Renault-Nissan, Toyota, Kia Motors, Volkswagen, BMW, Hyundai, and Chevrolet. are some of the major players in the global market.
