Battery Electric Vehicles (BEV) Market Size By Vehicle (Heavy Duty Vehicles, Agriculture, Buses, Port Vehicles/Container Handling Or Transport, Automotive, Class 8/Long Haul), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025
Published Date: Mar 2019 | Report ID: GMI3181 | Authors: Ankita Bhutani
Industry Trends
Battery Electric Vehicles Market size valued at USD 150 billion in 2018 and is estimated to exhibit at around 16% CAGR from 2019 to 2025. Increasing pollution associated with greenhouse gases and stringent government regulations pertaining to limiting carbon emissions from conventional automobiles are driving the industry growth. The usage of batteries and electric motors to operate such vehicles with reduced noise and no emissions plays a major role in the market expansion.
Technological advancements, including improvements in charging infrastructure along with the proliferation of fast & ultra-fast charging technologies, are providing a positive outlook for market statistics. Supporting government regulations to increase these vehicles adoption is driving the market demand. Governments across the globe are offering attractive tax incentives and benefits for consumers to buy such vehicles.
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The increasing acceptance due to their reduced noise & vibrations with no emissions are further escalating the market size. The absence of complex mechanical parts coupled with simpler motor & battery mechanism supports in lowering maintenance & operational costs significantly.
Industry participants are continuously investing in R&D for developing advanced battery solutions for increasing the sales of battery electric vehicles. Advancements in lithium materials used in batteries enables for improved energy storage and higher energy density. For instance, Tesla offers Model 3 with newer generation lithium-ion batteries that offers 30% to 33% more energy compared to the traditional batteries.
Innovations in electric powertrain such as improvements in power and torque to operate across diversified operating conditions further accelerates the battery electric vehicles market outlook. Industry players are engaged in showcasing concept cars prior to commercialization for gaining consumer traction and interest.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2018 | Historical Data for: | 2014 to 2018 |
| Market Size in 2018: | 150 Billion (USD) | Forecast Period: | 2019 to 2025 |
| Forecast Period 2019 to 2025 CAGR: | 16% | No. of Pages: | 210 |
| 2025 Value Projection: | 425 Billion (USD) | Tables, Charts & Figures: | 227 |
| Geographies covered (20): | U.S., Canada, Germany, UK, France, Sweden, Italy, Norway, Spain, Netherlands, China, Japan, India, Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa | ||
| Segments covered: | Vehicle and Region | ||
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Market Analysis, By Vehicle
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Automotive vehicle segment is projected to register significant growth till 2027 on account of higher requirement for personal mobility solutions. The availability of a wide range of features and facilities including autonomous driving technologies and ability to diagnose vehicle problems through over the air updates and online software updating facilities further escalates the market share.
Buses account for considerable market revenue over 2021 to 2027 owing to continuous support from governments globally to reduce dependency on conventional fuelled public transportation and promote green mobility. Additionally, industry players are continuously upgrading their bus portfolio to offer reliable and efficient electric buses to drive the increased usage.
Market Analysis, By Region
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Europe battery electric vehicles market revenue accounted for a considerable volume share in 2018 propelled by the focus of governments across multiple member countries to ban diesel fuel and encourage adoption of alternative fuels for transportation. Moreover, improvements in electric charging infrastructure along with supporting government policies for infrastructure development further fuels the regional market growth. For instance, in 2019, the UK government announced its plans for an investment of around USD 520 million for the expansion of battery electric vehicle charging infrastructure across the country.
Asia Pacific market is expected to witness substantial gains during the forecast timeframe impelled by the availability of supporting government initiatives including subsidies, incentives, and tax credits for encouraging electric vehicle purchase. Continuous investments by market participants for diversifying their product portfolio further enhances the regional market revenue.
Competitive Market Share
Prominent players in the battery electric vehicles market include BMW, BYD company Ltd., Daimler AG, Ford Motor Company, Volkswagen AG, Toyota Motor Corporation, Hyundai Motor Company, Nissan Motor Corporation, and Tesla Inc. Joint ventures and partnerships are among the key strategies adopted by industry participants to increase their market share.
This market research report on battery electric vehicles includes in-depth coverage of the industry with estimates & forecast in terms of volume in Units and revenue in USD million from 2013 to 2025, for the following segments:
Market, By Vehicle
- Heavy Duty vehicles
- Agriculture
- Buses
- Pot Vehicles/ Container Handling or transport
- Automotive
- Class 8/Long Haul
- Others
The above information has been provided on a regional and country basis for the following:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Sweden
- Italy
- Norway
- Spain
- Netherlands
- Asia Pacific
- China
- Japan
- India
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
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