Battery Electric Vehicle (BEV) Market Size worth $425 Bn by 2025
Published Date: September 3, 2019 Authors: Ankita Bhutani
Battery Electric Vehicle Market size is poised to exceed USD 425 billion by 2025; according to a new research report by Global Market Insights, Inc.
Rising pollution from commercial & heavy-duty trucks along with stringent regulations pertaining to the restriction of emission limits from such vehicles are driving the battery electric vehicle (BEV) market size. Ongoing improvements in electric powertrain along with power and torque enhancement to operate across in variable operating conditions will boost the industry growth over the forecast timeframe.
Increasing government investments on expanding electric charging stations and developing infrastructure are playing a significant role in escalating the vehicle demand. Additionally, challenging goals set by the government to curb pollution levels and reduce greenhouse gas emissions by around 26% to 28% by 2025 will positively influence the battery electric vehicle sales across the region.
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Supporting government initiatives, including favorable policies and incentives will propel the battery electric vehicle market growth over the study timeframe. For instance, in 2017, the Ministry of Energy in the Middle East introduced an incentive program that includes purchasing electric vehicles through green insurance plans, green bank loans, and green registration for cars. The program aims at 15% reduction of carbon emissions by 2020 and the adoption of electric vehicles accounting for 20% of vehicles in the government’s own fleet.
Improving economic conditions along with easier financing alternatives play significant role in increasing the electric vehicles sales. Rising preferences of customers to incorporate advanced technologies in vehicles along with reduced vibrations and noise to enhance the premium appeal will expand the BEV market share over the forecast timeframe.
The U.S. Department of Energy is making continuous efforts to increase the vehicle adoption. It offers up to USD 7,500 tax credit for electric vehicle purchases. Additionally, the government is offering rebate of around USD 1,000 for installing charging stations and around 10% credit of the vehicle cost for electric two wheelers. In 2016, the government initiated the installation of electric charging stations across the nation to enable fast-charging capabilities under its Fixing America’s Surface Transportation (FAST) Act.
Browse key industry insights spread across 213 pages with 218 market data tables & 9 figures & charts from the report, “Battery Electric Vehicle Market Size By Vehicle (Heavy Duty Vehicles, Agriculture, Buses, Port Vehicles/Container Handling Or Transport, Automotive, Class 8/Long Haul), Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Electric tractors will witness significant growth owing to the benefits including lower noise, vibrations, and improved driving efficiency. The rising adoption of renewable energy panels to recharge tractor batteries during operation will expand the battery electric vehicle (BEV) market value. Further, reduced maintenance costs will support the product demand over the forecast timeframe.
Growing adoption of electric buses is attributed to the continuous support from government organizations for public transport. Increasing focus on reducing dependency on conventional fuels along with improvements in the electric bus range will enhance the segment penetration. For instance, Emoss offers a fully electric bus with a driving range of around 200 km. Increasing vehicle driving range will escalate the market revenue.
Automotive will account for a significant share in the battery electric vehicle market owing to presence of multiple OEMs offering a wide range of vehicles across a diversified price range. Easier diagnosing and maintenance capabilities along with incentives and tax benefits will support the vehicle adoption. For instance, Tesla offers Over The Air (OTA) updates for its electric vehicles to diagnosing problems and issues associated with battery electric vehicles.
Electric forklifts hold substantial share owing to benefits including lower center of gravity along with considerable savings in terms of operational expenses. E-bikes will showcase robust growth owing to easier driving capabilities in congested areas coupled with lower weight. The availability of a wide variety of bikes at varied price ranges along with improvements in charging & efficiency capabilities will escalate the battery electric vehicle (BEV) market demand over the forecast timeframe.
Middle East & Africa will foresee steady growth owing to introduction of new variants and models of electric trucks offering higher travelling range. Availability of attractive incentives in conjunction with increasing charging stations is encouraging the adoption of electric vehicles. Increasing demand for long haul trucks providing higher load carrying capacities and reduced emissions are driving the industry size. Provision for designated parking lots for electric vehicles along with exemptions on tolls and vehicle registrations are providing potential growth opportunities for vehicle adoption.
Key BEV market players include Hyundai Motor Company, General Motors, BMW Group, Daimler AG, Toyota Motor Corporation, Groupe Renault, Volkswagen, and Honda Motors. Enhanced design and safety performance are prominently contributing toward improved safety of passengers. In October 2018, Tesla’s electric model S achieved a 5-star rating in every category and sub-category defined by the National Highway Traffic Safety Administration (NHTSA) with lowest probability of injury in any vehicle.
The battery electric vehicle market research report 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:
- Heavy Duty vehicles
- Pot Vehicles/ Container Handling or transport
- Class 8/Long Haul
The above information has been provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa