Battery Electric Vehicles (BEV) Market to exceed $425 Bn by 2025
Published Date: September 3, 2019 Authors: Ankita Bhutani
Battery Electric Vehicles (BEV) Market size is set to cross USD 425 billion by 2025; according to a new research report by Global Market Insights Inc.
Increasing prevalence of greenhouse gases along with rising concerns associated with carbon emissions are driving the battery electric vehicles industry growth. Incentives, tax reductions, and free charging facilities are the main factors encouraging customers to opt for battery electric vehicles. Automakers are concentrating on driving their businesses in countries, which have significant policies for encouraging the electric vehicles adoption.
Electric automakers are increasingly accepting Lithium-ion batteries for powering battery electric vehicles owing to benefits offered including higher energy density, lower maintenance, self-discharge, and no requirements for priming. Electric automakers are also investing in R&D to significantly boost the amount of energy a battery cell can store and bring an electric vehicle’s performance range in line with a gasoline-powered vehicle.
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Several countries are also focusing on replacing their public transportation fleet with newer vehicles based on electric technology for improving the efficiency along with minimizing carbon emissions. These developments provide significant opportunities for manufacturers to improve their presence in the battery electric vehicles market.
The higher costs associated with battery electric vehicles coupled with concerns associated with long term reliability and driving range concerns of such vehicles may limit the BEV market demand. However, industry players are investing in R&D for launching advanced vehicles with higher driving range and lower charging time. For instance, in 2019, Nissan unveiled its upgraded Leaf E+ vehicle with a driving range of 226 miles.
Browse key industry insights spread across 210 pages with 218 market data tables & 9 figures & charts from the report, “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” in detail along with the table of contents:
The Class 8/Long Haul trucks segment is likely to account for a considerable market share by 2027 driven by increasing adoption due to the benefits offered by the technology. These trucks have lower maintenance & operating costs, reduced noise and vibrations and smoother driving experience. Moreover, companies are currently offering trucks with improved features for attracting a wide customer base.
The heavy-duty vehicles are poised to showcase growth rate of around 9% CAGR from 2019 to 2025 on account of acceptance of electric trucks due to rising pollution concerns from such vehicles. Market players are focused on launching electric powertrain for trucks with focus on high driving range to attract a wide customer base.
Asia Pacific battery electric vehicles market is set to observe momentous growth during 2021 to 2027 propelled by the prevalence for government policies and subsidies. North America market is projected to grow at more than 13% through 2025. Presence of multiple players focusing on offering a wide range of electric vehicles is driving the regional market demand. Favorable government policies, stringent pollution norms along with supporting charging infrastructure plays an important role in the regional market expansion. The U.S. states including Colorado are adopting stringent emission norms to reduce greenhouse gases by 25% till 2025.
Some of the key players in the battery electric vehicles market place include General Motors, Daimler AG, Honda Motor Co., Ltd., Groupe Renault, Volkswagen, Toyota Motor Corporation, BMW Group, and Hyundai Motor Company. New product launches and expansion of portfolio are among the prominent strategies adopted by participants to enhance their market share.