Global Battery Electric Vehicle Market Expected to Secure Notable Revenue Share during 2017-2022

Posted on 2019-01-18 by Mark Hub in Automotive // 0 Comments

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Overtaking digitalization and connectivity, the battery electric vehicles market continues to witness significant growth compared to the growth of conventional vehicles market. Equipped with relatively low center of gravity, the battery electrical vehicles have a comparatively low chances of rolling over. The battery 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 battery 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.

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According to a recently published report, the global Battery Electric Vehicles Market is expected to represent a value of over US$ 150,000 Mn by the end of 2022.

Low Risks and Threats During Accidents

The maintenance costs mainly associated with these automotive include maintaining suspension, battery, brakes, and tyres. Growth of the battery electric vehicles market 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, thereby driving battery electric vehicles market growth.

Eco-friendly Vehicles with Low Maintenance Cost

Battery electric vehicles market will witness the benefits of increasing government support for clean energy and environment. This has further prompted battery electric vehicles market players to continue using green materials for production including old parts of vehicles, plastic bags, second hand home appliances, and recycled water bottles. Leading battery electric vehicles market players such as the Nissan Motor Corporation prefer producing the paddings, and body of the vehicle with bio-based materials. Low cost of maintenance associated with battery electric vehicles, owing to elimination of rotos, has further been underpinning growth of the battery electric vehicles market.

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Parallel Hybrid to Represent a Leading Segment

Changing consumer perspective towards the battery electric vehicles 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 battery electric vehicles market throughout 2022.

Parallel hybrid as compared to the other types of powertrain is expected to witness the highest revenue growth in the global battery electric vehicles 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 battery electric vehicles market throughout 2022.

Demand for the battery electric vehicles 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 battery electric vehicles market throughout 2022.

Competitive Tracking

Leading players operating in the battery electric vehicles 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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