Rising Environment Protection Concerns Aiding The Battery Electric Vehicles (BEVs) Market Growth Positively

According to a new market research report published by Credence Research “Battery Electric Vehicles (BEVs) Market (Vehicle Type– Cars, Trucks, Buses and Motorcycles; Battery Type – Lithium ion (Li-ion) Batteries, Lead Acid Batteries and Nickel Metal Hydride Batteries) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the battery electric vehicles (BEVs) market was valued at US$ 89.15 Bn in 2017 and will be growing at a CAGR of 20.6% during the forecast period from 2018 to 2026.

Market Insights

The BEVs market worldwide was valued at US$ 89.15 Bn in 2017, and is expected grow at a CAGR of 20.6% from 2018 to 2026. As a result of rising environmental concerns and available resource limitations of oil, it has become imperative on the part of automobile manufacturers to develop alternative fuel vehicles. Of all the potential solutions, battery electric vehicles have emerged as the most popular option. One of the most prominent factors aiding the BEVs market growth can be attributed to the fact that these vehicles do not generate greenhouse gases and pollutants. These factors makes BEVs environmental friendly. Another important factor contributing to the market growth can be attributed to the rising investments in support of infrastructure. This has made BEVs a feasible and viable option for consumers in the market.

Browse the full report at https://www.credenceresearch.com/report/battery-electric-vehicles-bevs-market

In addition, various push factors such as government support through taxes and incentives coupled with regulations on emissions are driving the market for BEVs in the U.S. For instance, in the U.S., tax credits and tax exemptions, are a major tool for decreasing the upfront costs of EVs and encouraging the technology’s adoption. The central government has initiated a consumer subsidy program which provides a subsidy of US$ 8,736 for each battery electric vehicle (BEV) purchased. However, the subsidy will keep on decreasing from time to time and as per findings, it will decrease by 40% in 2019.

One of the most important factor contributing to the increasing market share of battery electric vehicle can be attributed to the fact that they are a viable way towards a clean and efficient transport system. Compared with internal combustion engine (ICE) vehicles, BEVs offer overall high reliability, efficiency and has a relatively low cost electric motor. However, low energy density of the high voltage battery remains a major drawback of BEVs. Pure electric vehicles don’t produce any greenhouse gas exhaust emissions whilst being driven. Switching to an electric vehicle therefore makes it easy for drivers to reduce their carbon footprint and therefore help protecting the future of the planet. There is also a trend towards more eco-friendly production and materials for EVs. The Ford Focus Electric is made up of recycled materials and the padding is made out of bio based materials.

Key players profiled in the report include General Motor Company, BYD Company Limited, Tesla, Renault-Nissan, Toyota, Kia Motors, Volkswagen, BMW, Hyundai and Chevrolet.

The Global Battery Electric Vehicles (BEVs) Market is Segmented into:

ATTRIBUTEDETAILS
Research Period 2016-2026
Base Year2017
Forecast Period 2018-2026
Historical Year 2016
Unit USD Billion
Segmentation Vehicle Type (2016–2026; US$ Bn)
 Battery Type (2016–2026; US$ Bn)
 Geography Segment (2016–2026; US$ Bn)

*Complete segmentation list is on report page