Battery Electric Vehicles Industry Size, Share and Forecast to 2026

Battery Electric Vehicles Industry Size, Share and Forecast to 2026

Battery Electric Vehicles Industry


The Battery Electric Vehicles (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. Available resource limitations of oil and rising environmental concerns have led automobile manufacturers to design and develop alternative fuel vehicles.

This factor has positively influenced the BEVs market growth. As these vehicles do not generate pollutants and greenhouse gases, therefore the demand for such vehicles have been on the rise in recent years. Moreover, improvement in supporting infrastructure is another important factor contributing to the overall market growth of BEVs. Governments across various countries have been instrumental in providing support through incentive programs and taxes in order to drive the sales of BEVs.

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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.

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.

Market Synopsis

Market Synopsis

Leading Players:

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

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Table Of Content (TOC): 

Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Market Segmentation
1.4 Research Methodology
1.4.1 Phase I – Secondary Research
1.4.2 Phase II – Primary Research
1.4.3 Phase III – Expert Panel Review
1.4.4 Assumptions
1.4.5 Approach Adopted

Chapter 2 Executive Summary
2.1 Market Snapshot: Global Battery Electric Vehicles (BEVs) Market
2.2 Global Battery Electric Vehicles (BEVs) Market, By Vehicle Type
2.3 Global Battery Electric Vehicles (BEVs) Market, By Battery Type

Chapter 3 Market Dynamics
3.1 Market Overview
3.1.1 Global Battery Electric Vehicles (BEVs) Market Value, 2016 – 2026
3.2 Market Drivers
3.3 Market Challenges
3.3.1 Impact Analysis of Drivers and Restraints
3.4 Key Market Trends and Future Outlook
3.5 Attractive Investment Proposition, by Geography
3.6 Competitive Analysis…

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