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. The global battery electric vehicle market is expected to an impressive growth attributed to surge in demand in the transportation industry. The report offers a robust analysis on battery electric vehicle market with the aid of qualitative and quantitative assessment. The report focuses on the segmentation of the market to provide thorough analysis on the battery electric vehicle market. Further, the report also shed light on the trends, drivers, opportunities and restraints within the battery electric vehicle market.
Accordingly, there are a few of the dimensions lithium-ion technologies are compared along— life span; safety; performance; specific power; specific energy and cost. Soaring costs remain the main impediment and the challenge is to lessen manufacturing costs through experience and scale effects as market volumes expand. Inevitably, no single technology wins along all the dimensions. For instance, preferring a technology that optimizes performance alludes compromising on other dimensions.
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- Electric vehicle battery market registered a value CAGR of 12.2% during the period, 2012-2016. Growing consumer inclination towards electric vehicles (EVs) that run without fossil fuels, amid increasing concerns regarding alarming pollution levels and negative impact of climate change, has underpinned the market growth.
- Worldwide sales of electric vehicle batteries closed in on revenues worth US$ 90,700 million in 2018, and are estimated to record a Y-o-Y growth of nearly 14% in 2019.
- Asia Pacific Excluding Japan (APEJ) continues to retain its leading position in the electric vehicle battery market, with revenues exceeding US$ 35,000 million in 2018. Sales of electric vehicle batteries in the region remain driven by strong automotive industry and improving economy conditions.
Faced with fuel crisis, battery electric vehicle has been the apt choice with no emissions, thereby receiving green signal from governments across regions. Consequently, pertinent battery electric vehicle players such as Nissan Motor Corporation has adopted bio-based materials to produce paddings and the body of the vehicle. Electric vehicles not embedded with fuel injection systems, costly exhaust system, radiators and starter motor have led to low maintenance cost. As such, low maintenance cost with respect to battery electric vehicles has propelled the growth of the battery electric vehicle.
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Demand for battery electric vehicle will continue to increase among passengers in the transport industry globally. Passenger cars is projected to witness robust revenue growth in the global market. The passenger car vehicle type segment is projected to represent more than US$ 33,000 Mn by 2022-end. The passenger cars will continue to witness relatively high sales as compared to other vehicles in the global market.
Parallel hybrid powertrains continue to account for relatively large sales of electric vehicle batteries, with nearly 70% share in 2018. Sales of these batteries remain driven by increasing use of parallel hybrid powertrains in EVs and HEVs, as they eliminate the inefficiency of converting mechanical power to electricity and increase efficiency for highway driving.
Battery Electric Vehicle Market: Competitive Landscape
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.