08 August 2017
Visiongain’s new report Battery Electric Vehicle (BEV) Market Report 2017-2027: Forecasts By Vehicle Type (Battery Electric Passenger Cars, Battery Electric Light Commercial Vehicles (LCV), Battery Electric Heavy Goods Vehicles (HGV), and Battery Electric Two Wheelers), & By Region With Analysis Of Penetration Rates Plus Profiles of Leading Companies Developing Zero Emission Technologies indicates that the global battery electric vehicle market will see $35.2 billion in spending in 2017.
The lead analyst of the report said: The increasing requirement to reduce vehicle emissions and global carbon footprint drives the demand for electric vehicles. Use of BEVs offers benefits such as low maintenance costs, reduced harmful vehicle emissions, while providing comparable power. The depletion of traditional fuel resources along with growing environmental concerns is accelerating the adoption of BEVs across the globe. The reducing battery prices, technological advancements, development of charging infrastructure, and supporting government policies further supplements the growth of battery electric vehicles. Governments across the world are offering incentives and subsidies on the purchase of electric vehicles to promote the sale of electric vehicles. Stringent government regulations regarding fuel emissions along with enhancement of public charging infrastructure will further supplement the market growth. However, high initial cost and lack of awareness in the developing countries regarding the benefits of battery electric vehicles could limit the market growth in the coming years. In the coming years, market players are focusing on integration of autonomous driving technology into electric vehicles. A few other features and trends in battery powered electric vehicles include introduction of smart cars, self-driving technology and increasing adoption of electric vehicles in small and medium fleets, Mass production coupled with research & development is leading to reducing battery costs, thereby increasing the adoption of battery electric vehicles. This technological advancement in electric vehicles could reduce the cost competitiveness gap between EVs and internal combustion engines (ICEs), increasing the adoption of battery electric vehicles.
The 150 page report contains 150 tables, charts and graphs that add visual analysis in order to explain developing trends within the battery electric vehicles market. Visiongain provides sales revenue forecasts for the period 2017-2027 for the various types of vehicle types. The report offers market forecast and analysis for 4 regions and 20 leading national markets and the rest of the world market. In addition, the report contains a dedicated leading companies’ chapter covering more 10 companies leading in the field of battery electric vehicles market including BMW Group, General Motors Company, Ford Motor Company, Daimler AG, Tesla Motors, Inc., Hyundai Motor Company, Honda Motor Co., Ltd., Nissan Motor Company Ltd, Groupe Renault and BYD Company Limited
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