20 November 2018
Visiongain’s new report Battery Electric Vehicle (BEV) Market Report 2019-2029: Forecast & Outlook by Vehicle Type (Battery Electric Passenger Cars, Battery Electric Light Commercial Vehicles, Battery Electric Heavy Goods Vehicles, and Battery Electric Two Wheelers) & by Region Plus Analysis of Leading Companies indicates that the global battery electric vehicle market will see $49.69 billion in spending in 2019.
The lead analyst of the report said: "The adoption of battery electric vehicles is expected to increase significantly in the coming years owing to increasing need to reduce vehicular emission around the world. The increasing demand for fuel-efficient vehicles also drives the market across various countries. Market players in the global industry are introducing fuel-efficient and low-cost battery electric vehicles to cater to the growing consumer needs. There has been a significant reduction in the prices of Lithium-ion batteries over the years, which drives the growth of the battery electric vehicle market. Most electric vehicles are equipped with Lithium-ion batteries. Tesla CEO Elon Musk stated during the Tesla 2018 annual shareholder meeting that “We think at the cell level probably we can do better than $100/kWh maybe later this year depending upon commodity price. With further improvements to the cell chemistry, the production process, and more vertical integration on the cell side, for example, integrating the production of cathode and anode materials at the Gigafactory, and improved design of the module and pack, we think long-term we can get below $100/kWh at the pack level. Which is really the key figure of merit for a car. But long-term meaning definitely less than 2 years."
Although high initial costs associated with battery electric vehicles limit the ability of the market to expand, stringent emission laws & regulations are encouraging automobile manufacturers to launch efficient battery electric vehicles across the globe. In the coming years, market players are focusing on integration of autonomous driving technology into electric vehicles. For example, in September 2017, Mitsubishi Motors, and Renault, Nissan announced their plan to launch 40 autonomous vehicles based on powertrains and next-generation electric by 2022. 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 decline in battery costs, thereby increasing the adoption of battery electric vehicles. The technological advancement in electric vehicles would reduce the cost competitiveness gap between EVs and internal combustion engines (ICEs), increasing the adoption of battery electric vehicles.
The 180+ 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 2019-2029 for the various types of vehicle types. The report offers market forecast and analysis for 4 regions, 26 leading national markets and the rest of the world market. In addition, the report contains a dedicated leading companies’ chapter covering 15 leading companies in the battery electric vehicles market.
The Battery Electric Vehicle (BEV) Market Report 2019-2029 report will be of value to anyone who wants to better understand the battery electric vehicle market and its various segments. It will be useful for businesses who wish to better comprehend the part of the market they are already involved in, or those wishing to enter or expand into a different regional or technical part of the battery electric vehicle industry.
Notes for Editors
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