26 September 2022
Visiongain has published a new report entitled Battery Electric Vehicle (BEV) Market Report 2022-2032: Forecasts by Charging Point Type (Charging Point Type, Normal Charging, Super Charging), by Battery Type (Lithium-ion Batteries, Lead-acid Batteries, Nickel-metal Hydride Batteries), by Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, Other), by Vehicle Connectivity (Vehicle-to-Building/Home, Vehicle-to-Grid (V2G), Vehicle-to-Vehicle (V2V), Vehicle-to-Everything (V2X), Other), by Components (Battery Cells & Packs, On-Board Charge, Motor, Power Control Unit, Battery Management System, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global battery electric vehicle (BEV) market was valued at US$66,867 million in 2021 and is projected to grow at a CAGR of 18.6% during the forecast period 2022-2032.
Electric Cars Have Fewer Maintenance Requirements and Lower Maintenance Costs
Spark plugs, gearboxes, radiators, oil and fuel filters, exhausts, and other parts only found in internal combustion engines are mostly absent from all-electric vehicles. As a result, maintaining an electric car is less expensive than one fuelled by gasoline. The majority of electric vehicles also include regenerative braking, which largely relies on the electric motor to conduct the brakes. Additionally lowering maintenance costs, this helps electric car braking rotors and pads last longer. Maintenance expenses will be cheaper even if you select a plug-in hybrid electric car with an internal combustion engine. Because PHEV engines operate less often than gasoline-powered engines, they endure less damage and use less oil and coolant.
Battery Electric Vehicle Reduce Air Pollution
Energy is a key component in achieving social, economic, and environmental objectives because it powers the economy and serves as a line of defence against the state. Because energy ensures a steady supply of infrastructure, power, and gasoline to sustain a military. the expanding transportation requirements of the population and the dwindling supply of fossil fuels. The Indonesian government is looking for alternate energy sources, including the use of electric cars, to replace fuel oil. Electric vehicle development in Indonesia is anticipated to provide a solution and promote the development of clean, environmentally friendly energy. The use of fuel oil in two- or four-wheeled vehicles causes pollution and exhaust emissions, which can be reduced by using electric cars.
How has COVID-19 had a significant negative impact on the Battery Electric Vehicle (BEV) Market?
Global automobile sales fell to an all-time low as the Covid-19 pandemic broke out in early 2020 and lockdowns were enacted in numerous nations. Early market data indicates that, despite a slow rebound over the course of the year, worldwide auto sales decreased by an estimated 14% year over year in 2020. Global auto sales fell substantially more in 2020 than they did during the 2007–2009 global financial crisis. There was a consensus assumption that the electric car market would likely be more resilient than the total automotive sector when the pandemic started to spread in early 2020, while a decline in electric car sales was still generally anticipated, albeit a smaller one than overall automobile sales.
The initial deployment of EVs has been significantly influenced by policy assistance, which also guides corporate R&D and scale-up initiatives. In 2020, numerous markets had robust governmental backing, especially in the form of regulatory and purchasing incentive tools. Several important nations also reaffirmed their targeted assistance for low- and zero-emission vehicles to help the automobile industry recover quickly in order to offset the effects of the Covid-19 issue.
How will this Report Benefit you?
Visiongain’s 383-page report provides 250 tables and 226 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global battery electric vehicle (BEV) market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Battery Electric Vehicle (BEV). Get financial analysis of the overall market and different segments including vehicle type, charging point type, battery type, vehicle connectivity, , and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing battery electric vehicle (BEV) market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Generate Your Own Electricity to Maximize Your Electric Car Savings
Rooftop solar panels can further lower the cost of recharging an electric car while also lowering the need for fossil fuels. In fact, buying solar panels for electric car charging can provide faster returns than buying solar panels for residential energy alone since solar power not only displaces grid electricity but also more expensive gasoline. Systems using solar panels to charge electric vehicles also offer a good return on investment. The typical Energy Sage Solar Marketplace customer recovers the cost of installing panels in seven to eight years, and these systems are capable of producing returns of 10 to 30 percent each year. Enjoy free power for the balance of the solar panel system's lifespan once the initial installation costs are paid off. Furthermore, solar panel systems have a 25-to-30-year lifespan on average. That means that installing a solar panel system offers 25 or more years of cost-free electricity generation in addition to having a good return on investment.
Cost Of Fuel Can Also Decreases
The country's majority of regions are seeing this ongoing increase in gasoline prices, which is driving commuters to search for less expensive transportation options. Given the current situation of escalating operating costs for gasoline and diesel cars, electric vehicles (EVs) are a potentially viable low-cost option that might gain popularity. In terms of their total cost of ownership, EVs, which are directly powered by the grid, are progressively proving to be substantially more affordable for their owners than petrol and diesel cars (TCO). The total cost of ownership (TCO) of a car is the whole cost of ownership, including interest payments, road tax payments, fuel expenses, maintenance costs, and eventually the salvage value from selling the vehicle on the used market. The cost of owning and running an electric vehicle (EV) is less expensive than its internal combustion engine (ICE) equivalents, according to the TCO comparison of a vehicle for various fuel types in the present market environment.
Where are the Market Opportunities?
Government All Over the World Are Encouraging Electric Vehicles
Over half of the electric cars sold during the study period were subsidised at the federal, state, and municipal levels. Subsidies for consumer purchases are far more expensive than investments in charging infrastructure. Additionally, the approach that simply gave electric vehicles a unique licence plate was remarkably successful. These findings illustrate the crucial role played by the government in supporting fuel-saving technology and show the different performance of various policy tools. Worldwide, central and local governments have put in place a number of incentive programmes to promote the development and usage of electric vehicles. The world's largest market for electric vehicles, China's is examined in this study along with its market and regulatory dynamics.
Battery Cost Reportedly Falling
Despite its uses, the cost of batteries has long been a worry. Battery costs have dropped dramatically in recent years while progressively rising in energy density. Even though battery costs have decreased, it is still difficult to manufacture batteries affordably on a large scale due to the pricey materials and sophisticated production techniques that have led to the high cost of batteries for electric vehicle applications. High-performance batteries cannot currently be made using ordinary materials due to technological limitations. In order to offer a longer range, EV batteries must be able to store a large capacity of energy charge. Because of this, the materials used to build the batteries in such applications must be of a specific grade, which raises the price.
The major players operating in the battery electric vehicle (BEV) market are Audi AG, BAIC Group (officially Beijing Automotive Industry Holding Co., Ltd.), Bayerische Motoren Werke AG (BMW), Blue Bird Corporation, BYD COMPANY LTD., Chery Automobile Co., Ltd., Ford Motor Company, General Motors Company (GM), Groupe Renault (legally Renault S.A.), Hyundai Motor Company, Kia Motors Corporation, POLESTAR AB, Porsche Automobil Holding SE (Porsche SE), SAIC MOTOR CORPORATION LIMITED, Tata Motors Group (Tata Motors), Tesla, Inc., The Nissan Motor Company, Ltd.,, Volkswagen AG, VOLVO CAR CORPORATION, ZHEJIANG GEELY HOLDING GROUP CO., LTD. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• 22 May 2022, As a mass-market EV, the new Sakura joins the LEAF and Ariya. The Sakura EV pushes the minivehicle category to new heights. Its agile handling and 4.8 metre turning radius allow drivers to easily execute sharp manoeuvres.
• 01 June 2022, Renault Group, a major player in the automotive industry, and Managem Group, a Moroccan player in mining and hydrometallurgy, have signed a memorandum of understanding ('MoU') to secure the supply of low-carbon and responsible cobalt sulphate for electric batteries.
Notes for Editors
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