The global battery electric vehicle market is expected to an impressive growth attributed to surge in demand in the transportation industry. Growing need for vehicles with low maintenance cost and center of gravity is expected to fuel growth of the global market significantly. This Fact.MR report discusses key prospects for growth of global battery electric vehicle market during the forecast period, 2017-2022, offering pragmatic insights to lead market players towards devising & implementing informed strategies. digitalization and connectivity, the battery electric vehicles market continues to witness significant growth compared to the growth of conventional vehicles market. Equipped with relatively low center of gravity, the battery electrical vehicles have a comparatively low chances of rolling over. The battery electric vehicles are not integrated with equipment including radiators, starter motors, fuel injection system, and expensive exhaust system. As these battery operated vehicles mainly operate on strong rotors, the maintenance cost for these vehicles are relatively low.
Surge in demand for vehicles with eco-friendly features in the transportation industry has led to an upsurge in demand for battery electric vehicle globally. Increasing demand for relatively low maintenance cost of vehicles is projected to impact growth of the global battery electric vehicle market significantly in the upcoming years. A recently compiled report by Fact.MR reveals that the global market of battery electric vehicle is projected to reflect an impressive CAGR of 13.6% through 2022.
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Battery electric vehicles market will witness the benefits of increasing government support for clean energy and environment. This has further prompted battery electric vehicles market players to continue using green materials for production including old parts of vehicles, plastic bags, second hand home appliances, and recycled water bottles. Leading battery electric vehicles market players such as the Nissan Motor Corporation prefer producing the paddings, and body of the vehicle with bio-based materials. Low cost of maintenance associated with battery electric vehicles, owing to elimination of rotos, has further been underpinning growth of the battery electric vehicles market.
Eco-friendly Vehicles with Low Maintenance Cost
Battery electric vehicles market will witness the benefits of increasing government support for clean energy and environment. This has further prompted battery electric vehicles market players to continue using green materials for production including old parts of vehicles, plastic bags, second hand home appliances, and recycled water bottles.
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Parallel Hybrid to Represent a Leading Segment
Changing consumer perspective towards the battery electric vehicles has led to surge in demand for vehicles with stored electricity. The stored electricity segment among other power sources is expected to represent a value of over US$ 44,000 Mn by the end of 2022. This segment is expected register the highest CAGR in the global battery electric vehicles market throughout 2022.
Parallel hybrid as compared to the other types of powertrain is expected to witness the highest revenue growth in the global battery electric vehicles market. The parallel hybrid segment is expected to represent a value of over US$ 21,000 Mn by the end of 2017. However, combined hybrid is expected to register the highest CAGR in the global battery electric vehicles market throughout 2022.
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.
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Battery Electric Vehicle Market: Eco-friendly Vehicles with Low Maintenance Cost
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