Global Battery Electric Vehicles (BEVs) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2018 To 2026

The battery electric vehicles (BEVs) market was valued at US$ 89.15 Bn in 2017 and will be growing at a CAGR of 20.6% during the forecast period from 2018 to 2026.

Market Insights
The BEVs market worldwide was valued at US$ 89.15 Bn in 2017 and is expected to grow at a CAGR of 20.6% from 2018 to 2026. As a result of rising environmental concerns and available resource limitations of oil, it has become imperative on the part of automobile manufacturers to develop alternative fuel vehicles. Of all the potential solutions, battery electric vehicles have emerged as the most popular option. One of the most prominent factors aiding the BEVs market growth can be attributed to the fact that these vehicles do not generate greenhouse gases and pollutants. These factors make BEVs environmental friendly. Another important factor contributing to the market growth can be attributed to the rising investments in support of infrastructure. This has made BEVs a feasible and viable option for consumers in the market.

In addition, various push factors such as government support through taxes and incentives coupled with regulations on emissions are driving the market for BEVs in the U.S. For instance, in the U.S., tax credits and tax exemptions, are a major tool for decreasing the upfront costs of EVs and encouraging the technology's adoption. The central government has initiated a consumer subsidy program which provides a subsidy of US$ 8,736 for each battery electric vehicle (BEV) purchased. However, the subsidy will keep on decreasing from time to time and as per findings, it will decrease by 40% in 2019.

One of the most important factors contributing to the increasing market share of battery electric vehicle can be attributed to the fact that they are a viable way towards a clean and efficient transport system. Compared with internal combustion engine (ICE) vehicles, BEVs offer overall high reliability, efficiency and has a relatively low-cost electric motor. However, the low energy density of the high voltage battery remains a major drawback of BEVs. Pure electric vehicles don’t produce any greenhouse gas exhaust emissions whilst being driven. Switching to an electric vehicle, therefore, makes it easy for drivers to reduce their carbon footprint and therefore help to protect the future of the planet. There is also a trend towards more eco-friendly products and materials for EVs. The Ford Focus Electric is made up of recycled materials and the padding is made out of bio-based materials.

Key players profiled in the report include General Motor Company, BYD Company Limited, Tesla, Renault-Nissan, Toyota, Kia Motors, Volkswagen, BMW, Hyundai, and Chevrolet.

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