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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Factors Fuelling Growth of the Global Market
Growth of the global market of battery electric vehicle is projected to be bound by several macro and micro economic factors. Demand for electric vehicles is projected to remain significantly concentrated in the transportation industry. The battery electric passenger vehicles have comparatively low maintenance expenses as they fnction on strong rotors unlike the conventional vehicles. Furthermore, the electric vehicles are not embedded with several facilities including fuel injection systems, radiators, costly exhaust system, and starter motor, which reduces the maintenance expenses of the vehicle. Bound to these factors, demand for battery electric vehicle is projected to increase in the transportation industry.
Equipped with comparatively low center of gravity, the electric vehicles are fast and subject to low risk of accidents or threats. Moreover, the major market players in the global market are increasingly using bio-based materials for manufacturing the padding, and the body parts of the electric passenger vehicles. Attributed to these factors, the global market of battery electric vehicle is projected to witness a significant growth throughout the forecast period.
While the overall outlook on growth of the global market remains positive, fast deterioration of the battery, and long duration for recharging the battery will continue to pose significant challenges to the customers. As these vehicles only allow commuting in short distances, demand for battery electric vehicle is likely to dip in the global market.
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Passenger Cars to Represent a Leading Segment
Stored electricity is projected to sell more than the other power sources in the global market. Change in consumer preferences indicant surge in sales of the vehicles equipped with stored electricity facilities. Currently, the stored electricity power source type segment is projected to represent more than US$ 44,000 Mn by 2022-end. Stored electricity as compared to other power sources will reflect a relatively high CAGR in the global battery electric vehicle market through 2022.
By powertrain type, the parallel hybrid segment is projected to represent robust growth in terms of revenue in the global market. Presently, the parallel hybrid segment is projected to represent more than US$ 21,000 Mn by 2017-end. However, the combined hybrid powertrain will continue to witness robust growth as compared to the parallel hybrid segment.
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Demand for battery electric vehicle will continue to increase among passengers in the transport industry globally. Passenger cars is projected to witness robust revenue growth in the global market. The passenger car vehicle type segment is projected to represent more than US$ 33,000 Mn by 2022-end. The passenger cars will continue to witness relatively high sales as compared to other vehicles in the global market.
Major players in the global market of battery electric vehicle are Daimler AG, Bayerische Motoren Werke AG, General Motors, Ford Motor Company, Mitsubishi Heavy Industries Ltd, Honda Motor Company, Limited, Renault SA, Volkswagen AG, Nissan Motor Corporation, Limited, Toyota Motor Corporation, and Tesla Motors, Inc.