Battery Electric Vehicle Market to Grow USD USD 12560 Billion by 2028 with a CAGR of 97% | Valuates Reports

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Jan 09, 2023, 11:00 ET

BANGALORE, India, Jan. 9, 2023 /PRNewswire/ -- The Global Battery Electric Vehicle Market is Segmented by Type (Prismatic Battery Electric Vehicles, Pouch Battery Electric Vehicles), by Application (Home Use, Commercial Use): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Hybrid & Alternative Vehicles Category.

Due to the COVID-19 pandemic, the global Battery Electric Vehicles market size is estimated to be worth USD 108 Billion in 2021 and is forecast to a readjusted size of USD 12560 Billion by 2028 with a CAGR of 97% during the forecast period 2022-2028.

The China Battery Electric Vehicles market size is estimated to be worth USD 61 Billion in 2021 and is forecast to a readjusted size of USD 6077 Billion by 2028 with a CAGR of 93% during the forecast period 2022-2028.

The major factor driving the growth of the Battery electric vehicle market:

Increased demand for electric vehicles, improvements in battery technology, supportive government policies and regulations, and the release of new plug-in EV models are some of the drivers propelling the Battery electric vehicle market.

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TRENDS INFLUENCING THE GROWTH OF THE BATTERY ELECTRIC VEHICLE MARKET:

Due to growing worries about the environmental impact of conventional cars, governments all over the world are encouraging the development of alternative fuel vehicles. EVS, or zero-emission vehicles, are gaining popularity as a greener form of public transportation all across the world. Several national governments offer financial incentives to encourage the use of EVs, including tax exemptions and refunds, subsidies, reduced parking/toll charges for EVs, and free charging. As a result, the Battery electric vehicle market is rising significantly.

According to battery electric vehicle market insight, the lithium-ion batteries are the primary power source for electric vehicles at the moment. Li-ion batteries make up more than 70% of the market for rechargeable batteries, according to 2018 research by the U.S. International Trade Commission. Battery prices are anticipated to fall below 100 USD/kWh in the upcoming years due to improvements in cell chemistry and battery pack production methods. Therefore, it is projected that a decline in the price of battery packs, which account for between 35% to 45% of the expenditures associated with manufacturing electric vehicles, will propel the expansion of the Battery electric vehicle market.

Because they have fewer moving parts than internal combustion engines, electric cars require very less maintenance. Compared to typical petrol or diesel automobiles, electric cars require less maintenance. As a result, operating an electric vehicle has a very low annual cost. Compared to gasoline or diesel vehicles, electric vehicle registration and road tax are less expensive. These factors are driving the growth of the Battery electric vehicle market.

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BEV MARKET SHARE:

China, Japan, and South Korea, which account for the majority of the world's EV battery production capacity, led the market in the Asia Pacific region. The regional economy will be supported by manufacturers' ongoing expenditures to develop their battery manufacturing capabilities. The expansion of the beverage sector in the area will be aided by favorable government rules and measures that seem to suggest the sale of EV.

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