SELBYVILLE, Del., March 28, 2019 /PRNewswire/ -- The battery electric vehicles market is set to rise from around USD 150 billion in 2018 to over USD 425 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Increasing prevalence of greenhouse gases along with rising concerns associated with carbon emissions are driving the market growth over the projected timeframe. Incentives, tax reductions, and free charging facilities are the main factors encouraging customers to opt for battery electric vehicles. Automakers are concentrating on driving their businesses in countries, which have significant policies for encouraging the electric vehicles adoption.
Electric automakers are increasingly adopting Lithium-ion batteries for powering BEVs owing to benefits offered including higher energy density, lower maintenance, self-discharge, and no requirements for priming. Electric automakers are also investing in R&D to significantly boost the amount of energy a battery cell can store and bring an electric vehicle's performance range in line with a gasoline-powered vehicle, thereby escalating the battery electric vehicles (BEV) market share over the study timeframe.
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Several countries are also focusing on replacing their public transportation fleet with newer vehicles based on electric technology for improving the efficiency along with minimizing carbon emissions. These developments provide significant opportunities for manufacturers to improve their presence in the battery electric vehicles market.
The higher costs associated with battery electric vehicles along with concerns associated with long term reliability and driving range concerns of such vehicles may limit the battery electric vehicles market growth over the projected timeframe. However, industry players are investing in R&D for launching advanced vehicles with higher driving range and lower charging time.
The Class 8/Long Haul trucks will account for a considerable share in the BEV market. This can be attributed to the increasing adoption owing to the benefits offered by the technology including lower maintenance and operating costs, reduced noise and vibrations along with smoother driving experience. In addition, industry players are currently offering trucks with improved features for attracting a wide customer base.
Browse key industry insights spread across 210 pages with 218 market data tables & 9 figures & charts from the report, "Battery Electric Vehicles (BEV) Market Size By Vehicle (Heavy Duty Vehicles, Agriculture, Buses, Port Vehicles/Container Handling Or Transport, Automotive, Class 8/Long Haul), Regional Outlook (U.S., Canada, Germany, UK, France, Sweden, Italy, Norway, Spain, Netherlands, China, Japan, India, Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
The heavy-duty vehicles will showcase a significant growth rate of over 9% from 2019 to 2025. This growth can be attributed to the adoption of electric trucks owing to rising pollution concerns from such vehicles. Industry players are focused on launching electric powertrain for trucks with focus on high driving range to attract a wide customer base.
North America battery electric vehicles market will grow considerably at over 13% from 2019 to 2025. This is attributed to the presence of multiple players focusing on offering a wide range of electric vehicles. Favorable government policies, stringent pollution norms along with supporting charging infrastructure plays an important role in the regional share expansion over the study timeframe. The U.S. states including Colorado are adopting stringent emission norms to reduce greenhouse gases by 25% till 2025, thereby positively influencing the market growth over the study timeframe.
Some of the key players in the battery electric vehicles (BEV) market place include General Motors, Daimler AG, Honda Motor Co., Ltd., Groupe Renault, Volkswagen, Toyota Motor Corporation, BMW Group, and Hyundai Motor Company. New product launches and expansion of portfolio are among the prominent strategies adopted by industry players to enhance their market share.
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Battery Electric Vehicle (BEV) Market Size worth $425bn by 2025
The heavy-duty vehicles in BEV market will grow at 9% CAGR from 2019 to 2025 due to adoption of electric trucks owing to rising pollution concerns from such vehicles.
SOURCE Global Market Insights, Inc.