Battery Electric Vehicle Market : Drivers, Restraints, Company Profiles and Key Players Analysis by 2030

In recent years, consumers are more inclined toward battery electric vehicles (BEVs), owing to the negative effect of climate change along with alarming pollution levels recorded in the major cities. Battery electric vehicles are fully electric vehicles that utilize electricity stored in rechargeable battery packs to power the vehicle. BEVs are powered entirely by electricity and do not use any secondary source like hydrogen cell or internal combustion engine for power generation. Moreover, BEVs do not emit any hazardous emission like gasoline engines and are more cost-effective. Additionally, BEVs do not require transportation of energy like hydrogen-cell powered. With technological advancements the capacity of battery has increased without affecting the size of battery.

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Top impacting factors: market scenario analysis, trends, drivers and impact analysis

Rise in environmental awareness and unhealthy air index is the major driving factor of battery electric vehicle market. Additionally, supportive government policies for cleaner technologies are encouraging the use of BEVs. Besides, heavy investments made by government on increasing the infrastructure required for BEVs are surging the market. Moreover, the factors that favor BEVs over conventional vehicles are cost-effectiveness, noise reduction, lower maintenance cost, reduced vibration, availability of instant torque, and higher efficiency. However, high initial cost associated with BEVs could hamper the market growth. Furthermore, with technological advancements the increased driving range and improved performance along with fast charging options is proliferating the market growth.

Technological advancements to upsurge the market growth

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The industry leaders are focusing to squeeze range out of lithium-ion batteries in BEVs. With increased range of driving, the sales of BEVs will boost globally. Moreover, Tesla is expected to reveal new battery technologies at the upcoming "Battery day" event. Further, Tesla CEO has revealed that newer batteries will be cheaper; thereby, bringing the cost of BEVs in line with gasoline models. Additionally, Tesla has filed a patent for "million-mile" battery which would last more than 4,000 charge cycles. Meanwhile, GM are on the verge of developing million-mile battery concept.

Solar powered BEVs to drive the market growth

The solar charging technology is being developed to support the vehicle's main power source, improving mileage and reducing CO2 emissions. The system will have the capability to charge the batteries of electric vehicles helping to improve fuel efficiency. For instance, Hyundai Motor group has introduced a light-weight solar roof for BEVs. Additionally, Kia Motors is planning to introduce solar roof charging technology. Further, Toyota starts testing high-efficiency solar cells for electric cars which could add 35 miles of range.

Key benefits of the report:

This study presents the analytical depiction of the battery electric vehicle industry along with the current trends and future estimations to determine the imminent investment pockets.

The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.

The current market is quantitatively analyzed to highlight the growth scenario.

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