Battery Electric Vehicles Market Set to Surge - Key Insights You Must Know

Battery Electric Vehicles Market

A battery electric vehicle (BEV), or all-electric vehicle is a type of electric vehicle (EV) that uses chemical energy stored in rechargeable battery packs. BEVs use electric motors and motor controllers instead of internal combustion engines (ICEs) for propulsion. They derive all power from battery packs and thus have no internal combustion engine, fuel cell, or fuel tank. BEVs include - but are not limited to - motorcycles, bicycles, scooters, skateboards, rail cars, watercraft, forklifts, buses, trucks, and cars.

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.

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Trends Influencing the Growth of Battery Electric Vehicles Market

Governments all around the world are promoting the development of alternative fuel vehicles in response to growing concerns about the environmental impact of conventional cars. EVS, or zero-emission cars, are becoming more and more well-liked as a more environmentally friendly mode of public transit worldwide. To promote the usage of EVs, several national governments provide financial incentives, such as tax exemptions and refunds, subsidies, decreased parking/toll fees for EVs, and free charging. As a result, the market for battery electric vehicles is rapidly expanding.

Currently, the main power source for electric vehicles is lithium-ion batteries. According to 2018 data from the U.S. International Trade Commission, Li-ion batteries account for more than 70% of the market for rechargeable batteries. The future years are expected to see a decline in battery prices below 100 USD/kWh as a result of advancements in cell chemistry and manufacturing processes for battery packs. As a result, it is anticipated that a decrease in the price of battery packs, which represent between 35% and 45% of the costs involved in producing electric vehicles, will fuel the growth of the battery electric vehicle market.

Electric cars require much less maintenance than internal combustion engines since they have fewer moving parts. Electric cars require less upkeep than regular gasoline or diesel vehicles. As a result, the annual cost of operating an electric car is quite low. The registration and road tax for electric vehicles are less expensive than those for gasoline or diesel vehicles. The government gives a range of incentives and policies, depending on the state you are in. The battery electric car market is expanding as a result of several factors.

Battery Electric Vehicles 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 EVs.

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By Type
• Prismatic Battery Electric Vehicles
• Pouch Battery Electric Vehicles

By Application
• Home Use
• Commercial Use

By Company
• Tesla
• BYD
• BMW
• Volkswagen
• Mercedes-Benz
• Stellantis
• VOLVO
• Hyundai & Kia
• Renault
• SAIC
• Ford
• NIO
• XPeng
• TOYATO
• GAC Motor
• GM
• JAC
• Nissan
• Great Wall Motors
• Chery
• GEELY
• Honda Motor
• Changan

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This release was published on openPR.