Battery Electric Vehicle Market Outlook – 2027
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.
COVID-19 scenario analysis:
- The reach of novel coronavirus has increased and is affecting a majority of world population.
- Moreover, the economies have slowed down and consumer spending has decreased.
- Additionally, the production of battery electric vehicle market has been stopped due to lockdown and supply chain has been disrupted.
- However, BEVs market is forecasted to show positive signs post lockdown. Also, global lockdown has raised the environmental awareness among people. This will positively impact the BEVs market in long run.
- Sales of cars like VW Nils and Audi concept which are focused on individual transport could grow due to this pandemic.
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.
The battery electric vehicle market trends are as follows:
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.
Technological advancements to upsurge the market growth
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.
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.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed battery electric vehicle market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the battery electric vehicle market research report:
- What are the leading market players active in the battery electric vehicle market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Battery Electric Vehicle Market Report Highlights
| Aspects | Details |
 By Battery type |
|
 By Vehicle type |
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 By Region |
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 Key Market Players | Volkswagen AG, Hyundai Motor Company, Groupe Renault, BMW, Nissan Motor Corporation, Toyota Motor Corporation, General Motors, Ford Motor Company, Honda Motor Co. Ltd., Tesla, Inc. |
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