Battery Electric Vehicles Market will be growing at a CAGR of 20.6% during the forecast 2018 to 2026

According to a new market research report published by Acute Market Reports “Battery Electric Vehicles (BEVs) Market – Growth, Future Prospects, and Competitive Analysis, 2018 – 2026”, the Battery Electric Vehicles (BEVs) market was valued at US$ 89.15 billion in 2017 and will increase to CAGR by 20.6 percent during the forecast period from 2018 to 2026.

Market Insights

The market for BEVs worldwide was valued at US$ 89.15 billion in 2017 and is expected to grow at CAGR by 20.6 percent from 2018 to 2026. As a result of increasing environmental concerns and the limited availability of oil resources, it has become imperative for car manufacturers to develop alternative fuel vehicles. Battery electric vehicles have emerged as the most popular option of all potential solutions. One of the most important factors contributing to the growth of the BEVs market can be attributed to the fact that these vehicles do not produce greenhouse gasses and pollutants. These factors make BEVs environmentally friendly. Another important factor contributing to the growth of the market can be attributed to increasing investment in infrastructure support. This has made BEVs a viable and viable option for consumers on the market.

Browse Full Report Originally Published by Acute Market Reports at https://www.acutemarketreports.com/report/battery-electric-vehicles-bevs-market

In addition, various driving factors, such as government support through taxes and incentives coupled with emission regulations, are driving the U.S. market for BEVs. For example, tax credits and tax exemptions in the U.S. are a key tool for reducing the upfront cost of EVs and encouraging technology adoption. The central government has launched a consumer subsidy program providing a subsidy of US$ 8.736 for each battery-powered electric vehicle (BEV) purchased. However, the subsidy will continue to decrease from time to time and, according to the findings, will decrease by 40% in 2019.

One of the most important factors contributing to the increasing market share of battery electric vehicles can be attributed to the fact that they are a viable route to a clean and efficient transport system. Compared to the internal combustion engine (ICE) vehicles, the BEVs offer high overall reliability, efficiency, and a relatively low-cost electric motor. However, the low energy density of the high voltage battery remains a major drawback to BEVs. Pure electric vehicles do not produce any greenhouse gas exhaust emissions while driving. Switching to an electric vehicle, therefore, makes it easy for drivers to reduce their carbon footprint and thus help protect the future of the planet. There is also a trend towards greener production and materials for EVs. The Ford Focus Electric is made of recycled materials and the padding is made of bio-based materials.

List of Companies Covered:

• Tesla
• Renault-Nissan
• Toyota
• Kia Motors
• General Motors
• Volkswagen
• Hyundai
• BMW
• Chevrolet
• BYD Company Limited

Market Segmentation:

By Vehicle Type

• Cars
• Trucks
• Buses
• Motorcycles

By Battery Type

• Lithium-ion (Li-ion) Battery
• Lead Acid Battery
• Nickel Metal Hydride Battery

By Geography Segment Type

• North America (the U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, Latin America)