Global Battery Electric Vehicles Market to Grow at a CAGR of 59.42% from 2014-2019

Strategic Insights -

The global battery electric vehicles (BEV) market is witnessing significant growth, driven by increasing environmental concerns and government initiatives to reduce greenhouse gas emissions. Battery electric vehicles, which have become a viable alternative to internal combustion engine (ICE)-powered automobiles, are gaining popularity worldwide. Governments in many countries are offering financial incentives to buyers of BEVs, further fueling their adoption.

Key Takeaways:

  • Analysts forecast the global battery electric vehicles market to grow at a compound annual growth rate (CAGR) of 59.42% from 2014-2019.
  • Government subsidies and incentives are a major driver of the market, with governments offering benefits to buyers of battery electric vehicles in the form of financial incentives.
  • The report covers the present scenario and growth prospects of the global battery electric vehicles market for the period of 2015-2019.
  • The report includes an entire range of battery electric passenger cars available in the global automobile market, considering unit sales of BEVs across all geographies.
  • The vendor landscape and corresponding detailed analysis of the top vendors in the market are also presented in the report.
  • Key players in the global battery electric vehicles market include BMW AG, Daimler AG, General Motors Co., Mitsubishi Motors Corp., Nissan Motor Co. Ltd., Renault SA, and Tesla Motors Inc.
  • Other prominent vendors in the market are BYD Auto, Chery Automobile, Fiat, Ford Motor, Honda, Hyundai, JAC Motors, Kandi Technologies, Kia Motors, Mahindra, Roewe, Shuanghuan Automobile, and Wheego Electric Cars, Toyota, Tata, Véhicules Electriques Pininfarina Bolloré Sas, and Volkswagen.
  • The report states that the range and performance of BEVs are major challenges faced by the market, as they are typically less powerful and have limited range (60-100 miles per charge) compared to conventional ICE-powered vehicles.
  • Incentives and policies to encourage the purchase and ownership of E2Ws are expected to drive the growth of the market, with growing demand in major markets such as China contributing to the growth of the global market.
  • Growing interest toward E2Ws in Europe and the Americas, and increased demand from these regions, is expected to drive the growth of the global electric two-wheeler market.
  • Improvements in battery technology provide for a longer lifespan and performance, making E2Ws more desirable.
  • The global electric two-wheeler market has recognized Hero Electric, Jiangsu Xinri E-Vehicle, and Zhejiang Luyuan Electric Vehicle as key players in the market.
  • Other prominent vendors in the market include Ampere Vehicles, Avon Cycles, Currie Technologies, Electrotherm, Elmoto, e-Moto, eZee Kinetics Technology, Govecs, Grace, Honda Motor, iO Scooter Elektroroller, Peugeot, Royal Dutch Gazelle, Sparta, Stromer, SYM Sanyang Industry, Terra Motors, Vmoto, and Yamaha Motor.
  • The report states that one of the major challenges that the market confronts is environment pollution caused by the growing use of lead-acid batteries.

Statistics:

  • Analysts forecast the global battery electric vehicles market to grow at a CAGR of 59.42% from 2014-2019.
  • The report covers the present scenario and growth prospects of the global battery electric vehicles market for the period of 2015-2019.
  • Unit sales of BEVs across all geographies are considered to calculate the market size.
  • The report includes an entire range of battery electric passenger cars available in the global automobile market.
  • Key players in the global battery electric vehicles market include BMW AG, Daimler AG, General Motors Co., Mitsubishi Motors Corp., Nissan Motor Co. Ltd., Renault SA, and Tesla Motors Inc.
  • Other prominent vendors in the market are BYD Auto, Chery Automobile, Fiat, Ford Motor, Honda, Hyundai, JAC Motors, Kandi Technologies, Kia Motors, Mahindra, Roewe, Shuanghuan Automobile, and Wheego Electric Cars, Toyota, Tata, Véhicules Electriques Pininfarina Bolloré Sas, and Volkswagen.

Sources:

  • ReportsnReports.com. (2015, February 8). Global Battery Electric Vehicles Market 2015-2019. Retrieved from https://www.prnewswire.com/news-releases/global-battery-electric-vehicles-market-2015-2019-300035965.html.
  • ReportsnReports.com. (2015, February 8). Global Electric Two-wheelers Market 2015-2019. Retrieved from https://www.prnewswire.com/news-releases/global-electric-two-wheelers-market-2015-2019-300036041.html.