Analysis of Next Generation Battery Electric Vehicle Market: Taxonomy, Production and Demand Analysis with Trends and Forecast till 2022

Overtaking digitalization and connectivity, the battery electric vehicle continue to witness significant demand in the automotive industry as compared to the conventional vehicles. Equipped with relatively low center of gravity, the electrical vehicles have a comparatively low chances of rolling over. The electric vehicles are not integrated with equipment including radiators, starter motors, fuel injection system, and expensive exhaust system. As these battery operated vehicles mainly operate on strong rotors, the maintenance cost for these vehicles are relatively low. Further, the electric vehicles are not dependent on the exhaust system as they run on strong rotors. Attributed to such factors, the expenses related to the maintenance of these vehicles continues to remain low in the automotive industry as they are not dependent on the oil products.

Factors Fuelling Growth of the Global Battery Electric Vehicle Market

Growth of the global market of battery electric vehicle is projected to be bound by several macro and micro economic factors. Demand for electric vehicles is projected to remain significantly concentrated in the transportation industry. The battery electric passenger vehicles have comparatively low maintenance expenses as they fnction on strong rotors unlike the conventional vehicles. Furthermore, the electric vehicles are not embedded with several facilities including fuel injection systems, radiators, costly exhaust system, and starter motor, which reduces the maintenance expenses of the vehicle. Bound to these factors, demand for battery electric vehicle is projected to increase in the transportation industry.

Parallel Hybrid to Represent a Leading Segment

Changing perspective towards the battery electric vehicle has led to surge in demand for vehicles with stored electricity. The stored electricity segment among other power sources is expected to represent a value of over US$ 44,000 Mn by the end of 2022. This segment is expected register the highest CAGR in the global market throughout 2022.

Parallel hybrid as compared to the other types of powertrain is expected to witness the highest revenue growth in the global market. The parallel hybrid segment is expected to represent a value of over US$ 21,000 Mn by the end of 2017. However, combined hybrid is expected to register the highest CAGR in the global market throughout 2022.

Demand for the battery electric vehicle is expected to remain concentrated among the passengers as compared to the other end users. The passenger car segment is expected represent a value of over US$ 33,000 Mn by the end of 2022. Moreover, this segment is expected to register the highest CAGR in the global market throughout 2022.

Passenger Cars to Represent a Leading Segment

Stored electricity is projected to sell more than the other power sources in the global market. Change in consumer preferences indicant surge in sales of the vehicles equipped with stored electricity facilities. Currently, the stored electricity power source type segment is projected to represent more than US$ 44,000 Mn by 2022-end. Stored electricity as compared to other power sources will reflect a relatively high CAGR in the global battery electric vehicle market through 2022.

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