LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global long-range electric vehicle market to grow at a CAGR of over 23% during the period 2018-2022, according to their latest report.
This market research report segments the global long-range electric vehicle market into the following product (EVs with 100-200 miles range and EVs with 200+ miles range) and key regions (the Americas, APAC, and EMEA).
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
In this report, Technavio analysts highlight the decreasing prices of Li-ion battery as a key factor contributing to the growth of the global long-range electric vehicle market:
Decreasing prices of Li-ion battery
When compared with other non-electric and internal combustion engine (ICE) vehicles, the cost of long-range EVs is high due to the expensive batteries and electric powertrain components that are used in these vehicles. The batteries form a major portion of the cost of the overall EV's cost. In 2012, Li-ion batteries costed nearly six times more than lead-acid batteries and nearly four times more than nickel–metal hydride (NiMH) batteries. The growing use of Li-ion batteries in HEVs, BEVs, PHEVs, uninterruptible power supply (UPS) systems, and other non-automotive electronic appliances has brought down its cost significantly. In 2013, the market was witnessing a decline in the cost of Li-ion batteries due to increased production volume.
According to a senior analyst at Technavio for automotive manufacturing, “The market for Li-ion batteries has been gaining momentum and has been witnessing rapid growth, which led to a decline in the demand for lead-acid batteries. Price is a prime factor that differentiates Li-ion batteries from lead-acid batteries, as lead-acid batteries cost much lesser than the former. Manufacturers are working on technological advances and are trying to reduce the price of Li-ion batteries.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Global long-range electric vehicle market segmentation
Of the two major products, the EVs with 100-200 miles range segment held the largest market share in 2017, accounting for nearly 68% of the market. The market share for this product is expected to decrease nearly 7% by 2022. The fastest growing product is EVs with 200+ miles range, which will account for nearly 39% of the total market share by 2022.
APAC was the leading region for the global long-range electric vehicle market in 2017, accounting for a market share of nearly 42%. By 2022, APAC is expected to witness a growth of nearly 2%.
Technavio’s best deals of the month!
Technavio supports Health for All campaign on this World Health Day with 20% savings on all reports in the Health and Wellness category for the entire month.
Celebrate International Astronomy Day by indulging in a whopping 30% savings on all reports in the Space category. Offer valid from 16th April for a limited period.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at email@example.com.