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.
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Technavio has published a new market research report on the global long-range electric vehicle market from 2018-2022. (Graphic: Business Wire)
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).
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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."
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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%.
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