Battery Electric Vehicles Market By Key Players, Growth Potential Analysis and Forecasts Report 2025| Key Players are BMW, Continental, Daimler AG, Ford Motor Company, Volkswagen AG, Toyota Motor, General Motors, Groupe Renault, Nissan Motor,Tesla

The rising concerns pertaining to vehicular emissions are expected to boost the global battery electric vehicles market over the forthcoming years. In 2018, carbon emissions were at an all-time high, with the automotive industry being a major contributor. Emissions from cars and trucks using fossil fuels continue to grow at an alarming rate in all parts of the world. A common factor among both developed and developing economies on these grounds has been the continuous rise in the use of oil in the transport sector.

The uptake of battery electric vehicles market is largely driven by supporting policy environment. Major economies across the globe are focusing on reducing the dependency on conventional fuels by phasing out diesel and gasoline engine vehicles. These policies are creating favorable environment for consumers to opt for battery electric vehicles. Industry participants are also launching multiple variants of electric vehicles to target a wide customer base, thereby providing a positive outlook for the industry expansion over the study timeframe.

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Financial incentives offered by governments such as vehicle registration tax exemptions, free access to toll roads, tax credits, and free charging facilities are among the major factors accelerating the battery electric vehicles market share over the forecast timeframe. Moreover, easier diagnostics and repair facilities are enabling consumers to opt for such vehicles owing to convenient services. For instance, Tesla offers over-the-air (OTA) updates for its electric vehicles to diagnose problems and issues offering reliable and fast servicing solutions.

Improvements in battery technologies, higher driving range, and charging infrastructure are providing a significant boost to battery electric vehicles market expansion. Industry players are constantly investing in R&D to diversify and expand their product portfolio to target a wide customer base. Several economies are testing the feasibility of deploying electric buses for felicitating daily transportation to enhance the efficiency and reduce greenhouse gas emissions.

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Improving vehicle engineering capabilities coupled with technical advancements in powertrain systems are propelling for the development of battery electric vehicles market. The availability of simpler mechanical components, along with lower motor weight contribute significantly towards increasing the overall vehicle efficiency. Provision for charging alternatives at hospitality locations and workplaces will further assist in strengthening the battery electric vehicles market penetration.

Recently, Daimler Trucks North America claimed that battery electric vehicles market will pave the way for zero-emission commercial transportation. According to the European Federation for Transport and Environment, emissions from heavy-duty vehicles such as trucks and busses grew by 36% between 1990 and 2010 and has continued to grow ever since. By the year 2030, trucks and buses will release around 15% of overall effort sharing or non-ETS emissions.

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According to the latest forecasts, the level of CO2 in the atmosphere is projected to witness an average rise of 2.75 parts per million over 2019. If the world needs to meet the temperature goals of the Paris agreement, global emissions need to plummet by 2020.

Unlike conventional vehicles though, battery powered vehicles don’t require fuels and hence don’t release much CO2. The growing number of issues related to vehicular emissions paired with the increasing need to reduce the effects of greenhouse gases will thus propel battery electric vehicles market share in the future.

Few of the key players in the battery electric vehicles market place include BYD company Ltd., BMW, Daimler AG, Volkswagen AG, Ford Motor Company, Toyota Motor Corporation, Nissan Motor Corporation, Hyundai Motor Company, and Tesla Inc. Industry participants are focusing on introducing a new range of battery electric vehicles for increasing their revenue generation.

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