Battery Electric Vehicles Market is Moving Fast! | Major Key Companies are BMW, Continental, Daimler AG, Ford Motor Company, Volkswagen AG, Toyota Motor Corporation, General Motors, Groupe Renault, Mitsubishi Motors Corporation, Nissan Motor Corporation

According to a research report by Global Market Insights, Inc., battery electric vehicles market size will surpass USD 425 billion by 2025. Ever-increasing carbon emissions coupled with growing initiatives to reduce dependency on fossil fuels have been driving the battery electric vehicles market outlook. Owing to the growing concerns about deteriorating air quality the regulatory authorities have been establishing guidelines air quality improvement. This has been offering a positive outlook for green mobility adoption across the globe, which is promoting the adoption of battery electric vehicles.

The supportive government policies are also expected to foster the product adoption. Major economies across the globe are focusing on reducing the dependency on conventional fuels by promoting battery electric vehicles and slowly phasing out the vehicles running on fossil fuels. For this the government has been offering various financial benefits such as incentives, subsidies and exemption from registration taxes.

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The increasing funding toward research and development of advanced battery technology to reduce the battery cost and enhance power storage capacity will stimulate the battery electric vehicles market trends. For instance, the advent of lithium ion battery has resulted in proliferation of the electric vehicles.

Lithium ion battery offers faster charging and higher density power storage in a small form factor which has reduced the vehicle weight and doubled up the travel distance in a single charge. For instance, in October 2017, a leading tech giant Toshiba showcased its advanced battery for electric vehicles which promises to provide a range of 320 km coupled with ultra-fast charging capabilities.

The provisioning of charging stations at private workplaces and public infrastructures will help in strengthening the product penetration. Government has been planning to establish public battery charging facilities to promote the adoption of electric vehicles. Widespread availability of charging facilities is anticipated to boost the battery electric vehicles sales.

Major players like BYD and Emoss offer battery electric busses with higher driving range of more than 200 Kms in a single charge. Furthermore, the introduction of advanced power storage solutions will escalate the battery electric vehicles market revenue.

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Battery electric heavy duty trucks offer commendable benefits such as lower maintenance costs, superior power and higher torque in diversified operating conditions. Ongoing development of advanced powertrain that will improve the overall electric truck performance will drive the segmental share over the forecast timeframe. For instance, Lightning Systems introduced an electric powertrain that produces 295 horsepower and offer a driving range of up to 110 miles for heavy-duty trucks.

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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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