Why Battery Electric Vehicles Market are Booming So Rapidly? Industry in-Depth Analysis with Growing Trends || BMW, Continental, Daimler AG, Ford Motor Company, Volkswagen AG, Toyota Motor Corporation, General Motors, Groupe Renault, Tesla
The adoption of battery-operated passenger cars, buses or trucks will be further supported by the imposition of stringent vehicular emission standards across the world. For instance, the European Parliament recently agreed to new CO2 emission standards for newly purchased cars and vans with an objective to witness 37.5% reduction in emission from new cars and 31% lower emissions from new vans by the end of 2030.
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The constantly rising threat of global warming resulting from GHG emissions has considerably driven battery electric vehicles market, along with tremendous investments from global auto giants and government agencies. The zero-emission nature of electric cars as well as the continuous improvements in battery storage and charging technologies have encouraged countries to implement policies that support BEV adoption, including tax incentives. Attempts by several governments to install free charging stations on roads and highways will further expand the reach of the battery electric vehicles market. As the global trade transforms gradually, exemption of duties on the import or export of EVs will also direct the manufacturing sector towards developing sustainable, emission-less vehicles.
With millions of vehicles being produced all over the world each year, there undoubtedly exists the capacity to make BEVs on a large scale to replace all fossil fuel-powered cars within the next decade. However, development of affordable, reliable technology to offer cars having long-range and battery life still has a long way to go, which has entailed major partnerships underscoring the BEV industry around the globe. Examples of these include collaborations between Toyota and Suzuki, Ford and Mahindra, Ford and Volkswagen, BMW and Daimler, among other numerous big and small partnerships. Many of these joint ventures are also aimed at developing all-electric autonomous driving platforms, extending the scope of the battery electric vehicles market significantly.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
2. BYD Company
4. Daimler AG
5. Energica Motor Company S.p.A.
6. Ford Motor Company
7. Volkswagen AG
8. Toyota Motor Corporation
9. General Motors
10. Groupe Renault
11. Honda Motor Co., Ltd.
12. Hyundai Motor Company
13. Mitsubishi Motors Corporation
14. Nissan Motor Corporation
Notably, electric vehicles are not only crucial in lowering carbon emissions from passenger cars, but also from commercial operations. Trucks, public transport, fork lifts and other equipment at ports are few other areas of application where the BEVs are proving beneficial to reduce operational costs in addition to achieving sustainability targets. Tesla Inc. has apparently led the automotive battery electric vehicles market for past few years, while many players like Volvo are establishing themselves in the areas of heavy duty or transport vehicles and electric buses.
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All in all, the adoption of electric buses and other transport vehicles will immensely proliferate the global battery electric vehicles market, which is anticipated to surpass $425 billion in valuation by 2025. Witnessing a number of technology joint ventures in recent years, the industry is comprised of key participants like Tesla, Volvo, Daimler AG, Groupe Renault, Volkswagen, General Motors, BMW and Toyota Motor Corporation.
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