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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Sharp increase in per capita income pertaining to the socio-economic development has boosted the requirement for efficient personal mobility solutions, further showing promises to augment battery electric vehicles market growth. According to a research report by Global Market Insights, Inc., battery electric vehicle market size will surpass USD 425 billion by 2025.
What will stimulate battery electric vehicles market trends?
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.
These vehicles are smooth to operate and provide easy diagnostics & repair facilities, which lowers the maintenance cost as compared to the conventional vehicles. Moreover, the industry players are planning to introduce multiple variants of the electric vehicles to target the dynamic consumer base, further impelling the battery electric vehicles industry outlook.
How will the increasing penetration in public transport influence the growth of buses segment?
The public transport busses in various cities are powered by the diesel engines, which has been hampering the air quality. Thereby, many government organizations are planning to replace the aged-out conventional fuel buses with the battery electric buses. Given that these buses operate on a considerably lower cost per kilometer and require much lower maintenance as compared to conventional counterparts, it may encourage the segment penetration over the forecast timeframe.
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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What will augment the battery electric heavy-duty trucks market share?
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.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry Insights and validation
1.1.4 Scope, definitions, & forecast parameters
188.8.131.52 Forecast parameters & considerations
1.1.5 Data sources
184.108.40.206 Paid sources
Chapter 2 Battery Electric Vehicles Market Summary
2.1 Battery electric vehicles industry 3600 synopsis, 2013 – 2025
2.1.1 Business trends
2.1.2 Vehicle trends
2.1.3 Regional trends
Chapter 3 Battery Electric Vehicles Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 – 2025
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.3 Profit margin analysis
3.3.4 Distribution channel analysis
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