The Global Battery Electric Vehicle Market size was valued at USD 49.57 Billion in 2019 and is estimated to reach USD 212.16 Billion by 2030 with a CAGR of 14% over the forecast period.
Battery Electric Vehicle is a segment of electric vehicle that purely operates on rechargeable battery packs powered by chemical energy. Battery electric vehicles are noise efficient, environment friendly and reduce carbon footprint. Such vehicles are built to minimize vibrations, supported by the availability of instant torque and power output. Major market players are fixated on enhancing vehicle performance by making technological developments.
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Top Companies: BMW Group, General Motors Company, Ford Motor Company, Daimler AG, Hyundai Motor Company, Honda Motor Co., Ltd., Tesla Motors, Inc., Nissan Motor Co., Ltd., Groupe Renault and BYD Company Limited and others.
The global Battery Electric Vehicle Market share has been analyzed based on vehicle type and geography. Based on vehicle types, the market is segmented into Battery Electric Passenger Cars, Battery Electric Light Commercial Vehicles, Battery Electric Heavy Goods Vehicles, and Battery Electric Two Wheelers. Geographic breakdown and analysis of the previously mentioned segment include regions comprising North America, Europe, Asia-Pacific, and RoW.
Battery electric vehicle market is mainly driven by government initiatives for environmental sustainability and stringent regulations to switch from conventional fuel sources to cleaner alternatives. Public awareness and government focus to reduce carbon emission & reduce the release of greenhouse gases are major factors driving the industry growth. However, high vehicle cost might hamper the battery electric vehicle market growth. Consequently, the development in technology along with mass production is estimated to curtail this hindrance and boost the adoption of battery electric vehicles.
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North America represents higher adoption of Battery Electric Vehicle due to the stringent emission standards and regulations that promote the adoption of battery electric vehicles. Europe battery electric vehicles market will foresee sustainable growth owing to increasing R&D projects along with stringent vehicle emission norms. The economies of Asia – Pacific market are estimated to expand at a significant rate because of the strong presence of battery manufacturers and supportive government subsidies along with tax incentives. Furthermore, the rising emphasis on reduction of carbon footprint is estimated to propel the growth of battery electric vehicles market.
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