Asia Pacific battery electric vehicles market is expected to observe momentous growth owing to the prevalence for government policies and subsidies. Battery Electric vehicles (BEV) Market size is estimated to exceed USD 425 billion by 2025; according to a new research report by Global Market Insights, Inc. For instance, in September 2018, Seoul announced a budget amounting to USD 16.2 million for enabling increasing adoption of electric cars. Additionally, the city also announced its plans to provide subsidies for supporting the purchase of around 80,000 electric cars by 2022.
North America battery electric vehicles market will grow considerably at over 13% from 2019 to 2025. This is attributed to the presence of multiple players focusing on offering a wide range of electric vehicles. Favorable government policies, stringent pollution norms along with supporting charging infrastructure plays an important role in the regional share expansion over the study timeframe
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Technological advancements, including improvements in charging infrastructure along with the proliferation of fast & ultra-fast charging technologies, are providing a positive outlook for battery electric vehicles market expansion. For instance, in 2018, BMW initiated working on a “FastCharge” project with the implementation of a 450-kW charger, that has the capability to completely charge a battery within 15 minutes.
Supporting government regulations to increase these vehicles adoption are positively influencing the industry demand. Governments across the globe are offering attractive tax incentives and benefits for consumers to buy such vehicles, thereby boosting the battery electric vehicles market penetration over the projected timeframe. For instance, Norway offers multiple incentives for electric vehicle owners including exemption from registration tax, lower annual road tax, free municipal parking, and exemption from 25% VAT on leasing, among others.
Browse key industry insights spread across 213 pages with 218 market data tables & 9 figures & charts from the report, “Battery Electric Vehicle Market” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/battery-electric-vehicles-bev-market
Industry participants are continuously investing in R&D for developing advanced battery solutions for supporting the sales of battery electric vehicles. Advancements in lithium materials used in batteries enables for improved energy storage and higher energy density, thereby expanding the battery electric vehicles market share over the projected timeframe.
Prominent players in the battery electric vehicles market place include BMW, BYD company Ltd., Daimler AG, Ford Motor Company, Volkswagen AG, Toyota Motor Corporation, Hyundai Motor Company, Nissan Motor Corporation, and Tesla Inc. Joint ventures and partnerships are among the key strategies adopted by industry participants to increase their market share.
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