The Battery Electric Vehicle Market size is estimated to be USD 49.57 Billion in 2019 and is predicted to reach USD 212.16 Billion by 2030 with a CAGR of 14% from 2020-2030. Battery Electric Vehicle functions on chemical energy preserved in rechargeable battery packs. It has no secondary source of propulsion. Benefits offered by battery electric vehicles include higher efficiency, lower maintenance cost, and reduced vibrations, supported by the availability of instant torque and power output. Moreover, BEVs do not cause emission or create noise pollution. Industry participants are striving hard to develop batteries with superior technology that enhances its capacity and improve the vehicles’ performance. Market Segmentations and Scope of the Study: The global battery electric vehicle (BEV) market share has been analyzed based on vehicle type and geography. Based on vehicle type, 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, AsiaPacific, and RoW. Request
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https://www.nextmsc.com/battery-electric-vehicle-market/request-sample Geographical Analysis: North America is expected to witness significant growth during the forecast period owing to the stringent emission standards and regulations that encourage the adoption of battery electric vehicles. Effective government policies are generating the requirement for electrification of on-road transport vehicles. Europe battery electric vehicles market will foresee considerable growth due to the rise in research & development activities and stringent vehicle emission norms. The rise in inclination towards use of e-bikes for transportation is estimated to accelerate the regional demand. Asia Pacific is estimated to have the fastest growing battery electric vehicles market owing to the increasing adaptation of zero emission trucks and cars. Strong presence of battery manufacturers in the region coupled with supportive government subsidies and tax incentives are boosting the industry growth. Growing emphasis for reducing the carbon footprint and increasing air quality are providing a positive outlook for battery electric vehicles in this region. Inquire
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https://www.nextmsc.com/battery-electric-vehicle-market/inquire-before-buying Competitive Landscape:
The global battery electric vehicle (BEV) market is highly competitive and consists of numerous market players. Some of the major market players are 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. There have been various developments taking place in the market that further enhance the growth of battery electric vehicle market on a large scale. For instance, in October 2020, Mercedes Benz announced launch of six battery electric vehicles (two sedans, two crossovers and two SUVs). Also, in September 2020, Kia Motors declared launch of 7 new battery-powered electric cars by 2027. About Us: Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics. We carefully analyse the historical data, augment it by constantly keeping an eye on the latest industry trends and estimate the future events to arrive at accurate market forecasts. For more insights, please visit: https://www.nextmsc.com
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