Battery Electric Vehicle Market to be Fueled by Changes in Consumer Perception 2022-2027
Category: #business  By Rahul Varpe  Date: 2022-11-22
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Battery Electric Vehicle Market to be Fueled by Changes in Consumer Perception 2022-2027

The battery electric vehicle (BEV) market is expected to surpass USD 300 billion by 2027, as reported in a research study by Global Market Insights Inc. Increasing investments from governments and private companies to develop EV charging infrastructures will drive the BEV market growth.

The battery electric vehicle market witnessed a slowdown in market demand due to the COVID-19 pandemic. Several market factors including postponements in investments, shut down of manufacturing facilities, unavailability of raw materials, and supply chain & logistics disruptions owing to global lockdowns have hampered the BEV market revenue. However, the market is anticipated to grow at a steady pace due to supportive government policies to reduce carbon emissions and a shift in consumer preference for electric vehicles.

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The NiMH battery type is anticipated to witness a significant growth rate due to its high energy density, compact & lightweight, low periodic exercise cycles, and environmental friendliness compared to NiCd batteries. Battery manufacturers are focusing on the expansion of their battery portfolios to support the production of BEVs. For instance, in January 2020, Varta AG, a battery manufacturer in Germany, acquired Varta Consumer Batteries, a subsidiary of Energizer Holdings, Inc., in the U.S. This acquisition assisted Varta AG to expand its NiMH battery portfolio and enhance its service offering in the automotive sector.

North America battery electric vehicle market is expected to register a CAGR of about 11% through 2027. The positive market outlook can be attributed to the presence of several established market players including Tesla, American Car Company, Nissan North America, Inc., and others. Moreover, high investment funds allocated by various governments to strengthen infrastructure facilities and promote the adoption of electric vehicles will support the regional market growth.

Some major findings of the battery electric vehicle market report are:

Companies are focusing on strategic partnerships and long-term contracts with government agencies to build EV charging stations to support the adoption of BEVs.

A rise in R&D activities by market players to develop advanced BEVs with an improved driving range and advanced technical features will drive the battery electric vehicle market growth.

The high focus of fleet operators to replace old & polluting vehicles with fully-electric vehicles to achieve clean mobility solutions is creating robust market opportunities for automotive OEMs.

Stringent regulations pertaining to emissions from ICE buses are providing a positive market outlook for the industry expansion. For instance, in June 2018, the Government of Canada introduced strict regulations on petroleum and gasoline buses, trucks, and large vehicles to cut pollution levels in line with the Paris Agreement on climate change. The new standards for such vehicles aim to reduce approximately six million tons of carbon pollution by 2030.

Request for customization of this research report at https://www.gminsights.com/roc/3181

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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