The revenue of Battery Electric Vehicles Market crossed $150 billion in the year 2018 and is predicted to touch 425 billion-dollar mark till 2025, growing at 16% between the years 2019 and 2025; as per the research done by Global Market Insights, Inc.

Growing prevalence of carbon emissions along with rising concerns to reduce dependency on fossil fuels are significantly contributing towards the increasing demand for battery electric vehicles. Regulatory authorities are establishing guidelines for energy security and air quality improvement, offering a positive outlook for green mobility adoption across the globe. Rising disposable income along with requirement for efficient personal mobility solutions are further escalating the market growth over the projected timeframe.

The uptake of battery electric vehicles is largely driven by supporting policy environment. Major economies across the globe are focusing on reducing the dependency on conventional fuels by phasing out diesel and gasoline engine vehicles. These policies are creating favorable environment for consumers to opt for battery electric vehicles. Industry participants are also launching multiple variants of electric vehicles to target a wide customer base, thereby providing a positive outlook for the industry expansion over the study timeframe.

Supporting government initiatives, including favorable policies and incentives will propel the battery electric vehicle market growth over the study timeframe. For instance, in 2017, the Ministry of Energy in the Middle East introduced an incentive program that includes purchasing electric vehicles through green insurance plans, green bank loans, and green registration for cars. The program aims at 15% reduction of carbon emissions by 2020 and the adoption of electric vehicles accounting for 20% of vehicles in the government’s own fleet.

Electric tractors will witness significant growth owing to the benefits including lower noise, vibrations, and improved driving efficiency. The rising adoption of renewable energy panels to recharge tractor batteries during operation will expand the battery electric vehicle (BEV) market value.

Growing adoption of electric buses is attributed to the continuous support from government organizations for public transport. Increasing focus on reducing dependency on conventional fuels along with improvements in the electric bus range will enhance the segment penetration. Automotive will account for a significant share in the battery electric vehicle market owing to presence of multiple OEMs offering a wide range of vehicles across a diversified price range. Easier diagnosing and maintenance capabilities along with incentives and tax benefits will support the vehicle adoption.

Electric forklifts hold substantial share owing to benefits including lower center of gravity along with considerable savings in terms of operational expenses. E-bikes will showcase robust growth owing to easier driving capabilities in congested areas coupled with lower weight. The availability of a wide variety of bikes at varied price ranges along with improvements in charging & efficiency capabilities will escalate the battery electric vehicle (BEV) market demand over the forecast timeframe.

Middle East & Africa will foresee steady growth owing to introduction of new variants and models of electric trucks offering higher travelling range. Availability of attractive incentives in conjunction with increasing charging stations is encouraging the adoption of electric vehicles. Increasing demand for long haul trucks providing higher load carrying capacities and reduced emissions are driving the industry size.Key BEV market players include Hyundai Motor Company, General Motors, BMW Group, Daimler AG, Toyota Motor Corporation, Groupe Renault, Volkswagen, and Honda Motors. Enhanced design and safety performance are prominently contributing toward improved safety of passengers.