With the world fluctuating its opinion towards the current dependency on conventional vehicles, the upsurge in the demand for eco-friendly options is on a major rise. It has been observed that, overtaking digitalization and connectivity has given significant boost to the battery electric vehicles market. According to a recently published Fact.MR research study, increasing demand for comparatively low maintenance cost of vehicles is likely to influence growth of the global battery electric vehicle market in the coming years. In order to gain additional information about essential market scenarios, readers can surely access this resourceful report titled “Electric Vehicle Battery Market Forecast, Trend Analysis & Competition Tracking – Global Market insights 2017 to 2022”, added to the online database managed by Fact.MR.
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As per primary research findings, the global market of battery electric vehicle is anticipated to reflect a striking CAGR of 13.6% during the forecast period until 2022. While decoding the growth factors, it has been examined that several macro and micro economic factors are accountable for the steady surge in the global market for battery electric vehicle. Below mentioned are some of the major drivers which are powering the concerned market to build additional revenue amidst changing trends in the transportation sector.
Based on consideration, battery electric passenger vehicles have reasonably low maintenance expenses because they operate on strong rotors different from conventional vehicles. In addition, electric vehicles are not implanted with several amenities such as fuel injection systems, costly exhaust system, radiators and starter motor, thereby, plummeting the overall vehicle maintenance expense. All these factors are anticipated to uplift the demand for battery electric vehicle across the transportation industry.
Another prominent market driver is the incorporation of low center of gravity which helps to assist the electric vehicles move faster and subject to lesser danger of threats or accidents. Furthermore, the leading market players in the global market are increasing their trust on the use of bio-based materials concerned with the manufacturing of padding as well as body parts of different electric passenger vehicles. Endorsed by these factors, the battery electric vehicle market is estimated to witness prominent growth during the stated forecast period.
The Fact.MR study highlights that demand for battery electric vehicle will showcase firm increase among passengers in the global transport industry. To be precise, passenger cars segment is likely to witness vigorous revenue growth across the global market. As per evaluated statistics, the passenger car vehicle type segment is projected to deliver more than US$ 33,000 Mn by the end of 2022. Higher sales from the passenger cars segment will remain steady in comparison to other vehicles in the global market.
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The final section of the report is dedicated to fathom the contributions of the major players operating in the global battery electric vehicle market. Some of the prominent names mentioned in the report are Bayerische Motoren Werke AG, Ford Motor Company, Daimler AG, Honda Motor Company, Limited, General Motors, Nissan Motor Corporation, Limited, Mitsubishi Heavy Industries Ltd, Tesla Motors, Inc., Renault SA, Volkswagen AG and Toyota Motor Corporation.
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