Battery Electrics In Market Boom
The global market for battery electric vehicles (BEVs) was worth over US$150 billion last year and is expected to grow around 16 percent worldwide between 2019 and 2025.
Analysts Global Insights says the booming BEV market is due to a growing consumer concern about the environment.
This is being coupled with an increasing number of governments around the world introducing more stringent regulations aimed at limiting carbon emissions.
The market for electric heavy-duty vehicles is expected to see a growth rate of more than nine percent over the next five years.
This is due to an increasing adoption of e-trucks by haulage companies.
Global Insights says that, in the US alone, the battery electric vehicle market will grow more than 13 percent as more automakers focus on offering a wide range of electric vehicles.
Prominent players in the BEVmarket include BMW, BYD, Daimler, Ford, Volkswagen and Toyota.