Favorable government policies, subsidies and stringent pollution norms will play important roles in the Asia Pacific battery electric vehicles market share expansion over the forecast time period. For instance, Seoul announced a budget of $16.2 million for aiding adoption of electric cars. Also, the city announced its plans to offer subsidies to support the purchase of 80,000 electric cars by 2022.
Repair facilities and easier diagnostics are enabling consumers to opt for BEV owing to convenient services. For instance, Tesla offers OTA (over-the-air) updates for its electric vehicles to diagnose issues, offering fast and reliable servicing solutions. Automakers are also focusing on driving their businesses in countries that have substantial policies for encouraging electric vehicles adoption. Favorable government policies will provide an impetus to the global battery electric vehicles market trends.
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Growth drivers, by region
- 7.1.1 North America
- 22.214.171.124 Government initiatives to reduce carbon footprint
- 7.1.2 Europe
- 126.96.36.199 Presence of multiple automotive OEMs along with investments for technology advancements
- 7.1.3 Asia Pacific
- 188.8.131.52 Increasing requirement for lower cost and clean mobility & transportation solutions
- 7.1.4 Latin America
- 184.108.40.206 Presence of Lithium reserves
- 7.1.5 Middle East & Africa
- 220.127.116.11 Increasing demand for premium electric vehicles
Rising concerns associated with carbon emission coupled with growing dependency on fossil fuel will drive the battery electric vehicles (BEV) market size over the forecast timeline. Free charging facilities, tax reductions and incentives are the key factors encouraging masses to opt for battery electric vehicles.
Regulatory establishments are forming guidelines for air quality improvement and energy security, providing a positive outlook for green mobility adoption. For instance, Norway has introduced a package of incentives to promote zero carbon emission vehicles and the incentives include exemption from import tax, toll tax, annual road tax and free parking in municipal areas.
How are government policies encouraging the growth of BEV market?
The uptake of BEVs is largely driven by governments supporting policies for carbon free environment. Major economies are focusing on reducing the dependency on conventional fuels by phasing out gasoline & diesel engines and fostering the uptake of battery electric vehicles.
How will the requirement of electric heavy-duty vehicles shape BEV market outlook?
The mounting demand for electric heavy-duty trucks can be credited to the introduction of advantageous features in these vehicles, including availability of superior torque and power, lower maintenance costs and higher efficiency. Industry players are focused development of electric powertrain for trucks with emphasis on high driving range and quality performance in diversified operating conditions to attract a wider customer base.
For instance, Volkswagen Group announced a funding of $1.7 billion in 2017, to develop electric drivetrain & cloud-based fleet management systems, a move that is expected to provide a promising outlook for battery electric vehicles industry. The electric heavy-duty vehicles segment is anticipated to witness a significant CAGR of over 9% over the forecast timeline.
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