North America battery electric vehicles market will account for a considerable share on account of favorable government incentives and tax policies. Additionally, governments across the region are focusing on developing charging infrastructure to support the growing demand for such vehicles. For instance, the government in British Columbia offers discounts and rebates of up to USD 5,000 for battery electric vehicles under its Clean Energy Vehicles for British Columbia Point of Sale Incentive Program.
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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 battery electric vehicles market expansion over the study timeframe.
The rising demand for electric heavy-duty trucks is attributed to the benefits offered including higher efficiency, lower maintenance costs, and the availability of superior power and torque. Industry players are engaged in developing advanced electric powertrain for improving the electric truck performance in diversified operating conditions.
Improving vehicle engineering capabilities coupled with technical advancements in powertrain systems are propelling for the development of battery electric vehicles systems. The availability of simpler mechanical components, along with lower motor weight contribute significantly towards increasing the overall vehicle efficiency. Provision for charging alternatives at hospitality locations and workplaces will further assist in strengthening the battery electric vehicles market penetration.
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Improvements in battery technologies, higher driving range, and charging infrastructure are providing a significant boost to battery electric vehicles market expansion. Industry players are constantly investing in R&D to diversify and expand their product portfolio to target a wide customer base. Several economies are testing the feasibility of deploying electric buses for felicitating daily transportation to enhance the efficiency and reduce greenhouse gas emissions.
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 battery electric vehicles market growth over the projected timeframe.
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Few of the key players in the battery electric vehicles market include BYD company Ltd., BMW, Daimler AG, Volkswagen AG, Ford Motor Company, Toyota Motor Corporation, Nissan Motor Corporation, Hyundai Motor Company, and Tesla Inc. Industry participants are focusing on introducing a new range of battery electric vehicles for increasing their revenue generation. For instance, in December 2018, BMW introduced the Vision iNEXT fully electric concept car, incorporating new generation electric drive trains for offering enhanced mobility experience to its customers.