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Three regional developments propelling battery electric vehicle (BEV) market outlook through 2027

Author: Global Market Insights - March 10, 2022

In December 2021, Toyota Motor Corporation, one of the leading players in the battery electric vehicle (BEV) market, hit the headlines for sharing its expansion strategy. The company stated plans for boosting battery electric vehicle sales from 2 million units to 3.5 million units until 2030. Additionally, the automaker shared Lexus’s aim for BEVs to record 100% of its sales in China, North America, and Europe by the same year.

This disclosure of Toyota’s planned-to-be-launched vehicles and ambitious figures proves to be a significant indicator of change in its policy and the shifting of focus on BEVs. The adoption of similar strategies by key industry players, comprising Hyundai Motor Company, Nissan Motor Corporation, BYD Company Ltd., Daimler AG., Tesla Inc., Ford Motor Company, BMW, Volkswagen AG, and others, is expected to drive battery electric vehicle market share, which is poised to hit USD 300 billion by 2027, according to Global Market Insights Inc.

Some of the prominent developments that are estimated to impel business landscape across various regions have been mentioned below:

1# Europe registers an increase in government investments

The European industry is mainly being driven by the increasing interest of manufacturers in the establishment of their footprint in Germany, Poland, the Nordic region, and the UK. These players are engaged in a transcontinental competition for reducing the dominance of South Korea’s LG Energy Solution and China’s Contemporary Amperex Technology Co. Ltd.

Furthermore, government agencies in the region have been recorded to provide a support of at least USD 7.3 billion with several other investment plans. Some of the prominent contenders in the region include powerhouses, comprising Volkswagen Group and Tesla, and startups such as France’s Automotive Cells, Britishvolt, and Sweden-based Northvolt.

2# North America witnesses a rising establishment of business facilities

North America battery electric vehicle market share is estimated to exhibit a CAGR of 11% through 2027. This upsurge is on account of the increasing establishment of facilities in the U.S. by several players from across the globe.

For instance, in January 2022, Hong Kong-listed Graphex Group Ltd., established its subsidiary in the U.S., announcing plans for the development of a facility in the country. In addition, the company signed a deal with Desatec GmBH, a German firm, for the purpose of processing and selling graphite materials and the establishment of a local manufacturing arm.

3# Asia Pacific records an escalation in electric bus initiatives

Several countries in the Asia Pacific are coming up with various BEV initiatives, which is expected to propel market expansion through 2027. Considering an instance, in September 2021, BEST, the transport authority in Mumbai, India, invited tenders for the introduction of 1,900 fully electric buses in the city. The regulator, with a fleet of 386 electric buses, planned to complete the procurement of the additional vehicles by mid-2023.

Set for induction in a phase-wire manner, the initiative will make up for around half of the regulator’s bus fleet plying on the roads in Mumbai until 2023. The move will help in both, cutting down emissions as well as ensuring clean mobility.

To sum up, the soaring demand for intercity and intracity travel across various regions is expected to influence battery electric vehicle market trends through the forthcoming years.