The battery electric vehicle (BEV) industry is likely to be significantly driven by the growing attention laid on limiting the environmental emissions in the transport sector. With the increasing emphasis on displacing fuel use, a lot of attention has been focused on electrical grids, as most of the electricity is produced from nonpetroleum sources, out of which the majority include domestic. Taking note of this, BEVs have garnered considerable traction as they operate only on stored electricity, while their main components comprise a high-voltage battery and electric motors.

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The automotive sector, in recent years, has witnessed a substantial transformation, accredited to the rising influx of various innovative technologies. The surge in pollution levels caused by conventionally powered cars has stirred the rising preference for electric motors. In addition to these factors, the BEV market is gaining notable proceeds with the increasing count of investments to match the rising production requirements. For instance, in September 2021, Ford and SK Innovation announced their plans of investing over $11.4 billion in the production of new electric vehicles and advanced lithium-ion batteries which would begin in 2025.

In another instance, in May 2022, Hyundai disclosed its commitment of over $5.5 billion in funding for building EVs and batteries in Georgia. The emergence of similar investments for accelerating R&D activities in battery technology and manufacturing will further influence product penetration. It is therefore reported that the global battery electric vehicle (BEV) market size will cross USD 300 billion in valuation by 2027.

Electric cars to gain major prominence

Lately, electric cars have gained significant consumer hype, thanks to their advantages over conventional gasoline vehicles in providing improved energy efficiency, convenience, performance, maintenance, and tax credits. They mostly deploy lithium-ion batteries, however, what makes them so preferred is that they are greener with much lower emissions and air pollutants. These cars are deemed friendly to the environment as opposed to their petrol and diesel counterparts.

The increasing sales of electric cars is another prominent trend driving the development of the BEV industry. According to JATO, electric car sales across the globe was valued at over 4.2 million units in 2021.

U.S. to emerge as a key revenue pocket

With the swiftly growing electricity production rate via natural gas, nuclear energy, coal, wind, hydropower, and solar sources, the demand for battery electric vehicles will experience a significant boom in the U.S. The growing concerns over limiting the use of petroleum to counter the escalating emissions have made way for several initiatives. As per the U.S. Department of Energy, the transportation sector witnesses 70% of the U.S. petroleum consumption. Owing to this, the adoption of energy-efficient vehicles is on a rise as they contribute to the economy.

Hence, the provision of multiple fuel sources that help generate electricity results and the thriving measures undertaken to electrify the transportation sector will favor the industry dynamics in the years to come.

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