The global battery electric vehicle market is estimated to grow at a CAGR of more than 20.0% during the forecast period. Significant growth in the electric vehicle market have been witnessed in the last decade while in the last couple of years, a trend of shifting from hybrid electric vehicle & plug-in hybrid electric vehicle to BEV has been observed. As per the International Energy Agency, around 2 million electric cars were sold in 2018 and out of this more than 1.3 million was BEV.
The major factor contributing to the growth of the battery electric vehicle market includes encouraging government regulations, financial backing on the electric vehicle by the government, development of charging infrastructure, and stringent target to curb the carbon emission. Moreover, increasing traveling range of the BEV due to the technological advancement of the batteries is another major factor for the adoption of BEV globally. Besides, high prices of the BEVs and lack of charging infrastructure in the developing economies such as India and Brazil are some of the major restraining factors for the market. In addition, emergence of alternative technology such as Fuel cell electric vehicles can also challenge the growth of the market in the developed economies such as the US and Japan.
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The market is studied based on vehicle type and battery type. On the basis of vehicle type, the market is further segmented into commercial vehicles, passenger cars, and others. Passenger battery electric vehicle market is expected to hold the largest share during the forecast period. On the basis of battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion batteries cars is projected to cover a major market share during the forecast period.
Based on geography, the market is segmented into North America, Europe, Asia Pacific and Rest of the World. During the forecast period, Asia Pacific is estimated to be the largest market with a lucrative growth rate. China holds the largest market share whereas Japan, South Korea, and India are significantly contributing to the market. In addition, a significant growth rate is expected in Europe as the economies such as Norway, Germany, UK, Spain, are significantly providing subsidies on BEVs. As per the European Automobile Manufacturers Association, in 2019, Europe has shown a growth of 80% in the sales of BEV on YoY basis whereas some countries have registered a growth of more than 100% YoY including Denmark, Finland, Greece, Italy, the Netherlands, Romania, Sweden, and Switzerland.
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Global Battery Electric Vehicle Market Segmentation
By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Others
By Battery Type
- NiMH
- Li-Ion
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
