Battery electric vehicle market is estimated to grow at a CAGR of 20.0% during the forecast period. Significant growth in the electric vehicle market has been witnessed in the last decade while in the last couple of years, a trend of shifting from hybrid electric vehicles & plug-in hybrid electric vehicles to BEVs 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 were BEV.
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The major factor contributing to the growth of the battery electric vehicle market includes encouraging government regulations, the financial backing of the electric vehicle by the government, the development of charging infrastructure, and stringent target to curb carbon emission. Moreover, increasing the traveling range of the BEV due to the technological advancement of the batteries is another major factor for the adoption of BEV globally. Besides, the high prices of the BEVs and lack of charging infrastructure in developing economies such as India and Brazil are some of the major restraining factors for the market. In addition, the emergence of alternative technology such as Fuel cell electric vehicles can also challenge the growth of the market in developed economies such as the US and Japan.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Battery Electric Vehicle Market by Vehicle Type
- Passenger Car
- Commercial Vehicle
- Others
Global Battery Electric Vehicle Market by Battery Type
- NiMH
- Li-Ion
- Others
Regional Analysis
- North America
- US
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Audi AG
- BAIC Group
- MW AG
- BYD Auto Co., Ltd.
- Chery Automobile Co., Ltd.,
- Fiat Chrysler Automobiles N.V.
- Ford Motor Co.
- General Motors Co.
- Great Wall Motors Co. Ltd.
- Groupe PSA
- Honda Motor Co., Ltd.
- Hyundai Motor Co.
- Jaguar Land Rover Ltd.
- Kia Motors Corp.
- Nissan Motor Co.
- Renault Group
- SAIC Motor Corp. Ltd.
- Tesla, Inc.
- Toyota Motor Corp.
- Volkswagen AG
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global BEV market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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