Battery Electric Vehicle (BEV) Market
Battery Electric Vehicle (BEV) Market Size, Share & Trends Analysis Report by Vehicle Type (Commercial Vehicle, Passenger Car, and Two-Wheeler), By Battery Type (NiMH, Li-ion, and Others), and Forecast Period (2022-2030) Update Available - Forecast 2024-2030
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.
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.
Segmental Outlook
The market is studied based on vehicle type and battery type. Based on vehicle type, the market is further segmented into commercial vehicles, passenger cars, and others. The passenger battery electric vehicle market is expected to hold the largest share during the forecast period. Based on battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion battery cars is projected to cover a major market share during the forecast period.
Regional Outlooks
The global electric vehicles market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). 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.
Global Battery Electric Vehicles Market Growth, by Region 2023-2030
In addition, a significant growth rate is expected in Europe as the economies such as Norway, Germany, the UK, and 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 a 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.
Market Players Outlook
Major companies contributing to the global BEV market include SAIC Motor Corp. Ltd., BAIC Group, BYD Auto Co., Ltd., Hyundai Motor Co., Kia Motors Corp., Toyota Motor Corp., Tesla Inc., Jaguar Land Rover Ltd., Nissan Motor Co., Renault Group, Volkswagen AG, Daimler AG, Mitsubishi Motors Corp. and so on. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launches, mergers and acquisitions, collaborations with the government, and technological advancements to stay competitive in the market. For instance, in January 2023, Assurant, Inc., announced an agreement with Altelium. The partnership enables Assurant to leverage Altelium’s artificial intelligence (AI)–driven battery data and electric vehicle (EV) insights to create an array of innovative electric vehicle solutions, including vehicle service contracts that protect EV owners from costly battery repair and replacement.
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.
1. Report Summary
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Geography
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Company Share Analysis
3.2. Key Strategy Analysis
3.3. Key Company Analysis
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global Battery Electric Vehicle Market by Vehicle Type
5.1.1. Passenger Car
5.1.2. Commercial Vehicle
5.1.3. Others
5.2. Global Battery Electric Vehicle Market by Battery Type
5.2.1. NiMH
5.2.2. Li-Ion
5.2.3. Others
6. Regional Analysis
6.1. North America
6.1.1. US
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. Rest of Asia-Pacific
6.4. Rest of the World
7. Company Profiles
7.1. Audi AG
7.2. BAIC Group
7.3. MW AG
7.4. BYD Auto Co., Ltd.
7.5. Chery Automobile Co., Ltd.,
7.6. Fiat Chrysler Automobiles N.V.
7.7. Ford Motor Co.
7.8. General Motors Co.
7.9. Great Wall Motors Co. Ltd.
7.10. Groupe PSA
7.11. Honda Motor Co., Ltd.
7.12. Hyundai Motor Co.
7.13. Jaguar Land Rover Ltd.
7.14. Kia Motors Corp.
7.15. Nissan Motor Co.
7.16. Renault Group
7.17. SAIC Motor Corp. Ltd.
7.18. Tesla, Inc.
7.19. Toyota Motor Corp.
7.20. Volkswagen AG
1. GLOBAL BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2022-2030 ($ MILLION)
2. GLOBAL BATTERY ELECTRIC PASSENGER CAR MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
3. GLOBAL BATTERY ELECTRIC COMMERCIAL VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
4. GLOBAL OTHER BATTERY ELECTRIC VEHICLES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
5. GLOBAL BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY BATTERY TYPE, 2022-2030 ($ MILLION)
6. GLOBAL NiMH BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
7. GLOBAL LI-ION BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
8. GLOBAL OTHER BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
9. GLOBAL BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2022-2030 ($ MILLION)
10. NORTH AMERICAN BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
11. NORTH AMERICAN BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2022-2030 ($ MILLION)
12. NORTH AMERICAN BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY BATTERY TYPE, 2022-2030 ($ MILLION)
13. EUROPEAN BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
14. EUROPEAN BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2022-2030 ($ MILLION)
15. EUROPEAN BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY BATTERY TYPE, 2022-2030 ($ MILLION)
16. ASIA-PACIFIC BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
17. ASIA-PACIFIC BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2022-2030 ($ MILLION)
18. ASIA-PACIFIC BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY BATTERY TYPE, 2022-2030 ($ MILLION)
19. REST OF THE WORLD BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2022-2030 ($ MILLION)
20. REST OF THE WORLD BATTERY ELECTRIC VEHICLE MARKET RESEARCH AND ANALYSIS BY BATTERY TYPE, 2022-2030 ($ MILLION)?
1. GLOBAL BATTERY ELECTRIC VEHICLE MARKET SHARE BY VEHICLE TYPE, 2022 VS 2030 (%)
2. GLOBAL BATTERY ELECTRIC PASSENGER CAR MARKET SHARE BY REGION, 2022 VS 2030 (%)
3. GLOBAL BATTERY ELECTRIC COMMERCIAL VEHICLE MARKET SHARE BY REGION, 2022 VS 2030 (%)
4. GLOBAL OTHER BATTERY ELECTRIC VEHICLES MARKET SHARE BY REGION, 2022 VS 2030 (%)
5. GLOBAL BATTERY ELECTRIC VEHICLE MARKET SHARE BY BATTERY TYPE, 2022 VS 2030 (%)
6. GLOBAL NI-MH BATTERY ELECTRIC VEHICLE MARKET SHARE BY REGION, 2022 VS 2030 (%)
7. GLOBAL LI-ION BATTERY ELECTRIC VEHICLE MARKET SHARE BY REGION, 2022 VS 2030 (%)
8. GLOBAL OTHER BATTERY ELECTRIC VEHICLE MARKET SHARE BY REGION, 2022 VS 2030 (%)
9. GLOBAL BATTERY ELECTRIC VEHICLE MARKET SHARE BY GEOGRAPHY, 2022 VS 2030 (%)
10. US BATTERY ELECTRIC VEHICLE MARKET SIZE, 2022-2030 ($ MILLION)
11. CANADA BATTERY ELECTRIC VEHICLE MARKET SIZE, 2022-2030 ($ MILLION)
12. UK BATTERY ELECTRIC VEHICLE MARKET SIZE, 2022-2030 ($ MILLION)
13. FRANCE BATTERY ELECTRIC VEHICLE MARKET SIZE, 2022-2030 ($ MILLION)
14. GERMANY BATTERY ELECTRIC VEHICLE MARKET SIZE, 2022-2030 ($ MILLION)
15. ITALY BATTERY ELECTRIC VEHICLE MARKET SIZE, 2022-2030 ($ MILLION)
16. SPAIN BATTERY ELECTRIC VEHICLE MARKET SIZE, 2022-2030 ($ MILLION)
17. ROE BATTERY ELECTRIC VEHICLE MARKET SIZE, 2022-2030 ($ MILLION)
18. INDIA BATTERY ELECTRIC VEHICLE MARKET SIZE, 2022-2030 ($ MILLION)
19. CHINA BATTERY ELECTRIC VEHICLE MARKET SIZE, 2022-2030 ($ MILLION)
20. JAPAN BATTERY ELECTRIC VEHICLE MARKET SIZE, 2022-2030 ($ MILLION)
21. REST OF ASIA-PACIFIC BATTERY ELECTRIC VEHICLE MARKET SIZE, 2022-2030 ($ MILLION)
22. REST OF THE WORLD BATTERY ELECTRIC VEHICLE MARKET SIZE, 2022-2030 ($ MILLION)
