Battery Electric Vehicle Market Size By Vehicle (Electric Cars, Electric Buses, Electric Trucks, Electric Motorcycles & Scooters, E-bikes), By Battery (SLA, Li-ion, NiMH) & Forecast, 2023-2032
Report ID: GMI3181
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Published Date: February 2023
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Report Format: PDF
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Base Year: 2022
Companies covered: 15
Tables & Figures: 268
Countries covered: 22
Pages: 210
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Battery Electric Vehicle Market
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Battery Electric Vehicle Market Size
Battery Electric Vehicle (BEV) Market size surpassed USD 300 billion in 2022 and is anticipated to grow at 15% CAGR from 2023 to 2032, driven by the tightening regulatory scenario around fossil-fuel powered vehicle emissions globally.
The industry demand is primarily fueled by growing concerns that skyrocketing pollution levels are further exacerbating climate change and extreme weather conditions worldwide. Electric vehicles feature the crucial technology needed to decarbonize a major carbon emissions contributor, the road transport sector, which is responsible for 16% of the world’s emissions.
As part of their respective climate actions, many world governments are unveiling a number of supportive policies and schemes that gives the EV sector an edge over ICE vehicle sector. Recently, in October 2022, the US government invested over USD 2.8 billion to expand the nation’s domestic battery manufacturing capabilities for EV sector.
High charging durations to likely hold back sales of BEVs
Despite a broad scope for product adoption, the battery electric vehicle market faces a major hurdle in the form of long charging durations. Currently, level 1 chargers, which deliver charging through a conventional 120-volt AC outlet, take up to 40-50 hours for charging a battery EVs from scratch, and up to 5-6 hours for plug-in hybrid electric vehicle (PHEV). The low density of high voltage charging infrastructure in some regions also further discourages the use of these vehicles for long-distance travel by inducing range anxiety among customers.
Battery Electric Vehicle Market Analysis
The industry share from SLA battery type is slated to showcase around 9% growth through 2032, on account of growing density of electric and hybrid vehicles worldwide. Today, some of the world’s top-performing battery cells can reach energy densities of over 300 Wh/kg, a feat that was limited to around 100-150 Wh/kg earlier. The sector growth can also be credited to ongoing expansion of industries in remote parts of the world. Furthermore, rising demand for adaptable and reliable power supply is fostering the growth of SLA-powered electric vehicles as well.
The BEV market from the electric cars segment is poised to exceed USD 200 billion by 2032, led by the low registration and road tax levied on electric cars. These taxes work as an incentive that pushes customer preference towards EVs over conventional diesel or gasoline cars. Electric cars are also significantly quieter than their ICE powered counterparts and are a great solution for reducing noise pollution levels across cities and urban environments.
Electric cars are also relatively more efficient in terms of energy consumption. In fact, they can convert nearly 60% of electrical energy from the grid to power the wheels as compared to petrol or diesel cars, which have the limit to convert only 17-21% of energy in the fuel to the wheels.
The Asia Pacific battery electric vehicle market accounted for 50% revenue share in 2022, owing to constant transition of production to electric vehicles and supportive regulatory scenario. The region boasts as one of the most favorable regulatory environments for BEV manufacturers in the world. In fact, countries such as South Korea, Japan and China are considered some of the world’s top EV manufacturing hubs. Specifically, China, which is largest manufacturer and user of battery EVs in the world.
The country and its neighbours, have prioritized public fast-charging infrastructure in recent years to incentivize commercial EV fleet expansion, including HDVs. In effect, Japan’s Ministry of Economy, Trade, and Industry (METI), recently announced that by mid-2030, it aims to electrify all new passenger cars sold in the country.
Battery Electric Vehicle Market Share
The leading players in the BEV market include
Many of these firms are focusing on strategic partnerships to capture a high market share. For instance, in January 2023, Assurant, Inc., a global business services company, partnered with Altelium, a provider of data-driven battery solutions, to deploy Altelium’s AI-driven battery data and EV insights to create an suite of innovative EV solutions, including vehicle service contracts that protect EV owners from expansive battery replacement and repair.
Impact of COVID-19 Pandemic
The COVID-19 pandemic had a negative impact on the automotive sector on account of disruptions in global supply chains. Over the first half of 2020, global sales of electric cars were on average 15% lower than over the same time frame in 2019. The market is also dealing with a severe semiconductor shortage, which might dampen growth in the short term. However, supportive efforts by global government agencies are likely to overcome these barriers and boost battery EV sales in the projected time period. Recently, in January 2023, the US DOE invested over USD 42 million in 12 projects focused on strengthening the domestic supply chain for advanced EV batteries.
This market research report on battery electric vehicle (BEV) includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments from 2018 to 2032 for the following segments:
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Market, By Vehicle
Market, By Battery Type
The above information has been provided for the following regions and countries: