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Battery Electric Vehicle Market Size

Report ID: GMI3181
Published Date: Feb 2023
Report Format: PDF

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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.

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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.

Battery Electric Vehicle Market Report Attributes
Report Attribute	Details
Base Year:	2022
Battery Electric Vehicle Market Size in 2022:	USD 330 billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	15%
2032 Value Projection:	USD 1 trillion
Historical Data for:	2018 to 2022
No. of Pages:	210
Tables, Charts & Figures:	268
Segments covered:	Vehicle, Battery, Region
Growth Drivers:	Stringent government regulations to reduce carbon emission globally Rapid investments in R&D by BEV OEMs in Europe and North America Growing requirement for lower cost and clean transportation solutions in Asia Pacific Rising inclination toward electric mobility in Latin America Strong demand for premium electric vehicles in Middle East & Africa High charging time along with limited charging infrastructure
Pitfalls & Challenges:	High initial cost associated with fully electric vehicles

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of battery electric vehicle surpassed USD 300 billion and is projected to expand at 15% CAGR from 2023 to 2032, on account of tightening government regulations towards minimizing vehicle emissions worldwide.

The electric cars market is expected to cross a valuation of USD 200 billion by 2032, impelled by the low registration and road tax levied on electric cars.

The APAC market accounted for over 50% of the overall share in 2022. The region is likely to retain its dominant position due to the presence of a favorable regulatory scenario for BEV producers.

The prominent battery electric vehicle suppliers include names such as General Motors, Honda Motor, Nissan Motor Company, Giant Bicycles, Mitsubishi Motors Company, and Hyundai Motor, among others.