Battery Electric Vehicle Market Competitive Landscape, Key Players, Business Opportunities and Forecast 2021-2030

The Battery Electric Vehicle Market size is estimated to be USD 49.57 Billion in 2019 and is predicted to reach USD 212.16 Billion by 2030 with a CAGR of 14% from 2020-2030.

Battery Electric Vehicle functions on chemical energy preserved in rechargeable battery packs. It has no secondary source of propulsion. Benefits offered by battery electric vehicles include higher efficiency, lower maintenance cost, and reduced vibrations, supported by the availability of instant torque and power output. Moreover, BEVs do not cause emission or create noise pollution. Industry participants are striving hard to develop batteries with superior technology that enhances its capacity and improve the vehicles’ performance.

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Top Companies: BMW Group, General Motors Company, Ford Motor Company, Daimler AG, Hyundai Motor Company, Honda Motor Co., Ltd., Tesla Motors, Inc., Nissan Motor Co., Ltd., Groupe Renault and BYD Company Limited.

Market Dynamics and Trends:

Increasing government focus on the improvement of environmental conditions and introduction of different regulations to support the usage of alternative fuel is expected to boost the market growth. For instance, the administration of California recently announced that they will have around 5 million zero emission vehicles on road by 2030 and around 250,000 electric vehicle charging stations by 2025. Moreover, rising levels of greenhouse gases and carbon emissions have also encouraged the government to invest in public transport vehicles that can be run using alternative fuel. Such environmental concerns are estimated to drive the battery electric vehicle market growth in the coming years. Further, various other benefits such as no noise and reduced vibrations are also going to support the market growth.

However, high vehicle cost might hamper the market growth. Consequently, development of battery technology to enhance vehicle performance will propel the market growth. For instance, Automobile OEMs including Mercedes and BMW are installing Na/NiCl2 battery that offers advantages such as superior voltage, cycling performance and are unaffected by constant freeze thaw cycles.

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Market Segmentations and Scope of the Study:

The global battery electric vehicle (BEV) market share has been analyzed based on vehicle type and geography. Based on vehicle type, the market is segmented into battery electric passenger cars, battery electric light commercial vehicles, battery electric heavy goods vehicles, and battery electric two wheelers. Geographic breakdown and analysis of the previously mentioned segment include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis:

North America is expected to witness significant growth during the forecast period owing to the stringent emission standards and regulations that encourage the adoption of battery electric vehicles. Effective government policies are generating the requirement for electrification of on-road transport vehicles. Europe battery electric vehicles market will foresee considerable growth due to the rise in research & development activities and stringent vehicle emission norms. The rise in inclination towards use of e-bikes for transportation is estimated to accelerate the regional demand. Asia Pacific is estimated to have the fastest growing battery electric vehicles market owing to the increasing adaptation of zero emission trucks and cars. Strong presence of battery manufacturers in the region coupled with supportive government subsidies and tax incentives are boosting the industry growth. Growing emphasis for reducing the carbon footprint and increasing air quality are providing a positive outlook for battery electric vehicles in this region.

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