DUBLIN--(BUSINESS WIRE)--The "Battery Electric Vehicle Market by Vehicle Type - Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
The Battery Electric Vehicle Market was estimated at USD 49.57 Billion in 2019 and is expected to reach USD 212.16 Billion by 2030, at a CAGR of 14% during the forecast period, from 2020 to 2030.
Battery Electric Vehicles (BEVs) operate on chemical energy preserved in rechargeable battery packs. They do not have a secondary source of energy for propulsion. Benefits offered by BEVs include high efficiency, low maintenance cost, no emission, and less vibrations. Industry participants are striving to develop batteries with superior technology that enhances its capacity and improve the performance of the vehicle.
Market Dynamics and Trends:
Increasing government focus on reducing the environmental impact due to carbon emission and implementation of regulations to support the usage of alternative fuel are expected to boost the market For instance, the Administration of California announced that it will have around 5 million zero emission vehicles on the road by 2030 and around 250,000 electric vehicle charging stations by 2025.
Moreover, rising levels of greenhouse gases and carbon emissions have encouraged governments to invest in public transport vehicles that can be run using alternative energy. Such environmental concerns are estimated to drive the battery electric vehicle market in the coming years. Furthermore, various other benefits such as no noise and reduced vibrations are offered by these vehicles are fueling the market growth.
However, high vehicle cost act as a restraint for the market. Consequently, development of battery technology to enhance vehicle performance is expected to 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.
Market Segmentations and Scope of the Study:
The global battery electric vehicle (BEV) market has been analyzed based on vehicle type and geography. On the basis of vehicle type, the market is segmented into passenger cars, light commercial vehicles, heavy goods vehicles, and battery electric two wheelers. In terms of geography the market is divided into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
The market in North America is expected to grow during the forecast period owing to the stringent emission standards and regulations that encourage the adoption of battery electric vehicles and effective government policies for the electrification of on-road transport vehicles. Europe battery electric vehicles market is projected to expand due to the rise in R&D activities and implementation of stringent vehicle emission norms. Also, increasing demand for e-bikes is estimated to fuel the market in this region.
The market in Asia Pacific is estimated to expand at a high pace owing to the increasing adaptation of zero emission trucks and cars. Strong presence of battery manufacturers in the region and supportive government subsidies and tax incentives are boosting the market. Growing emphasis for reducing carbon footprint and improving air quality are fueling the market in this region.
Key players in the global battery electric vehicle (BEV) market are 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.
In October 2020, Mercedes Benz announced the launch of six battery electric vehicles (two sedans, two crossovers, and two SUVs). In September 2020, Kia Motors announced plans to launch seven battery-powered electric cars by 2027.
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