Global Battery Electric Vehicle (BEV) Market - Share, Size, Trends, and Forecast to 2028

Global Battery Electric Vehicle (BEV) Market - Share, Size, Trends, and Forecast to 2028

The increasing concerns raised over the environmental impact of vehicular emissions are increasing the demand for zero-emission vehicles, rising government regulations and incentives on emission control systems, and advancing evolution of battery technology are driving the growth of the global battery electric vehicle (BEV) market.

Drivers:

Stringent Emission Regulations and incentives to promote EVs

Increasing investments in R&D by BEV manufacturers

Growing requirement for lower cost and clean transportation solutions

Launch of new models by major EV manufacturers

Improving battery technologies leading to increased driving range, lower costs, and faster charging times, making BEVs more accessible and appealing to consumers

However, the undeveloped EV charging infrastructure market, the high upfront cost of the vehicle relative to their ICE counterparts, competition from other alternative fuel vehicles, plug-in hybrid vehicles, increased fuel economy of ICE vehicles, and concerns over battery safety are restraining the BEV market growth.

A battery electric vehicle (BEV) is a type of electric vehicle that is powered by an electric motor and a rechargeable battery. In contrast to traditional ICE vehicles, which rely on internal combustion engines, BEVs only use the electricity stored in their batteries and emit zero emissions. By connecting the car to an electrical outlet or charging station, the battery gets recharged. BEVs offer zero emissions making them a clean and sustainable mode of transportation.

Unlike PHEVs (Plug-in Hybrid Electric Vehicles) and HEVs (Hybrid Electric Vehicles), BEVs are powered solely by an electric battery, with no gas engine parts, and are considered zero-emission vehicles. BEVs include electric motorcycles, electric scooters, electric bikes, electric cars, electric trucks, electric buses, electric railcars, electric watercraft, and forklifts. In the present scenario, BEVs dominate the global electric vehicle market.

Segment Analysis

Lithium ion battery chemistry is expected to dominate the global battery EV market during the forecast period. The emergence of lithium ion battery technology has increased the growth rate for batteries over the last two decades. Initial hybrid electric vehicles used nickel metal hydride (NiMH) batteries, but Li-ion batteries have proven to be the primary source of energy for battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs).

Charge retention capacity, high-energy density, and low maintenance are some of the benefits that have accelerated the growth of Li-ion as preferred battery technology in the electric vehicles. Hence, lithium chemistry is expected to dominate the EV battery market during the forecast period.

After a decade of rapid growth, in 2022, the global electric car sales hit the 10 million mark, a 36% increase over 2021. Battery electric vehicles (BEVs) accounted for around three-fourth of new electric car registrations in 2022.

Two/three-wheelers are lightweight vehicles and used for short driving distances; therefore, it requires relatively small batteries, raising fewer issues related to charging infrastructure. On a total cost of ownership basis, electrification already makes economic sense in some regions.

At more than 20%, today, two/three-wheelers are the most electrified road transport segment. The global electric two-wheeler market is expected to witness exponential growth.

The heavy-duty vehicle segment is also moving swiftly towards sustainability. Fully electric trucks are gaining momentum. Along with North America, Europe currently has the most BEV heavy-duty truck models available as manufacturers are positioning themselves because of the European Union's net-zero emissions target in 2050. Its heavy-duty CO2 emissions standards also incentivise zero-emission trucks.

The municipal level policies to make public transport sustainable drive the adoption of BEV Buses worldwide. Europe is leading in this aspect. Electric bus registrations in Europe have seen a 7% increase. The FAME II program is expected to generate demand for 7000 BEV buses in India. Under this program, the government has approved the addition of 5,595 new BEV buses in various states.

Regional Market Analysis

The global battery electric vehicle market report is segmented based on geography into North America; Europe; Asia Pacific (APAC); South America; and the Middle East and Africa.

Asia-Pacific is expected to be the leading region in the battery electric vehicle market during the forecast period, followed by Europe, North America, the Middle East, and South America.

Asia Pacific

The Asia Pacific region has countries that have both developing and established battery electric vehicle markets. For instance, countries such as China, South Korea, Japan, Australia, India and others have an established battery electric vehicle Market.

The Asia Pacific is expected to be the largest region for battery electric vehicles during the forecast period. With increasing Electric Vehicles, the battery electric vehicle market demand will rise, especially in China and India and Southeast Asia, such as Korea, Japan, and Australia.

Battery Electric Vehicle Market Opportunities

Introduction of the battery-as-a-service model (BaaS)

Growing Demand for Low-speed Electric vehicles

Various governments are making favorable policies for faster adoption of BEVs to fulfill their emission reduction commitments, ultimately providing a great opportunity for the BEV OEMs to establish their strong presence and expand a business.

Markets with growth potential are China, India, Germany, the United States, and Others.

Recent Developments

In Feb 2023, the BMW Group disclosed an investment in BEVs for EUR 800 million. The company plans to invest EUR 500 million in a new high-voltage battery assembly facility that will create the sixth-generation battery packs (cylindrical battery cells) for the impending all-electric vehicles.

Hindustan Zinc company becomes the first of its kind company to deploy India’s first underground battery electric vehicle in Jan 2023. The company also plans to invest USD 1 billion to convert all its diesel-run 900-odd mining vehicles to battery-operated ones.

Volkswagen Group announced a significant change to its electrification strategy in February 2023 in order to speed up EV production over the following five years. The German automaker also plans to support the endeavour by updating its software approach. Volkswagen's EV production has been significantly impacted by software difficulties up to this time.

In India, through the Faster Adoption and Manufacturing of Electric Vehicles FAME-II program, the government is targeting the electrification of buses. About 86% of the program's budget is earmarked for direct vehicle subsidies, which is expected to generate demand for 7000 battery electric vehicle buses. Under the program, the national government recently approved the addition of 5595 new electric buses in various states.

Impact of COVID-19

The Covid-19 pandemic has wreaked havoc on worldwide supply chains, particularly in the automotive industry. EV delivery delays to clients are expected to slow the sales growth in various areas in the near future. However, in the long run, government and business efforts to electrify transportation are laying a solid foundation for future EV sales growth.

Further details available in the Report

The new report from Blackridge Research on Global Battery Electric Vehicle Market provides comprehensive qualitative and quantitative analyses along with a deep insight into the current and future of the market.

What do we cover in the report?

Battery Electric Vehicle Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.

Battery Electric Vehicle Market Analysis

This report discusses the overview of the market, latest updates, important commercial developments and structural trends, and government policies and regulations.

This section also provides an assessment of COVID-19 impact on BEV Market demand.

Battery Electric Vehicle Market Size and Demand Forecast

The report provides the Global Battery Electric Vehicle Market size and demand forecast until 2027, including year-on-year (YoY) growth rates and CAGR.

Battery Electric Vehicle Market Industry Analysis

The report examines the critical elements of the battery electric vehicle industry supply chain, its structure, and the participants.

Using Porter's five forces framework, the report covers the assessment of the electric vehicle industry's state of competition and profitability.

Battery Electric Vehicle Market Segmentation & Forecast

The report dissects the Global Battery Electric Vehicle Market into various segments based on vehicle type (passenger vehicles, and commercial vehicles. A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.

Further, market share, size, and demand forecasts will be presented, along with various drivers and barriers for individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for a "bespoke" market segmentation to better align the research report with your requirements.

Regional Market Analysis

The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.

In addition, market size, demand forecast, and growth rates will be provided for all regions. Following are the notable countries covered under each region.

North America - United States, Canada, Mexico, and Rest of North America

Europe - Germany, France, United Kingdom (UK), Russia, and the Rest of Europe

Asia-Pacific - China, India, Japan, South Korea, Australia, Rest of APAC

Rest of the world - Saudi Arabia, Brazil, Nigeria, South Africa, and other countries

Key Company Profiles

This report presents detailed profiles of Key companies in the Electric Vehicle industry such as Tesla Inc, Ford Motor Company, Volkswagen AG, General Motors, Toyota Motor Corporation, Daimler AG etc. In general, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.

Competitive Landscape

The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

The study also discusses the strategies adopted by leading players in the industry.

Executive Summary

The Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.

Analysis of the impact of Covid-19 on the electric vehicle market is an integral part of the report, which helps companies navigate a rapidly changing market landscape.

Also, check our latest reports on:

Global Plug-in Hybrid Electric Vehicle (PHEV) Market

Global Fuel Cell Electric Vehicle (FCEV) Market

to discover key insights and trends in the industry, along with an in-depth analysis of the market's growth drivers and challenges. Stay ahead of the competition and make informed decisions with our comprehensive and up-to-date research. Order your copy now!
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