The battery electric vehicle (BEV) market is anticipated to grow at a CAGR of 20.0% during the forecast period (2023-2030). The factors driving the growth of the electric vehicle market include government initiatives and incentives, such as rebates, and schemes to encourage EV ownership by helping offset the high upfront costs of EVs. For instance, in August 2022 the Inflation Reduction Act in the US signed the law to extend a tax credit of up to $7,500 for the purchase of new EVs until 2032. According to the US Department of Energy, 81,346 BEVs were sold in the US during March 2023, which is a 25.2% increase from the sales in March 2022. The availability of public charging stations is also a factor for BEV adoption, and the growing EV market has corresponded with major growth in EV charging. For instance,
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• In December 2022, the European Commission approved a $1.9 billion German scheme, called Charging Infrastructure Masterplan to support the high-power charging (HPC) infrastructure for electric vehicles. The scheme aims to establish a network of HPC infrastructure for electric vehicles in urban, suburban, and rural areas in Germany. The scheme will create a backbone of essential HPC infrastructure to encourage the shift to electric mobility. The German scheme aims to install 8,500 high power charging (HPC) points in approximately 900 locations in Germany, where there are no HPC points or where the existing points are insufficient to address anticipated demand. These HPC points will allow recharging electric vehicles within 15 to 30 minutes.
• In November 2021, the US Department of Energy (DOE) announced funding to accelerate the creation of zero-emission vehicle corridors that expand the nation's electric vehicle (EV) charging infrastructure. The Department has awarded $7.4 million to seven projects to develop medium- and heavy-duty EV charging and hydrogen corridor infrastructure plans that will benefit millions of drivers across 23 states. The funding will help develop innovative EV charging and hydrogen infrastructure across the country. The projects will help to create more charging stations for electric cars and trucks, making it easier for people to drive long distances without worrying about running out of power.
Market Coverage
• The market number available for – 2023-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By Component
o By Industry Vertical
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
Competitive Landscape- includes SAIC Motor Corp. Ltd., BAIC Group, BYD Auto Co. Ltd., Hyundai Motor Co, Volkswagen AG, and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Battery Electric Vehicle Market Report Segment
By Vehicle Type
By Battery Type
Global Battery Electric Vehicle Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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