Consistent growth in automobile sector and government initiatives to reduce environmental impacts are expected to drive the growth of Battery Electric Vehicle Market during the forecast period.

The global Battery Electric Vehicle Market is expected to grow at a CAGR of 14% from 2020-2030, according to a new research report by Next Move Strategy Consulting.

Battery Electric Vehicle eliminate the emission of harmful exhausts as it solitarily operates on chemical energy preserved in rechargeable battery packs. Battery electric vehicles have numerous benefits such as higher efficiency and lower maintenance cost along with reduced vibrations. Moreover, BEVs do not cause emission or create noise pollution. Market players are constantly striving to enhance the vehicle performance by developing advanced battery technologies.

According to the report, there has been a constant growth in battery electric vehicle market due to numerous initiatives by the government to replace conventional fuel in automobile by other alternatives. The rising level of greenhouse gases has also pushed the governments to invest in public transport vehicles operated through alternative fuel. Moreover, its unique features such as no noise and reduced vibrations are estimated to drive the market growth. In 2019, more than 40% cars sold in Norway were electric.

However, high vehicle cost due to implementation of technological advancements such as fast charging, water proofing and many others might constrain the Battery Electric Vehicle Market growth. Consequently, development of battery technology to improve vehicle performance will propel the market growth.  

Based on vehicle types, the market is segmented into Passenger Cars, Commercial Vehicles, Heavy Goods Vehicles, and Two Wheelers. Heavy goods vehicles segment dominates the Global Battery Electric Vehicle Market and will be dominant during the forecast period.

North America represents higher adoption of Battery Electric Vehicle because of the stringent emission standards and regulations in the U.S. and Canada. Europe battery electric vehicle market will foresee consistent growth owing to rise in R&D activities and stringent vehicle emission norms. The development of easily accessible charging infrastructures is estimated to provide potential growth prospects. The market of Asia – Pacific is bound to show fastest growth by the virtue of largest population base, gradual reduction in cost and demand for eco- friendly mobility & transportation solutions. Also, strong presence of battery manufacturers and supportive government subsidies along with tax incentives are estimated to propel the industry growth in this region. Rising emphasis on reduction of carbon footprint for reducing the carbon footprint and increasing air quality are providing a positive outlook for battery electric vehicles.

According to the report, some the key players in the Global Battery Electric Vehicle 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.

Browse key industry insights from the report in detail along with the table of contents: Battery Electric Vehicle Market by Vehicle (into Heavy duty vehicles, Agriculture, Buses, Port Vehicles/ Container Handling / Transport, Automotive and Class 8 / Long Haul) - Global Opportunity Analysis and Industry Forecast, 2020-2030

Key Insights from the Battery Electric Vehicle Market Report:

• North America is the most dominant region in Global Battery Electric Vehicle Market owing to stringent emission standards and regulations in the U.S. and Canada.
• Heavy goods vehicles segment dominates the market growth in terms of industry vertical and is expected to grow at a significant CAGR to maintain the lead till 2030.
• Some of the major players in the 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.
• The report Global Battery Electric Vehicle Market-Segmented by vehicle type and geography.

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