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,
- 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.
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Market Coverage
- The market number available for – 2022-2030
- Base year- 2022
- Forecast period- 2023-2030
Segment Covered-
- By Component
- By Industry Vertical
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- includes SAIC Motor Corp. Ltd., BAIC Group, BYD Auto Co. Ltd., Hyundai Motor Co, Volkswagen AG, and others.
Battery Electric Vehicle Market Report Segment
By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Others
By Battery Type
- NiMH
- Li-Ion
- Others
A full Report of Battery Electric Vehicle (BEV) Market is Available @ https://www.omrglobal.com/industry-reports/battery-electric-vehicle-bev-market
Battery Electric Vehicle Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Audi AG
- BAIC Group
- MW AG
- BYD Auto Co., Ltd.
- Chery Automobile Co., Ltd.,
- Fiat Chrysler Automobiles N.V.
- Ford Motor Co.
- General Motors Co.
- Great Wall Motors Co. Ltd.
- Groupe PSA
- Honda Motor Co., Ltd.
- Hyundai Motor Co.
- Jaguar Land Rover Ltd.
- Kia Motors Corp.
- Nissan Motor Co.
- Renault Group
- SAIC Motor Corp. Ltd.
- Tesla, Inc.
- Toyota Motor Corp.
- Volkswagen AG
Reasons to buy from us –
- We cover more than 15 major industries, further segmented into more than 90 sectors.
- More than 120 countries are for analysis.
- Over 100+ paid data sources mined for investigation.
- Our expert research analysts answer all your questions before and after purchasing your report.
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