Home > Automotive > Mobility > Electric Vehicles > Battery Electric Vehicle Market

Battery Electric Vehicle Market Size By Vehicle (Electric Cars, Electric Buses, Electric Trucks, Electric Motorcycles & Scooters, E-bikes), By Battery (SLA, Li-ion, NiMH) & Forecast, 2023-2032

  • Report ID: GMI3181
  • Published Date: Feb 2023
  • Report Format: PDF

Battery Electric Vehicle Market Size

Battery Electric Vehicle (BEV) Market size surpassed USD 300 billion in 2022 and is anticipated to grow at 15% CAGR from 2023 to 2032, driven by the tightening regulatory scenario around fossil-fuel powered vehicle emissions globally.

Battery Electric Vehicle (BEV) Market
To get key market trends
  Download Free Sample

The industry demand is primarily fueled by growing concerns that skyrocketing pollution levels are further exacerbating climate change and extreme weather conditions worldwide. Electric vehicles feature the crucial technology needed to decarbonize a major carbon emissions contributor, the road transport sector, which is responsible for 16% of the world’s emissions.

As part of their respective climate actions, many world governments are unveiling a number of supportive policies and schemes that gives the EV sector an edge over ICE vehicle sector. Recently, in October 2022, the US government invested over USD 2.8 billion to expand the nation’s domestic battery manufacturing capabilities for EV sector.

High charging durations to likely hold back sales of BEVs

Despite a broad scope for product adoption, the battery electric vehicle market faces a major hurdle in the form of long charging durations. Currently, level 1 chargers, which deliver charging through a conventional 120-volt AC outlet, take up to 40-50 hours for charging a battery EVs from scratch, and up to 5-6 hours for plug-in hybrid electric vehicle (PHEV). The low density of high voltage charging infrastructure in some regions also further discourages the use of these vehicles for long-distance travel by inducing range anxiety among customers.

Battery Electric Vehicle Market Analysis

Global Battery Electric Vehicle (BEV) Market Volume Share, By Battery

The industry share from SLA battery type is slated to  showcase around 9% growth through 2032, on account of growing density of electric and hybrid vehicles worldwide. Today, some of the world’s top-performing battery cells can reach energy densities of over 300 Wh/kg, a feat that was limited to around 100-150 Wh/kg earlier. The sector growth can also be credited to ongoing expansion of industries in remote parts of the world.  Furthermore, rising demand for adaptable and reliable power supply is fostering the growth of SLA-powered electric vehicles as well.


Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of battery electric vehicle surpassed USD 300 billion and is projected to expand at 15% CAGR from 2023 to 2032, on account of tightening government regulations towards minimizing vehicle emissions worldwide.

The electric cars market is expected to cross a valuation of USD 200 billion by 2032, impelled by the low registration and road tax levied on electric cars.

The APAC market accounted for over 50% of the overall share in 2022. The region is likely to retain its dominant position due to the presence of a favorable regulatory scenario for BEV producers.

The prominent battery electric vehicle suppliers include names such as General Motors, Honda Motor, Nissan Motor Company, Giant Bicycles, Mitsubishi Motors Company, and Hyundai Motor, among others.

Battery Electric Vehicle Market Scope

Buy Now

Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 268
  • Countries covered: 22
  • Pages: 210
 Download Free Sample