Battery Electric Vehicle Market Analysis

The BEV market from the electric cars segment is poised to exceed USD 200 billion by 2032, led by the low registration and road tax levied on electric cars. These taxes work as an incentive that pushes customer preference towards EVs over conventional diesel or gasoline cars. Electric cars are also significantly quieter than their ICE powered counterparts and are a great solution for reducing noise pollution levels across cities and urban environments.
 

Electric cars are also relatively more efficient in terms of energy consumption. In fact, they can convert nearly 60% of electrical energy from the grid to power the wheels as compared to petrol or diesel cars, which have the limit to convert only 17-21% of energy in the fuel to the wheels.
 

The Asia Pacific battery electric vehicle market accounted for 50% revenue share in 2022, owing to constant transition of production to electric vehicles and supportive regulatory scenario. The region boasts as one of the most favorable regulatory environments for BEV manufacturers in the world. In fact, countries such as South Korea, Japan and China are considered some of the world’s top EV manufacturing hubs. Specifically, China, which is largest manufacturer and user of battery EVs in the world.
 

The country and its neighbours, have prioritized public fast-charging infrastructure in recent years to incentivize commercial EV fleet expansion, including HDVs. In effect, Japan’s Ministry of Economy, Trade, and Industry (METI), recently announced that by mid-2030, it aims to electrify all new passenger cars sold in the country.