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Battery Electric Vehicle Market Size
- 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.
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Battery Electric Vehicle Market Size in 2022: | USD 330 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 15% |
| 2032 Value Projection: | USD 1 trillion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 210 |
| Tables, Charts & Figures: | 268 |
| Segments covered: | Vehicle, Battery, Region |
| Growth Drivers: | |
| Pitfalls & Challenges: |
Frequently Asked Questions (FAQ) :
Battery Electric Vehicle Market Scope
