Market Insights Mobility Electric Vehicles

Battery Electric Vehicles - Worldwide

Worldwide

Revenue in the Battery Electric Vehicles market is projected to reach €453.5bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.98%, resulting in a projected market volume of €697.1bn by 2029.
Battery Electric Vehicles market unit sales are expected to reach 14.23m vehicles in 2029.
The volume weighted average price of Battery Electric Vehicles market in 2024 is expected to amount to €48.4k.
From an international perspective it is shown that the most revenue will be generated in China (€193,400m in 2024).

Key regions: United Kingdom, Japan, Netherlands, France, United States

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Analyst Opinion

The Battery Electric Vehicles market in Worldwide is experiencing significant growth and development.

Customer preferences: Customers are increasingly opting for Battery Electric Vehicles due to their environmental benefits. Battery Electric Vehicles produce zero emissions, helping to reduce air pollution and combat climate change. Additionally, the rising cost of fuel and the desire for energy independence are driving consumers to choose Battery Electric Vehicles over traditional gasoline-powered cars. Furthermore, the advancements in technology have improved the performance and range of Battery Electric Vehicles, making them a more viable option for everyday use.

Trends in the market: One of the key trends in the Battery Electric Vehicles market is the increasing availability of charging infrastructure. As more countries and regions invest in charging stations, consumers are becoming more confident in the ability to charge their vehicles conveniently. This trend is particularly evident in developed countries where governments are implementing policies and incentives to promote the adoption of Battery Electric Vehicles. Another trend is the expansion of the Battery Electric Vehicle market into new segments, such as commercial vehicles and luxury cars. Manufacturers are recognizing the potential in these markets and are developing Battery Electric Vehicles to cater to the specific needs and preferences of these customers.

Local special circumstances: In Europe, the Battery Electric Vehicles market is being driven by strict emission regulations imposed by the European Union. These regulations require automakers to reduce the average CO2 emissions of their fleets, incentivizing the production and sale of Battery Electric Vehicles. Additionally, European countries are offering generous subsidies and incentives to encourage consumers to purchase Battery Electric Vehicles. In China, the government has implemented a quota system that requires automakers to produce and sell a certain percentage of Battery Electric Vehicles. This policy is driving the rapid growth of the Battery Electric Vehicle market in China, making it the largest market for Battery Electric Vehicles in the world.

Underlying macroeconomic factors: The Battery Electric Vehicles market is also influenced by macroeconomic factors such as government policies, technological advancements, and the availability of raw materials. Government policies play a crucial role in shaping the market, as they can provide incentives and subsidies to encourage the adoption of Battery Electric Vehicles. Technological advancements, particularly in battery technology, are driving down the cost of Battery Electric Vehicles and improving their performance and range. The availability of raw materials, such as lithium and cobalt, also affects the growth of the Battery Electric Vehicle market, as these materials are essential for the production of batteries. Overall, the Battery Electric Vehicle market in Worldwide is expected to continue its growth trajectory as more countries and regions embrace sustainable transportation solutions and consumers increasingly prioritize environmental concerns.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).