This is a comprehensive report on the market for battery-electric vehicles (BEVs). The covers report the market through 2032.
Over 70 million light-duty BEVs will be sold in 2032, generating close to three trillion dollars in revenue. The sales of these vehicles will be highest in developed countries which are in the process of being blanketed by networks of charging stations.
The auto market is witnessing a seismic shift that parallels the mobile phone revolution. Besides transition to clean energy, this shift encompasses intelligent, autonomous and connected vehicles that will improve transport efficiency while meeting energy-saving and emission-reduction targets.
The momentum behind electric-vehicle adoption – both from the side of the consumer and the automotive industry – has reached an inflexion point. Governments the world over have been instituting policies that will help in the growth of electric vehicles, including a variety of incentives to buyers of electric vehicles.
The primary factor contributing to the phenomenal growth of these vehicles are government incentives and subsidies. Another driving factor is the awareness that the use of electric vehicles will entail long-term environmental benefits.
Electric vehicles are more expensive than internal combustion engine (ICE) vehicles, but their maintenance and usage less expensive. The economies of scale resulting from the swift uptake of these vehicles will lead to considerable decline in costs, making government incentives and subsidies unnecessary.
While BEVs are the short-term beneficiaries of the transition to clean energy, the market will eventually see widespread adoption of fuel-cell/battery-electric hybrid vehicles. These hybrid vehicles will offer more than double the range of internal combustion engines.
Charging infrastructures are rapidly being deployed in most of the major markets, helping propel the uptake of BEVs. These infrastructures are increasingly being equipped with fast-charging capabilities that significantly help reduce charging time.
More than half of the BEVs are being produced in China which has emerged as the biggest auto market globally. Virtually every major automaker has established a presence in China to take advantage of the country’s auto boom.