Germany battery electric vehicle market is estimated to grow at a CAGR of more than 20.0% during the forecast period. Some of the major factors contributing to the growth of the BEV market in the country include cohesive government regulation for the electric vehicle, incentives by the government on electric vehicle and charging infrastructure, and stringent target to reduce the carbon footprints. Moreover, the increase in the range covered by the BEV with the introduction of new BEV models is another major factor leading to the adoption of BEV in the country.
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As per the European Automobile Manufacturers Association, Germany BEV sales rose by 75% in 2019 YoY and reached around 64,500 as compared to 36,000 in 2018. The country became the largest BEV market in Europe, stepping out Norway in 2019. Some of the most common BEV sold in the country include Tesla Model 3, Renault Zoe, BMW i3, Volkswagen Golf, among others. Moreover, as an estimate, the German manufacturers will triple their electric cars model to nearly 150 by 2023 with an investment of around $56 billion by 2024.
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The market is segmented on the basis of vehicle type and battery type. Based on vehicle type, the market is further studied into commercial vehicles, passenger cars, and others. During the forecast period, the passenger vehicle market is forecast to hold the largest market share in the country. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion BEVs market is forecast to cover a major market share during the forecast period.
Major companies contributing to the Germany BEV market include Audi AG, BMW AG, BYD Auto Co., Ltd., Daimler AG, Honda Motor Co., Ltd., Hyundai Motor Co., Jaguar Land Rover Ltd., Kia Motors Corp., Tesla, Inc., Volkswagen AG and so on. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger and acquisition, collaborations with government, and technological advancements to stay competitive in the market. For instance, in September 2019, BYD Auto Co., Ltd., received its first order for a fully electric transit bus in the country. The German public transit operators BOGESTRA and HCR ordered 22 fully electric 12-meter buses in the greater Ruhr Metropolitan Region.
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Germany Battery Electric Vehicle (BEV) Market- Segmentation
by Vehicle Type
• Passenger Car
• Commercial Vehicle
by Battery Type
• Audi AG
• BMW AG
• BYD Auto Co., Ltd.
• Daimler AG
• Honda Motor Co., Ltd.
• Hyundai Motor Co.
• Jaguar Land Rover Ltd.
• Kia Motors Corp.
• Tesla, Inc.
• Volkswagen AG
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