Forecast: Battery Electric Vehicle Registrations in Germany

The registrations of Battery Electric Vehicles (BEVs) in Germany have experienced significant growth from 12.36 thousand units in 2015 to 586.06 thousand units in 2023, marking a remarkable development in the adoption of electric vehicles. Notably, the year-on-year variations have shown substantial increases, especially in years such as 2020 with a 206.3% rise and 2021 with an 83.28% increase. The Compound Annual Growth Rate (CAGR) over the last two years stands at 74.3%, indicating strong momentum. The average annual growth over the last five years reflects a CAGR of 74.3%, underscoring rapid expansion in the BEV market.

Looking ahead to 2024 and beyond, forecasted data suggests continued growth, with BEV registrations expected to reach 1141.3 thousand units by 2028, exhibiting a forecasted five-year CAGR of 10.29%. This suggests a more moderated, but steady, pace of growth.

Future trends to watch for include advancements in battery technology, increased government incentives, expanding charging infrastructure, and broader consumer acceptance, all of which could further accelerate BEV adoption in Germany. Market players should also monitor potential regulatory changes and competitive dynamics within the automotive industry to strategically position in this evolving market.