Europe Electric Vehicle Market is Expected to Registering a CAGR of 13.29% over 2024-2030.

Europe Electric Vehicle Market size was valued at USD 165.12 Billion in 2023 and the total Europe Electric Vehicle Market revenue is expected to grow at a CAGR of 13.29% from 2024 to 2030, reaching nearly USD 395.56 Billion.

Europe Electric Vehicle Market Overview:

An electric vehicle (EV) is a vehicle that uses one or more electric motors for propulsion. Unlike traditional gasoline-powered vehicles, EVs rely on electricity stored in rechargeable batteries to power their motors. This makes them significantly more environmentally friendly as they produce zero tailpipe emissions. Europe Electric Vehicle MarketTo know about the Research Methodology :- Request Free Sample Report European countries focus on organization development activities to roll out EVs as soon as possible. Many European governments have launched initiatives aimed at fostering the growth and expansion of domestic battery supply chains for electric vehicles. However, despite these efforts, a significant portion of supply chains is expected to remain dominated by Chinese manufacturers until 2030, primarily owing to the substantial production capacity of electric vehicle batteries in China. Across Europe, major countries are placing a strong emphasis on enhancing the electric vehicle charging infrastructure. A noteworthy example is the Ministry of the Environment and Energy Security (MASE) in January 2023, which announced ambitious plans for Italy. The plan entails the establishment of more than 21,000 charging stations for electric vehicles along both urban and inter-urban roads by the year 2026. This strategic development is poised to drive substantial growth in the European electric vehicle market throughout the forecast period. European Electric Car Sale 2023: In October 2023, the registration of battery-electric cars in the EU witnessed a significant surge, experiencing a growth of 36.3% and reaching a total of 121,808 units. This notable expansion was contributed to by multiple markets, with Belgium showing a remarkable increase of 147.3% and Denmark with a growth of 100.7%. Following a slowdown in September, Germany, being the largest market for battery-electric cars, saw modest growth at 4.3% in October. The year-to-date volume now stands at 1.2 million units, reflecting an impressive gain of 53.1% compared to the previous year and securing a 14% share of the EU electric vehicle market over the ten-month period. Europe Electric Vehicle Market Registrations of hybrid-electric cars in the EU experienced a robust surge of 38.6% in October, driven by substantial growth in the top three markets: Germany (57.9%), France (40.1%), and Italy (28%). This contributed to an overall increase of 29.8%, with a total of 2.2 million units sold in the first ten months, constituting over a quarter of the electric vehicle market. However, sales of plug-in hybrid electric cars witnessed a year-on-year decline of 5% in the previous month, totaling 72,002 units. Despite notable increases in Belgium (70.2%) and France (34.2%), these gains were insufficient to offset the decline in Germany (-49%), which is the largest electric vehicle market for this power source. Consequently, the electric vehicle market share of plug-in hybrid cars decreased from 10.2% to 8.4% in October.

Europe Electric Vehicle Market Dynamics:

The European electric vehicle market has experienced significant growth, driven by a notable increase in the sales of battery electric vehicles (BEVs) and hybrid electric vehicles in 2022. In October 2022 alone, the European automotive market saw a robust growth of 14%. BEVs, specifically, witnessed a 17% surge in registrations, totaling around 124,000. The plugin vehicle's share of the overall European auto market reached 23.2%, reflecting a rising demand for electric vehicles and contributing to the market's growth throughout the forecast period. The top-selling electric vehicles in Europe for October are detailed in the table below. The adoption of electric mobility in Europe has witnessed a rapid rise, propelled by ongoing developments in the automotive sector. Factors such as increasing consumer preference for shared mobility, the growing adoption of mobility-as-a-service (MaaS), declining costs of high-capacity batteries, and significant investments by EV manufacturers have fuelled the adoption of electric mobility in emerging regions. Notably, various companies are focusing on developing innovative solutions for electric mobility and charging infrastructure. For example, in 2020, Groupe Renault (U.K.) launched the INCIT-EV project, a 48-month initiative specifically dedicated to electromobility. The project introduced innovative wireless charging solutions for EVs across Europe, emphasizing low-power bidirectional charging and static wireless charging in taxi lanes at airports and central stations in Zaragoza, Spain. Government support in the form of incentives, such as tax reductions and grants for residential and commercial infrastructure, plays a crucial role in encouraging the adoption of electric mobility. Countries like the Netherlands and Greece offer incentives for purchasing and installing residential charging stations, providing deductions of up to 36% and tax returns of up to 75% on associated costs. The Finnish government's substantial investment of approximately USD 6.57 million in expanding charging infrastructure during 2020 and 2021 is expected to further support the growth of Europe electric vehicle market in the coming years. However, The European electric vehicle market faces several challenges despite its growing prominence. One significant obstacle is the need for an extensive and reliable charging infrastructure. The expansion of charging stations across various regions is crucial to alleviate "range anxiety" and enhance the appeal of EVs. Additionally, the high initial costs associated with purchasing electric vehicles pose a challenge, limiting their accessibility to a broader consumer base. Despite ongoing advancements, battery technology's limitations, such as range constraints and extended charging times, continue to hinder widespread EV adoption. Regulatory and policy uncertainties across European countries also create challenges for manufacturers, affecting their ability to plan and invest in EV development. Furthermore, the overall energy infrastructure may require substantial upgrades to accommodate the increased demand for electricity as more EVs are integrated into the transportation network. Addressing these challenges will be pivotal in fostering the sustained growth of the European electric vehicle market and achieving widespread adoption in the years to come.

Europe Electric Vehicle Market Segment Analysis:

Based on Power Output, in 2023 100 kW to 250 kW segment is expected to reach highest CAGR of 14.2% over 2024-2030. This significant growth is primarily driven by the increasing adoption of electric buses and trucks, particularly in applications related to public transportation and freight services in Europe Electric Vehicle Market. Moreover, many European companies are introducing new electric vehicles, including light commercial options like vans, pick-up trucks, and buses, featuring advanced technologies and power outputs ranging from 100kW to 250kW. Europe Electric Vehicle Market By End Use, Commercial Use is expected to dominate the EU Electric Vehicle Market share over the forecast period. This growth is primarily attributed to factors such as escalating fuel prices and stringent emission regulations established by governments. The surge in adoption of autonomous delivery vehicles and the increasing prevalence of electric buses and trucks further contribute to the accelerated expansion of this segment. Manufacturers and suppliers in countries like Spain, the U.S., France, are actively engaged in enhancing the efficiency of battery and charging technologies specifically tailored for commercial electric vehicles (EVs). The utilization of electric commercial vehicles not only aids in curbing greenhouse gas emissions and reducing reliance on fossil fuels but also ensures seamless operations while adhering to the latest emissions standards. Electric buses emerge as the most widely employed EVs in commercial applications, while e-trucks find utility in distribution and courier services. According to a prominent research firm, e-trucks, including vans and articulated lorries, are projected to constitute approximately 15% of European truck sales by 2030. The collective impact of these factors is poised to drive a substantial surge in the adoption of EVs for commercial purposes in the forthcoming years.

Europe Electric Vehicle Market Company Analysis:

Europe Electric Vehicle Market is dominated by many medium-sized players operating in different countries. These players are focused on technological development for making more sustainable and new eco-friendly products launching in the Europe Electric Vehicle Market. Such as, in February 2023, Renault disclosed its intention to invest €20 billion in electric vehicles and software by the year 2030. The company outlines plans to introduce a total of 30 new electric models by 2025, encompassing 10 new models under the Renault brand and an additional 20 new models jointly under the Dacia and Alpine brands. Europe Electric Vehicle Market

Europe Electric Vehicle Market Country-wise Analysis:

In 2023, Germany stands as the largest Electric Vehicle Market in Europe. Notably, data from the Federal Motor Transport Authority (FMTA) reveals a remarkable 25% increase in the registration of electric cars in Germany during the first half of 2022 compared to the corresponding period in the previous year. Over this time frame, fully electric vehicles accounted for 13.5% of all new registrations. Alternative-drive car registrations, encompassing battery electric vehicles, hybrids, plug-in hybrids, hydrogen fuel cell vehicles, and gas vehicles, collectively witnessed a notable 14.2% increase, constituting more than half of all new car registrations. German automotive brands dominated the electric powertrain sector, claiming 50.6% of new passenger car registrations. With a vision for the future, Germany aims to have 15 million electric vehicles on its roads by 2030. The German Federal Government is actively supporting the adoption of plug-in electric vehicles, and the Electric Vehicle Market share of battery electric vehicles (BEVs) has steadily risen, particularly following the increase in BEV subsidies in June 2020. Besides the evident environmental benefits, the growing availability of electric vehicles in the Electric Vehicle Market continues to drive this growth trajectory. Sweden is expected to experience the fastest growth in the European electric vehicle market during the forecast period. This heightened growth is attributed to increasing consumer interest in electric cars over conventional diesel-powered vehicles and robust government support to boost electric car sales nationwide. Sweden, as one of the pioneering European nations, has banned diesel-powered vehicles and embraced electric mobility. In 2020, the country recorded the sale of 56,559 fully-electric or plug-in hybrid vehicles, with the Volkswagen ID.3 emerging as the highest-selling model, accounting for 4,009 units. Plugin hybrid electric cars constituted 30.1% of total car sales, followed by battery electric cars at 19.2% in Sweden.

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Europe Electric Vehicle Market
Report Coverage Details
Base Year: 2023 Forecast Period: 2024-2030
Historical Data: 2018 to 2023 Market Size in 2023: US $ 165.12 Bn.
Forecast Period 2024 to 2030 CAGR: 13.29% Market Size in 2030: US $ 395.56 Bn.
Segments Covered: by Propulsion Type Hybrid Vehicles Pure Hybrid Vehicles Plug-in Hybrid Vehicles Battery Electric Vehicles Fuel Cell Electric Vehicles
by Power Output Less Than 100 kW 100 kW to 250 kW
by End Use Private Use Commercial Use
by Country Germany France U.K. Italy Spain Sweden Others

Europe Electric Vehicle Market Key Players:

1. Tesla 2. Renault 3. Hyundai Motor Company 4. Volkswagen AG 5. Kia Corporation 6. Mercedes-Benz, 7. Ford 8. BYD Compay Ltd. 9. Solaris Bus & Coach sp. z o.o. 10. Volvo 11. Ebusco 12. Diamler 13. Zero Motorcycles, Inc. 14. Niu International 15. Evoke Electric Motorcycles (HK) Ltd. 16. Horwingloba 17. Harley-Davidson, Inc. 18. VanMoof 19. Cowboy 20. Giant Bicycles 21. myStromer AG 22.Yamaha Motor FAQs: 1. What are the growth drivers for the Europe Electric Vehicle Market? Ans. Government Incentives and Policies, Advancements in Technology are expected to be the major drivers for the Electric Vehicle Market. 2. What is the major restraint for the Europe Electric Vehicle Market growth? Ans. Battery Technology Limitations. is expected to be the major restraining factor for the Electric Vehicle Market growth. 3. Which Country is expected to lead the Europe Electric Vehicle Market during the forecast period? Ans. Germany is expected to lead the Electric Vehicle Market during the forecast period. 4. What is the projected market size & and growth rate of the Europe Electric Vehicle Market? Ans. Europe Electric Vehicle Market size was valued at USD 165.12 Billion in 2023 and the total Europe Electric Vehicle Market revenue is expected to grow at a CAGR of 13.29% from 2024 to 2030, reaching nearly USD 395.56 Billion. 5. What segments are covered in the Europe Electric Vehicle Market report? Ans. The segments covered in the Electric Vehicle Market report are Propulsion Type, Power Output, and End-Use.
1. Europe Electric Vehicle Market: Research Methodology 2. Europe Electric Vehicle Market Introduction 2.1. Study Assumption and Market Definition 2.2. Scope of the Study 2.3. Executive Summary 3. Europe Electric Vehicle Market: Dynamics 3.1. Europe Electric Vehicle Market Trends by Region 3.2. Europe Electric Vehicle Market Dynamics by Region 3.2.1. Europe Electric Vehicle Market Drivers 3.2.2. Europe Electric Vehicle Market Restraints 3.2.3. Europe Electric Vehicle Market Opportunities 3.2.4. Europe Electric Vehicle Market Challenges 3.3. PORTER’s Five Forces Analysis 3.4. PESTLE Analysis 3.5. Regulatory Landscape 4. Europe Electric Vehicle Market: Market Size and Forecast by Segmentation by Demand and Supply Side (by Value in USD Million) (2023-2030) 4.1. Europe Electric Vehicle Market Size and Forecast, By Propulsion Type (2023-2030) 4.1.1. Hybrid Vehicles 4.1.2. Pure Hybrid Vehicles 4.1.3. Plug-in Hybrid Vehicles 4.1.4. Battery Electric Vehicles 4.1.5. Fuel Cell Electric Vehicles 4.2. Europe Electric Vehicle Market Size and Forecast, By Power Output (2023-2030) 4.2.1. Less Than 100 kW 4.2.2. 100 kW to 250 kW 4.3. Europe Electric Vehicle Market Size and Forecast, by End-Use (2023-2030) 4.3.1. Private Use 4.3.2. Commercial Use 4.4. Europe Electric Vehicle Market Size and Forecast, by Country (2023-2030) 4.4.1. Germany 4.4.2. France 4.4.3. U.K. 4.4.4. Italy 4.4.5. Spain 4.4.6. Sweden 4.4.7. Others 5. Germany Europe Electric Vehicle Market Size and Forecast by Segmentation by Demand and Supply Side (by Value in USD Million) (2023-2030) 5.1. Germany Europe Electric Vehicle Market Size and Forecast, By Propulsion Type (2023-2030) 5.1.1. Hybrid Vehicles 5.1.2. Pure Hybrid Vehicles 5.1.3. Plug-in Hybrid Vehicles 5.1.4. Battery Electric Vehicles 5.1.5. Fuel Cell Electric Vehicles 5.2. Germany Europe Electric Vehicle Market Size and Forecast, By Power Output (2023-2030) 5.2.1. Less Than 100 kW 5.2.2. 100 kW to 250 kW 5.3. Germany Europe Electric Vehicle Market Size and Forecast, by End-Use (2023-2030) 5.3.1. Private Use 5.3.2. Commercial Use 5.4. France 5.4.1.1. France Europe Electric Vehicle Market Size and Forecast, By Propulsion Type (2023-2030) 5.4.1.2. France Europe Electric Vehicle Market Size and Forecast, By Power Output (2023-2030) 5.4.1.3. France Europe Electric Vehicle Market Size and Forecast, by End-Use (2023-2030) 5.4.2. UK 5.4.2.1. UK Europe Electric Vehicle Market Size and Forecast, By Propulsion Type (2023-2030) 5.4.2.2. UK Europe Electric Vehicle Market Size and Forecast, By Power Output (2023-2030) 5.4.2.3. UK Europe Electric Vehicle Market Size and Forecast, by End-Use (2023-2030) 5.4.3. Sweden 5.4.3.1. Sweden Europe Electric Vehicle Market Size and Forecast, By Propulsion Type (2023-2030) 5.4.3.2. Sweden Europe Electric Vehicle Market Size and Forecast, By Power Output (2023-2030) 5.4.3.3. Sweden Europe Electric Vehicle Market Size and Forecast, by End-Use (2023-2030) 5.4.4. Spain 5.4.4.1. Spain Europe Electric Vehicle Market Size and Forecast, By Propulsion Type (2023-2030) 5.4.4.2. Spain Europe Electric Vehicle Market Size and Forecast, By Power Output (2023-2030) 5.4.4.3. Spain Europe Electric Vehicle Market Size and Forecast, by End-Use (2023-2030) 5.4.5. Rest of Europe 5.4.5.1. Rest of Europe Europe Electric Vehicle Market Size and Forecast, By Propulsion Type (2023-2030) 5.4.5.2. Rest of Europe Europe Electric Vehicle Market Size and Forecast, By Power Output (2023-2030) 5.4.5.3. Rest of Europe Europe Electric Vehicle Market Size and Forecast, by End-Use (2023-2030) 6. Europe Electric Vehicle Market: Competitive Landscape 6.1. MMR Competition Matrix 6.2. Competitive Landscape 6.3. Key Players Benchmarking 6.3.1. Company Name 6.3.2. End-User 6.3.3. Revenue (2023) 6.3.4. Company Locations 6.4. Leading Europe Electric Vehicle Market Companies, by market capitalization 6.5. Market Structure 6.5.1. Market Leaders 6.5.2. Market Followers 6.5.3. Emerging Players 6.6. Mergers and Acquisitions Details 7. Company Profile: Key Players 7.1. Tesla 7.1.1. Company Overview 7.1.2. Business Portfolio 7.1.3. Financial Overview 7.1.4. SWOT Analysis 7.1.5. Strategic Analysis 7.1.6. Scale of Operation (small, medium, and large) 7.1.7. Details on Partnership 7.1.8. Regulatory Accreditations and Certifications Received by Them 7.1.9. Awards Received by the Firm 7.1.10. Recent Developments 7.2. Renault 7.3. Hyundai Motor Company 7.4. Volkswagen AG 7.5. Kia Corporation 7.6. Mercedes-Benz, 7.7. Ford 7.8. BYD Compay Ltd. 7.9. Solaris Bus & Coach sp. z o.o. 7.10. Volvo 7.11. Ebusco 7.12. Diamler 7.13. Zero Motorcycles, Inc. 7.14. Niu International 7.15. Evoke Electric Motorcycles (HK) Ltd. 7.16. Horwingloba 7.17. Harley-Davidson, Inc. 7.18. VanMoof 7.19. Cowboy 7.20. Giant Bicycles 7.21. myStromer AG 7.22. Yamaha Motor 8. Key Findings 9. Industry Recommendations 10. Terms and Glossary
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