USD 6.54 million
Report ID: SQSG25C2019 | Region: Global | Published Date: April, 2023 | Pages: 278 | Tables: 87 | Figures: 76
Europe Electric Car Market size was valued at USD 6.54 million in 2021 and is poised to grow from USD 8.1 million in 2022 to USD 45 million by 2030, growing at a CAGR of 23.8% in the forecast period (2023-2030).
Market expansion will be fueled by supportive government policies, subsidies, and tax rebates that encourage EV car adoption. The cost advantages that electric vehicles have over conventional vehicles as well as other factors will help the market expand throughout the projected period. Another element that is anticipated to generate considerable development prospects for industry participants is a drop in battery pack pricing.
EVs have advanced quickly in line with the industry’s ongoing improvements. The adoption of electric mobility in developing regions is being fueled by rising customer preference for shared transportation, expanding use of transportation as a service, falling prices for high-capacity batteries, and large investments made by EV manufacturers. A number of businesses are concentrating on creating cutting-edge solutions for electric mobility and charging infrastructure. Groupe Renault (U.K.) debuted its INCIT-EV initiative in 2021 with a focus on electromobility. In Europe, the business provided cutting-edge wireless charging options for EVs. In taxi lanes found at airports and central stations in Zaragoza, Spain, the initiative will concentrate on low-power bidirectional charging and static wireless charging.
Europe Electric Car Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 6.54 million
Less Than 100kW
100 kW to 250 kW
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Europe Electric Car Market is segmented based on the product, power output, and end user. Based on the product, the Europe Electric Car Market is segmented into Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV). Based on the power output, the Europe Electric Car Market has been segmented into Less Than 100kW, 100 kW to 250 kW. Based on end user, Europe electric car market is segmented into private and Commercial.
Europe Electric Car Market Analysis by Product
The BEV segment dominated the market and accounted for the largest revenue share of over 75.4% in 2021 and is expected to maintain its dominance during forecast period. The largest revenue share is mostly due to end consumers growing environmental consciousness and the advantages of BEVs. The average driving range of BEVs has also been rising over time.
The PHEV segment is estimated to be the fastest growing segment and expand at the highest CAGR of over 41.5% in terms of revenue during forecast period. The Germany and France efforts to promote the usage of EV cars are responsible for this increase. In bigger vehicle sectors, including electric buses, PHEVs are typically available. Over the projection period, segmental expansion in the expanding transportation market is anticipated.
Europe Electric Car Market Analysis by Power Output
Based on power output, the less than 100 kW segment dominated the Europe electric car market and it is estimated to account for the largest share of the European electric car market in 2021. The increasing efforts by top automakers to build more potent electric vehicles, tightening rules to cut exhaust emissions, and expanding adoption of electric vehicles in developed nations are mostly responsible for this segment’s rapid rise.
100 kw to 250 kw segment is fastest growing segment during the forecast period. The faster growth rate is attributed to its use in manufacturing of Commercial electric car. For these cars high power is needed for continuous running.
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Germany dominated the European electric car market in terms of country with 1.38 million plug-in cars registered. The cost of an electric car can be up to three or four times higher than that of a comparable internal combustion engine car, making EVs a less alluring option for the typical consumer. Now a days, many companies are working on less cost battery manufacturing in these regions. Major factors attributed to the high growth of this country are government incentives for adopting electric vehicles, major automotive OEMs heavily investing in developing the electric mobility ecosystem, and stakeholders of electric mobility in Germany.
Sweden is fastest growing region during the forecast period. Expanding public interest in purchasing electric cars over conventional diesel-powered cars and growing government backing for promoting electric car sales nationwide are factors contributing to this nation’s strong growth. Sweden is one of the leading European nations in the adoption of electric mobility and the banning of diesel-powered automobiles. 56,559 fully electric or plug-in hybrid vehicles were sold in Sweden in 2021.
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Europe Electric Car Market Driver
Stringent government rules & regulations for vehicle emission
Europe Electric Car Market Restraint
Insufficient EV charging station.
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Europe Electric Car Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Europe Electric Car Market Top Player's Company Profiles
Europe Electric Car Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Europe Electric Car Market analysis, Germany and Sweden is expected to capture higher market share. The growth of the region is attributed to growing government initiative in manufacturing of electric vehicles batteries and reduced cost of vehicles. In terms of product, the battery electric vehicles segment dominates the market. In terms of vehicles type, the PCLT led the market and is predicted to grow at the fastest rate.
|Market size value in 2021||USD 6.54 million|
|Market size value in 2030||USD 8.1 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Europe Electric Car Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Europe Electric Car Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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