Europe Electric Car Market Regional Analysis

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.