Increase in demand for fuel-efficient, high-performance, and low-emission vehicles and stringent government rules & regulations toward vehicle emission fuel the growth of the Europe electric vehicle market. On the other hand, high manufacturing cost and insufficient electric vehicle charging infrastructure in Europe hinder the growth to some extent. Nevertheless, proactive government initiatives and technological advancements are anticipated to offer lucrative opportunities to the market players.
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According to the report, the Europe electric vehicle market was estimated at $25.48 billion in 2019 and is anticipated to hit $143.08 billion by 2027, registering a CAGR of 25.4% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
The Europe electric vehicle market is segmented on the basis of type, vehicle type, and country. Based on type, the BEV segment accounted for highest market share with more than three-fifths of the Europe electric vehicle market share in 2019, and is anticipated to lead by the end of 2027. On the other hand, the HEV segment would manifest the fastest CAGR of 32.9% during the forecast period.
Based on vehicle type, the passenger cars segment held the latest market share with more than four-fifths of the Europe electric vehicle market revenue in 2019, and is anticipated to lead the trail by 2027. However, the commercial vehicles segment would register the fastest CAGR of 29.2% throughout the forecast period.
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Based on region, the market is studied across Germany, France, the UK, The Netherlands, Spain, Portugal, Italy, Belgium, and the rest of Europe. The region across Germany garnered the major share in 2019, with nearly one-fifth of the Europe electric vehicle market. At the same time, Portugal would showcase the fastest CAGR of 34.9% from 2020 to 2027.
By Type
Battery electric vehicle (BEV)
Hybrid electric vehicle (HEV)
Plug-in hybrid electric vehicle (PHEV)
Mild hybrid electric vehicle (MHEV)
Extended range electric vehicle (E-REV)
By COUNTRY
UK
Germany
France
Italy
Netherlands
Spain
Portugal
Belgium
Rest of Europe
The major companies profiled in the Europe electric vehicle market include Renault, Tesla, Mitsubishi, Nissan, BMW, Hyundai, Volvo, Volkswagen, Peugeot, and Audi.
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Key Developments:
➤ In January 2021, Volkswagen AG Components opened the group’s first plant for recycling electric car batteries in Salzgitter. Volkswagen AG took another committed step toward sustainable end-to-end responsibility for the entire value chain of the electric vehicle battery. The aim is the industrialized recovery of valuable raw materials, such as lithium, nickel, manganese, and cobalt, in a closed loop together with aluminum, copper, and plastics, achieving a recycling rate of more than 90% over the long term.
➤ In November 2020, Nissan introduced e-POWER electrified powertrain in Nissan Note. It features large armrests and zero-gravity seats for increased comfort for longer trips and deliver fast, safe, & informative journey for its passengers.
➤ In October 2020, Spring Electric, an all-electric car, was launched by Dacia (subsidiary of Groupe Renault). The car is aimed to be economical, practical, and versatile. It also provides ample storage space of 300 liters and a range of up to 183 miles.
➤ In July 2020, The BMW Group is driving the expansion of electromobility and has signed a long-term supply contract worth $2.41 billion for battery cells with the Swedish company Northvolt. The battery cells will be produced in Europe at the Northvolt gigafactory currently under construction in Skellefteå in northern Sweden (series plant Northvolt Ett) from 2024.
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