Europe Electric Car Market is Expected to Surpass USD 854.15 Billion by 2028 at an Impressive CAGR of over 29% from 2022-2028; Increasing Consumer Preference Backed by Government Incentives to Elevate the Market Growth
SkyQuest has provided in-depth insights into the Europe electric car market with its research report. The report provides a comprehensive overview of the market and its latest trends and advancements in technology. Additionally, the report features an analysis of market share, sales, revenue generation, funding trends, and the overall business environment. With a focus on the major players and their accomplishments, the report also highlights recent upgrades, new product introductions, growth opportunities, the competitive landscape, and market size. This comprehensive report provides valuable information for businesses looking to establish themselves in the growing market.
Westford, USA, Feb. 13, 2023 (GLOBE NEWSWIRE) — Germany is leading the way in the Europe electric car market, with over 1.38 million plug-in vehicles registered. This impressive figure is largely due to the supportive policies and regulations set by the German government, which aims to have 7 to 10 million electric car registrations by 2030. In addition, the rise in environmental awareness and the growing adoption of electric mobility in Europe is also driving the growth of this market. The future looks bright for the electric vehicle market, as the ever-increasing trend of autonomous driving and shared mobility is expected to provide ample opportunities for market players in the coming years.
As per SkyQuest’s analysis, the Europe electric car market is dominated by three major countries, namely Germany, Norway, and the United Kingdom, which collectively accounted for approximately 48% of the market in 2022 share in terms of both value and volume.
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Browse in-depth TOC on “Europe Electric Car Market”
- Pages – 278
- Tables – 87
- Figures – 71
An electric vehicle, or EV, is a type of vehicle that runs on electricity instead of gasoline. It has a rechargeable battery pack that powers an electric motor to rotate the wheels, and it can be charged using standard household electricity. Unlike traditional gas-powered vehicles, EVs offer several benefits, such as reduced emissions and lower operating costs, making them more eco-friendly and cost-effective modes of transportation. Additionally, the absence of tailpipe emissions from EVs means they contribute to a cleaner environment, reducing their carbon footprint and reducing dependence on fossil fuels.
Prominent Players in Europe Electric Car Market
- AB Volvo
- BMW Group
- Alcraft Motor Company Ltd.
- Groupe Renault
- Volkswagen AG
- Daimler AG
- BYD Company Ltd.
- General Motors Company
- Ford Motor Company
- Hyundai Motor Company
- Honda Motor Co., Ltd.
- Mitsubishi Motors Corporation
- Nissan Motor Co., Ltd.
- Toyota Motor Company
- Tesla, Inc.
Battery Electric Vehicle (BEV) Segment Captures Largest Revenue Share owing to Its Long Driving Range Capacity
The growth of the Europe electric car market has been heavily influenced by the popularity of battery-electric vehicles (BEVs). According to market research, the BEV segment held the largest revenue share in 2021, accounting for over 75.4% of the market’s total earnings. This dominance is expected to continue during the forecast period as consumers become increasingly aware of the environment and the benefits of BEVs, such as a rising average driving range. In addition, the push towards electric mobility, coupled with supportive government incentives, has encouraged the adoption of BEVs in Europe.
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The Europe electric vehicle market is seeing a significant boost due to supportive government incentives. Governments are using tax reductions and grants to encourage the adoption of electric mobility, particularly for residential and commercial infrastructure. For instance, in the Netherlands, individuals can receive up to a 36% deduction on the costs associated with purchasing and installing charging stations. In Greece, there’s even more incentive, with a tax return of up to 75% available for these costs.
Less than 100 kW Segment Drives Major Sales Thanks to Increasing Popularity among Major Developed Countries
SkyQuest’s latest research on the Europe electric car market reveals that the less than 100 kW segment is leading the way in terms of power output. This segment is expected to be the dominant player in the market from 2023 to 2028, holding the largest share of the market. The driving forces behind this segment’s growth include the efforts of top automakers to develop more powerful electric vehicles, stricter regulations aimed at reducing exhaust emissions, and the increasing popularity of EVs in developed countries.
SkyQuest has released findings on the distribution of public electric vehicle (EV) charging points across Europe. According to the research, the Netherlands (28%), Germany (21%), France (19%), and the UK (15%) are leading the charge, collectively accounting for 67% of all public EV charging points in the region. In addition, these countries have embraced the shift towards sustainable transportation and are investing heavily in the infrastructure needed to support it.
The team at SkyQuest utilized a variety of market estimation and data validation methodologies to compile and verify their data, ensuring that the insights included in the Europe electric car market report are robust and reliable. These findings provide valuable insights into the current state of the market and can be used to inform investment and business decisions by stakeholders in the industry.
Key Developments in Europe Electric Car Market
- Xpeng, the ambitious Chinese electric vehicle startup, has set its sights on Europe by introducing its latest offerings, the P7 sedan and G9 sports utility vehicle (SUV), in four key markets. Launching these vehicles in Denmark, Norway, the Netherlands, and Sweden solidify Xpeng’s position as a major player in the dynamic and highly competitive electric vehicle market. The company has been aggressively expanding its presence in recent years, opening physical stores in Europe and launching its mass-market P5 sedan.
- In a major move demonstrating the growing alliance between traditional automakers and up-and-coming electric vehicle (EV) manufacturers, Rivian, an Amazon-backed EV maker, has teamed up with Mercedes-Benz to produce battery-powered delivery vehicles in Europe. The collaboration will result in the establishment of a new facility at an existing Mercedes factory in central or Eastern Europe. In addition, the two companies will jointly manufacture two new electric vans, one for each brand.
- Ford is set to bolster the UK car industry with a major investment of £150 million in its Halewood plant in Liverpool. The investment will expand the production of crucial electric vehicle components, ensuring the long-term sustainability of the site and its 500 employees. With this investment, Halewood is poised to become a cornerstone of Ford’s European electric vehicle production. Over two-thirds of Ford’s EVs manufactured in Europe will be equipped with parts made at the Liverpool facility by 2026.
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Key Questions Answered in Europe Electric Car Market Report
- What are the latest market trends, and how are they affecting consumer behavior in the target market?
- What is the forecast for market growth, and what are the key drivers and challenges impacting this growth?
- What is the current state of global events and investments and their effect on market growth?
- What impact have regulatory policies had on market growth, and how are they expected to evolve in the future?
- What lessons can be learned from past market trends, and how can they inform future market strategies?
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