The Europe electric vehicle market was valued at $25,489.81 million in 2019, and is projected to reach $143,084.57 million by 2027, registering a CAGR of 25.4% from 2020 to 2027.
An electric vehicle operates on electricity unlike its counterpart, which runs on fuel (internal combustion engine powered vehicles). Instead of internal combustion engine, these vehicles run on an electric motor that requires constant supply of energy from batteries to operate. A variety of batteries, such as lithium-ion, molten salt, zinc-air, and various nickel-based designs, is used in these vehicles. An electric vehicle was primarily designed to replace conventional ways of travel as they lead to environmental pollution. It has gained popularity, owing to numerous technological advancements. It outperforms the conventional vehicle providing higher fuel economy, low carbon emission & maintenance, convenience of charging at home, smoother drive, and reduced sound from engine. Majorly, there are three types of electric vehicles—battery, hybrid, and plug-in hybrid electric vehicles. In addition, electric vehicles require no engine oil changes but are slightly expensive than their gasoline equivalents.
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COVID Impact Analysis: With the advent in COVID-19 pandemic across the globe, the Europe electric vehicle market has been affected as the electric vehicle manufacturing units have been shut down due to the imposed lockdown in major countries across the Europe. In addition, the unavailability of skilled labor has further affected the market growth.
Factors, such as increase in demand for fuel-efficient, high-performance, & low-emission vehicles and stringent government rules & regulations toward vehicle emission, supplement the growth of the electric vehicle market in Europe. However, high manufacturing cost and insufficient electric vehicles charging infrastructure in Europe are the factors that are expected to hamper the growth of the electric vehicle market. Moreover, technological advancements and proactive government initiatives supplement the growth of the Europe electric vehicle market during the forecast period.
Key Market Segments
• By Type
o Battery Electric Vehicle (BEV)
o Hybrid Electric Vehicle (HEV)
o Plug-in Hybrid Electric Vehicle (PHEV)
o Mild Hybrid Electric Vehicle (MHEV)
o Extended Range Electric Vehicle (E-REV)
• By Vehicle Type
o Passenger Car
o Commercial Vehicle)
The Europe electric vehicle market is segmented on the basis of type, vehicle type, and country. By type, it is divided into battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), mild hybrid electric vehicle (MHEV), and extended range electric vehicle (E-REV). By vehicle type, it is classified into passenger car and commercial vehicle. By country, the market is analyzed across Germany, France, the UK, The Netherlands, Spain, Portugal, Italy, Belgium, and the rest of Europe.
European countries have very well accepted electric vehicles. According to the Guardian, in 2020, car manufacturers sold more than 500,000 electric cars in Europe. The sales of electric vehicles have increased progressively since 2010, with a yearly growth of around 50% over the past 5 years. As per the statistics published in the European Electric Vehicle Fact book 2019/2020, electric vehicles represented 3.6% of new passenger car registrations in 2019, a growth of 2.5% as compared with 2018. Electric vehicles have witnessed a growing trend of acceptance in Europe as charging infrastructure is being improved, the production cost falls, and governments take efforts to bring down the carbon emission generated by the transportation sector. According to the International Council on Clean Transportation report, Europe is now the second-largest electric vehicle market in the world by volume, behind China and ahead of the U.S. This tremendous growth in demand for electric vehicles in Europe is expected to drive the growth of the Europe electric vehicle market over the forecast timeframe.
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