According to a market report, published by Sheer Analytics and Insights, The Europe electric vehicle market was valued at $37.1 billion in 2021 and it is expected to reach $390.8 billion at a CAGR of 23.6% between 2022 and 2032. The expansion of the electric car market in Europe is being driven by strict government restrictions to reduce pollution levels and reliance on expensive fossil fuels. The sale of cars fueled by fossil fuels is prohibited in Norway and the Netherlands starting in 2025. Other nations, including Germany, have also approved laws outlawing the sale of traditional cars by 2030. Over the predicted period, the market will continue to benefit from government legislation supporting electric vehicles. In addition, four major trends such as electrification, autonomous driving, sharing, and connected cars are currently driving a global transition that is centered on the automobile industry. Even if each of these interconnected tendencies is already perceptible in everyday life, neither their full deployment nor the rates at which they will be adopted are yet assured. These major factors are driving the market growth over the last few years.
The major automobile markets in Western Europe are those in Germany, France, the United Kingdom, Italy, and Spain. Furthermore, wealthy early adopters committed to the concept of electric power and all they feel it can achieve for the globe are driving the present acceleration in BEV sales. Moreover, a large number of people are being influenced to choose electric vehicles by the rising environmental consciousness. Additionally, European clients are less price-sensitive and more receptive to cutting-edge technology. Over the anticipated period, rising environmental consciousness would persuade more consumers to choose electric vehicles. Hence, these rising factors are expected to accelerate market growth during the upcoming years.
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Furthermore, there was a lot of diversity in the European market, which was a reflection of the impact of national and municipal policies as well as other variables like the accessibility of electric models and the availability of charging stations in different local markets. This comparatively high local uptake of EVs may provide insights for future local EV policy and program creation, adoption, and maintenance. This article describes a wide range of measures that successful local EV markets in Europe have implemented to get beyond obstacles like model availability, price, convenience, and consumer awareness. Cities can exchange best practices, enhance their rules, and make necessary adjustments as the market expands and changes. Moreover, growing government initiatives to decarbonize transportation, growing efforts by major automotive OEMs to reduce greenhouse gas emissions and transform their product lines into green and clean environment-friendly vehicles and growing concerns about the harmful effects of vehicle emissions on the environment are all contributing to the rise in the adoption of electric vehicles. Hence, these would create more growth opportunities for most of the key players in this market across the globe.
On the other hand, Europe still lacks the recharging infrastructure necessary to accommodate the region's rising demand for electric vehicles. Although there are more charging stations, they are still concentrated in major European cities. Additionally, the distribution of charging stations is unequal, with very few stations in the nations of Eastern Europe. Quick implementation of charging stations would be crucial for the local electric vehicle market. In addition, in Europe, the value chain for electric vehicles is still in its infancy. In addition to the charging stations, the value chain also entails the production of batteries and the sourcing of other components for electric cars. To build electric versions of their current automobile models, existing manufacturers and OEMs would need to invest a sizable amount of money in the development of the electric vehicle market.
According to the study, key players dominating the Europe electric vehicle market are AB Volvo (Sweden), BMW Group (Germany), BYD (China), Goldstone Infratech Ltd (India), Groupe Relaunt (Japan), Geely (China), Hyundai (South Korea), Honda (Japan), Jiangsu Euramy (China), Mahindra Group (India), Mitsubishi Group (Japan), Mercedes-Benz Group (Germany), Porsche SE (Germany), Qingdao Sincerely (China), Stellantis (Italy), Shandong Gaia (China), SAIC MOTOR (China), The Hero Group (India), Tata Group (India), Toyota Group (Japan), Tesla Inc (U.S), Yamaha (Japan), among others.
The Europe Electric Vehicle Market – by Product Type:
The Europe Electric Vehicle Market – by Vehicle Type:
The Europe Electric Vehicle Market – by Regions:
Europe
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