USD 6.54 million
Europe Electric Car Market Size, Share, Growth Analysis, By Product(Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV).), By Power Output(Less Than 100kW, 100 kW to 250 kW), By End Use(Private, Commercial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIR25C2129 |
Region:
Regional |
Published Date: February, 2024
Pages:
278
|Tables:
87
|Figures:
76
Europe Electric Car Market Insights
Europe Electric Car Market size was valued at USD 6.54 million in 2019 and is poised to grow from USD 8.1 million in 2023 to USD 45 million by 2031, growing at a CAGR of 23.8% in the forecast period (2024-2031).
Market expansion will be fueled by supportive government policies, subsidies, and tax rebates that encourage EV car adoption. The cost advantages that electric vehicles have over conventional vehicles as well as other factors will help the market expand throughout the projected period. Another element that is anticipated to generate considerable development prospects for industry participants is a drop in battery pack pricing.
EVs have advanced quickly in line with the industry’s ongoing improvements. The adoption of electric mobility in developing regions is being fueled by rising customer preference for shared transportation, expanding use of transportation as a service, falling prices for high-capacity batteries, and large investments made by EV manufacturers. A number of businesses are concentrating on creating cutting-edge solutions for electric mobility and charging infrastructure. Groupe Renault (U.K.) debuted its INCIT-EV initiative in 2019 with a focus on electromobility. In Europe, the business provided cutting-edge wireless charging options for EVs. In taxi lanes found at airports and central stations in Zaragoza, Spain, the initiative will concentrate on low-power bidirectional charging and static wireless charging.
Europe Electric Car Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Less Than 100kW
Fastest Growth
100 kW to 250 kW
Growth Rate
23.8% CAGR
Europe Electric Car Market, 2021-2028 ($ Bn)
Country Share for Europe Region- 2021 (%)
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Europe Electric Car Market Segmental Analysis
Europe Electric Car Market is segmented based on the product, power output, and end user. Based on the product, the Europe Electric Car Market is segmented into Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV). Based on the power output, the Europe Electric Car Market has been segmented into Less Than 100kW, 100 kW to 250 kW. Based on end user, Europe electric car market is segmented into private and Commercial.
Europe Electric Car Market Analysis by Product
The BEV segment dominated the market and accounted for the largest revenue share of over 75.4% in 2021 and is expected to maintain its dominance during forecast period. The largest revenue share is mostly due to end consumers growing environmental consciousness and the advantages of BEVs. The average driving range of BEVs has also been rising over time.
The PHEV segment is estimated to be the fastest growing segment and expand at the highest CAGR of over 41.5% in terms of revenue during forecast period. The Germany and France efforts to promote the usage of EV cars are responsible for this increase. In bigger vehicle sectors, including electric buses, PHEVs are typically available. Over the projection period, segmental expansion in the expanding transportation market is anticipated.
Europe Electric Car Market Analysis by Power Output
Based on power output, the less than 100 kW segment dominated the Europe electric car market and it is estimated to account for the largest share of the European electric car market in 2021. The increasing efforts by top automakers to build more potent electric vehicles, tightening rules to cut exhaust emissions, and expanding adoption of electric vehicles in developed nations are mostly responsible for this segment’s rapid rise.
100 kw to 250 kw segment is fastest growing segment during the forecast period. The faster growth rate is attributed to its use in manufacturing of Commercial electric car. For these cars high power is needed for continuous running.
Europe Electric Car Market Size By Power Output 2021-2028 (%)
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Europe Electric Car Market Regional Insights
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.
Europe Electric Car Market By Geography, 2021-2028
- Largest
- Fastest
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Europe Electric Car Market Dynamics
Europe Electric Car Market Driver
Stringent government rules & regulations for vehicle emission
- Over the years, the European Union has implemented stringent guidelines and standards for carbon emissions produced by vehicles. In the end, the widespread adoption of electric vehicles in Europe was a result of the restrictions that pressured European automakers to create low-emission automobiles.
Europe Electric Car Market Restraint
Insufficient EV charging station.
- The recharging stations in Europe is still not developed to support the growing sales of electric cars in the region. While increasing, the recharging stations are still concentrated in the major European cities. Furthermore, the distribution of the charging stations is unequal, with few stations in the eastern European nations. A significant issue for the electric car sector in the region would be the rapid development of recharging stations.
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Europe Electric Car Market Competitive Landscape
Europe Electric Car Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Europe Electric Car Market Top Player's Company Profiles
- BMW Group
- Tesla
- Volkswagen Group
- Renault-Nissan-Mitsubishi Alliance
- Daimler AG
- Volvo Cars
- Hyundai-Kia Automotive Group
- Stellantis
- Ford Motor Company
- Toyota Motor Europe
- General Motors
- Honda Europe
- Geely Group
- PSA Group
- BYD Auto
- SAIC Motor
- Fisker Inc.
- Lucid Motors
- Rimac Automobili
- Aiways.
Europe Electric Car Market Recent Developments
- In October 2022, Nissan Motor Co. invested $500 million to $750 million in Renault SA’s electric vehicle business, to reshape their decades-old alliance, a person familiar with the matter said.
- In April 2022, Hertz and Polestar, announced partnership that includes purchasing up to 65,000 electric vehicles (EVs) over five years. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia.
- In January 2022, Volvo partnered with Luminar to introduce an AD feature to its next generation of fully electric cars.
Europe Electric Car Key Market Trends
- Government programmes are new emerging trends with regards to electric cars. The government has begun to support the growth and sales of the EV sector and associated charging infrastructure. Additionally, governments are encouraging the adoption of EVs by offering various incentives like reduced or free registration fees as well as exemptions from import taxes, purchase taxes, and road tolls.
Europe Electric Car Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Europe Electric Car Market analysis, Germany and Sweden is expected to capture higher market share. The growth of the region is attributed to growing government initiative in manufacturing of electric vehicles batteries and reduced cost of vehicles. In terms of product, the battery electric vehicles segment dominates the market. In terms of vehicles type, the PCLT led the market and is predicted to grow at the fastest rate.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 6.54 million |
| Market size value in 2031 | USD 45 million |
| Growth Rate | 23.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Europe Electric Car Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Europe Electric Car Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Europe Electric Car Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Europe Electric Car Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Europe Electric Car Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Europe Electric Car Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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