What is the global market size of Europe Electric Car Market?

Europe Electric Car Market size was valued at USD 6.54 million in 2021 and is poised to grow from USD 8.1 million in 2022 to USD 45 million by 2030, growing at a CAGR of 23.8% in the forecast period (2023-2030).

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 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.

Europe Electric Car Market Report Snapshots

License Type Top market research company in USA

File Type

$3,500

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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).

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. '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.'

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.

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.

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.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

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

Europe Electric Car Market Dynamics

Europe Electric Car Market Report Snapshots

Want to customize this report?

FAQs

What is the market size of Europe Electric Car Market?

Who are the key vendors in the Europe Electric Car Market?

What is the key driver of Europe Electric Car Market?

What is the key market trend for Europe Electric Car Market?

Which region accounted for the largest share in Europe Electric Car Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$3,500