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 News

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 Market Report Snapshots

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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.

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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 News

Europe Electric Car Market Report Snapshots

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