Europe Electric Car Market

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 User (Private, Commercial) - Industry Forecast 2025-2032

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.
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Europe Electric Car Market size was valued at USD 8.1 billion in 2023 and is poised to grow from USD 10.3 billion in 2024 to USD 55.33 billion by 2032, growing at a CAGR of 23.8% during the forecast period (2025-2032). 

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. 'Volkswagen Group (Germany) ', 'Stellantis (France/Italy) ', 'Renault (France) ', 'BMW Group (Germany) ', 'Mercedes-Benz Group (Germany) ', 'Audi (Germany) ', 'Porsche (Germany) ', 'Peugeot (France) ', 'Citroën (France) ', 'Opel (Germany) ', 'Volvo Cars (Sweden) ', 'Polestar (Sweden) ', 'Fiat (Italy) ', 'Dacia (Romania) ', 'Skoda Auto (Czech Republic) ', 'Seat (Spain) ', 'Mini (United Kingdom) ', 'Jaguar Land Rover (United Kingdom) ', 'Lotus Cars (United Kingdom) ', 'McLaren Automotive (United Kingdom) '

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

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