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 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.