European Electric Car Market Forecast Report 2021-2028:
DUBLIN, Feb. 18, 2022 (GLOBE NEWSWIRE) — The “European Electric Vehicle Market by powertrain type (BEV, FCEV, PHEV, HEV), power output (less than 100 kW, 100 kW to 250 kW), end use (residential, commercial) and Geography – Forecast to 2028” has been added ResearchAndMarkets.com Offer.
The electric car market in Europe is expected to reach US$855.17 billion by 2028 at a CAGR of 40.7% over the forecast period 2021-2028. In volume terms, this market is expected to grow at a CAGR of 29.6% from 2021 and reach 11.9 million units by 2028.
The report provides an in-depth analysis of the electric car market in Europe, emphasizing the current market trends, market size, market shares, recent developments and forecast up to 2028.
The growth of this market is mainly attributed to the supportive government policies and regulations, increasing environmental concerns and the increasing adoption of electric mobility in Europe. The increasing adoption of autonomously driving vehicles and the increasing trend of shared mobility offer significant growth opportunities for the players operating in this market.
The study provides a comprehensive analysis of the electric car market in Europe in terms of powertrain (hybrid, battery electric and fuel cell electric vehicles), power (less than 100 kW and 100 kW to 250 kW), end use (residential use and commercial use) and Geography. The study also evaluates industry competitors and analyzes the market at country level.
Based on the powertrain type, the electric car market in Europe is mainly segmented into hybrid vehicles, battery electric vehicles and fuel cell electric vehicles. The hybrid vehicle segment is expected to account for the largest share of the electric car market in Europe in 2021.
The large share of this segment is mainly due to the increasingly stringent emission regulations for automobiles, consumer demand for vehicles with high fuel economy, high investments by automobile manufacturers in hybridization of the vehicle powertrain, and the low cost of hybrid vehicles compared to battery electric vehicles.
However, significant growth is expected for the fuel cell electric vehicle segment. Key factors attributed to the high growth of this segment are zero tailpipe emissions, lighter and smaller battery packs with increased range, and government initiatives to establish hydrogen fuel cell charging stations.
Based on power, the electric car market in Europe is segmented into less than 100 kW and 100 kW to 250 kW. The segment below 100 kW is expected to account for the largest share of the electric car market in Europe in 2021.
The large share of this segment is mainly due to the increasing preferential entry and parking allocation for light electric cars in the inner cities of major European cities, the increasing adoption of electric cars for shared mobility services, falling battery prices and increasing investments from electric vehicle startups. However, the 100kW to 250kW segment is expected to grow at the highest CAGR over the forecast period.
Based on end use, the electric car market in Europe is segmented into residential use and commercial use. The private use segment is expected to account for the largest share of the electric car market in Europe in 2021. The large share of this segment is mainly due to increasing consumer demand for fuel-efficient and zero-emission vehicles, government incentives and tax rebates, the decline in battery costs and rising fuel prices. However, the commercial use segment is expected to grow at the highest CAGR during the forecast period.
Geographically, Germany will have the largest share of the electric car market in Europe in 2021, both in terms of value and volume. The large share of this country is mainly attributed to the increased government initiatives to increase the adoption rate of electric cars and a growing number of charging stations. Germany is one of the leading countries in Europe for automobile manufacturing and the adoption of electric vehicles.
The German government has set itself the goal of allowing 7 to 10 million electric cars by the end of 2030. In 2016, the government partnered with some of the top local automakers and released a $1.1 billion EV stimulus program. Under this program, consumers will be offered a $4,400 grant to purchase all-electric cars. A grant of $3,300 towards the purchase of PHEVs is also offered.
Key questions answered in the report
- Which are the high growth market segments in terms of powertrain type, power, end use and country?
- What is the historical market size for the electric car market in Europe?
- What are the market forecasts and estimates for the period 2021-2028?
- What are the major drivers, restraints, opportunities and challenges in the electric car market in Europe?
- Who are the major players in the market and what is their market share?
- Who are the main players in different countries and what market share do they hold?
- What is the competitive landscape for the electric car market in Europe?
- What are the latest developments in the electric car market in Europe?
- What are the different strategies of the major players in the market?
- What are the key geographic trends and which are the fastest growing countries?
- Who are the local emerging players in the electric car market in Europe and how do they compete with the other players?
- Supporting Government Policies and Regulations
- Rising environmental concerns
- Increasing acceptance of electric mobility in Europe
- High cost of electric cars
- Increasing acceptance of autonomous vehicles
- Rising trend of shared mobility
- Range anxiety associated with electric car use
- Lack of fast charging infrastructure
Analysis of the value chain
The major players in the electric car market in Europe are
- AB Volvo
- Alcraft Motor Company Ltd.
- BMW group
- BYD Company Ltd.
- Daimler AG
- Ford Motor Company
- General Motor Company
- Honda Motor Co.Ltd.
- Hyundai Motor Co
- Nissan Motor Co.Ltd.
- Mitsubishi Motors Corporation
- Tesla Inc.
- Volkswagen AG
- Toyota Motor Co
- Group Renault
scope of the report
Electric Vehicles Market in Europe by Powertrain Type
- hybrid vehicles
- Pure hybrid vehicles
- Plug-in Hybrid Vehicles
- battery electric vehicles
- fuel cell electric vehicles
Electric Car Market in Europe by Performance
- Less than 100kW
- 100kW to 250kW
Electric Vehicles Market in Europe by End-Use
- private use
- Commercial use
Electric Car Market in Europe by Geography
- United Kingdom
- Rest of Europe (RoE)
For more information about this report, visit https://www.researchandmarkets.com/r/33wdta