Redding, California, Oct. 05, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “European Electric Car Market by Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use (Private, Commercial), and Geography — Global Forecast to 2028’, published by Meticulous Research®, the European electric car market is expected to grow at a CAGR of 40.7% from 2021 to reach $855.17 billion by 2028. By volume, this market is expected to grow at a CAGR of 29.6 % from 2021 to 2028 to reach 11.9 million units by 2028.
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Electric cars use one or two electric traction motors for propulsion instead of a conventional transmission unit solely powered by an internal combustion engine. Traction motors are either powered by rechargeable battery packs or through an internal combustion engine that charges the battery pack of the vehicle. Such types of vehicles are known as hybrid electric vehicles. In battery electric vehicles, the battery pack is recharged by plugging into a charging station connected to the national power grid. Electric cars are increasingly used for private transportation and shared mobility services. The major factors driving the European electric cars market include supportive government policies and regulations, rising environmental concerns, and increasing adoption of electric mobility in Europe.
Moreover, the growing adoption of autonomous driving vehicles and the increasing trend of shared mobility provides significant opportunities in this market. However, the range anxiety of electric vehicles obstructs the growth of this market to some extent. Also, the high cost of electric vehicles is a major challenge for the growth of the European electric cars market.
The Impact of COVID-19 on the European Electric Car Market
The COVID-19 pandemic has adversely hit many economies around the globe. To control the spread of this disease and avoid the related consequences, governments across the globe have announced partial or complete lockdowns, majorly impacting many manufacturing and service industries, including electric cars.
In Europe, during the lockdown, manufacturing facilities, supply chains, and consumer demands were paralyzed in the first half of 2020. However, the European electric cars market is moderately affected due to the strong policy support as 2020 was an important target year for emissions standards. The government supported the automotive industry by regulating policies that benefitted both consumers and manufacturers. Incentives and subsidies were notably increased on purchasing an electric car in countries like Germany, the U.K., and Norway. Besides, the prices for batteries continued to reduce, which helped increase the adoption rate of electric cars in the region. In Europe, around 1,176,000 battery-electric and plug-in hybrid electric cars were sold in 2020. The sale of electric cars doubled in 2020, as compared to the previous year. Developed countries such as Germany, France, the U.K., and Norway commanded most of the stakes in this sale. Thus, the market is anticipated to grow significantly in the forecast period.
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The European electric cars market is segmented based on propulsion type, power output, end use, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on propulsion type, the hybrid vehicle segment is estimated to account for the largest share of the European electric cars market in 2021. The large share of this segment is mainly attributed to stringent automotive emission regulations, consumer demand for low fuel consumption vehicles, rising investments by automotive OEMs, and the low cost of hybrid vehicles. However, the fuel cell electric vehicles segment is expected to grow at the highest CAGR during the forecast period, as they offer several advantages such as fast refueling, increasing government initiatives and investments for commercially developed fuel cell technology, and zero tailpipe emissions.
Based on power output, the less than 100 kW segment is estimated to account for the largest share of the European electric cars market in 2021. The large share of this segment is mainly attributed to the increasing demand for light electric cars in major cities across Europe, increasing implementation of electric cars for shared mobility services, decreasing battery prices, and increasing investments by electric vehicles startups. However, the 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing initiatives by leading automotive OEMs to launch more powerful electric cars and increasing regulations to reduce tailpipe emissions.
Based on end use, the private use segment is estimated to account for the largest share of the European electric cars market in 2021. The large share of this segment is mainly attributed to increasing consumer demand for fuel-efficient vehicles, various initiatives by the government to promote sales and manufacturing of electric cars, tax rebates, the decline in battery costs, and a rise in fuel prices. However, the commercial use segment is expected to grow at the highest CAGR during the forecast period.
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Geographically, Germany is estimated to account for the largest share of the European electric cars market in 2021 by value as well as by volume. The large share of this country is mainly attributed to the increased government initiatives for increasing the adoption rate of electric cars, a growing number of charging stations, and increasing competition in the automobile market. Germany is one of the leading countries in Europe in terms of the manufacturing and adoption rate of automobiles. The German government has set the target to have 7 million to 10 million electric cars registrations by the end of 2030. In 2016, the government partnered with some of the top local car manufacturers and released an EV incentive scheme worth USD 1.1 billion. Under this program, consumers are offered a subsidy of USD 4,400 to purchase a fully electric car. Similarly, USD 3,300 subsidy is offered on PHEVs' purchases.
France is estimated to account for the second-largest share of the European electric cars market in 2021 by value. The large share of this country is mainly attributed to the stringent government initiatives, tax exemptions for electric car manufacturers and consumers, and increasing charging infrastructure development. By Volume, the U.K. is estimated to account for the second-largest share of the European electric cars market in 2021. The large share of this country is mainly attributed to increased awareness among consumers regarding the environmental benefits of electric car adoption and growing government subsidies and incentives for consumers to purchase more electric cars than conventional cars.
The key players operating in the European electric cars market are AB Volvo (Sweden), Alcraft Motor Company Ltd.,(U.K.), BMW Group (Germany), BYD Company Ltd. (China), Daimler AG (Germany), Ford Motor Company (U.S.), General Motors Company (U.S.), Honda Motor Co., Ltd. (Japan), Hyundai Motor Company (South Korea), Nissan Motor Co., Ltd. (Japan), Mitsubishi Motors Corporation (Japan), Tesla, Inc. (U.S.), Volkswagen AG (Germany), Toyota Motor Company (Japan), and Groupe Renault (France) among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/european-electric-car-market-5213
Scope of the Report:
European Electric Cars Market, by Propulsion Type
- Hybrid Vehicles
- Pure Hybrid Vehicles
- Plug-in Hybrid Vehicles
- Battery Electric Vehicles
- Fuel Cell Electric Vehicles
European Electric Cars Market, by Power Output
- Less Than 100 kW
- 100 kW to 250 kW
European Electric Cars Market, by End Use
- Private Use
- Commercial Use
European Electric Cars Market, by Geography
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Netherlands
- Sweden
- Switzerland
- Norway
- Denmark
- Austria
- Belgium
- Croatia
- Finland
- Greece
- Hungary
- Ireland
- Poland
- Portugal
- Romania
- Slovakia
- Rest of Europe (RoE)
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