Industry Analysis and Progression: Europe Electric Vehicle Market size was valued at USD 165.12 Billion in 2023 and the total Europe Electric Vehicle Market revenue is expected to grow at a CAGR of 13.29% from 2024 to 2030, reaching nearly USD 395.56 Billion.
Europe Electric Vehicle Market Report Overview
The report provides an analysis of both the current and future conditions in the Europe Electric Vehicle Market, delivering valuable insights and the latest information across essential segments. Within the context of the Europe Electric Vehicle market, the study covers crucial research areas like revenue generation, sales, and overall income. In order to offer a thorough evaluation, the report presents two distinct scenarios that encompass the entire range of the Europe Electric Vehicle market, including the projected Europe Electric Vehicle sales during the forecast period.
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Europe Electric Vehicle Market Report Scope and Research Methodology:
The primary goal of the Europe Electric Vehicle market report is to offer a comprehensive analysis using clear and straightforward language. The study encompasses all the prominent companies and key aspects within the Europe Electric Vehicle market, evaluating various measures like volume, share, growth, and strategies. This research not only assists established businesses in refining their operational plans but also provides future entrants with strategic recommendations. MMR’s research undertakes a thorough exploration of the Europe Electric Vehicle market, highlighting the foremost global companies based on metrics such as volume, share, strategies, and growth. The report further supplies strategies applicable to both existing industry participants and prospective Europe Electric Vehicle market entrants. Moreover, the global report for the Europe Electric Vehicle market presents a meticulous breakdown of regional share distribution, accompanied by an examination of growth drivers in those specific regions.
Europe Electric Vehicle Market Dynamics:
The European electric vehicle industry has grown significantly, owing to a large increase in sales of battery electric cars (BEVs) and hybrid electric vehicles in 2022. In October 2022 alone, the European vehicle market grew by 14%. BEV registrations increased by 17%, reaching approximately 124,000. The plugin vehicle’s proportion of the total European auto market reached 23.2%, indicating increased demand for electric vehicles and contributing to market growth during the projection period. The table below shows the top-selling electric vehicles in Europe for October. The adoption of electric mobility in Europe has accelerated, fueled by ongoing innovations in the automobile sector. Factors such as the growing customer preference for shared mobility
Europe Electric Vehicle Market Regional Insights:
In 2023, Germany will be Europe’s largest electric vehicle market. Notably, data from the Federal Motor Transport Authority (FMTA) show a stunning 25% increase in electric car registrations in Germany during the first half of 2022 compared to the same period the previous year. During this period, completely electric vehicles accounted for 13.5% of all new registrations. Alternative-drive car registrations, which include battery electric vehicles, hybrids, plug-in hybrids, hydrogen fuel cell vehicles and petrol vehicles, increased by 14.2% and now account for more than half of all new automobile registrations.
Europe Electric Vehicle Market Segmentation:
by Propulsion Type
Hybrid Vehicles
Pure Hybrid Vehicles
Plug-in Hybrid Vehicles
Battery Electric Vehicles
Fuel Cell Electric Vehicles
by Power Output
Less Than 100 kW
100 kW to 250 kW
Based on power output, the 100 kW to 250 kW category is predicted to have the greatest CAGR of 14.2% between 2024 and 2030. This strong development is primarily driven by the growing usage of electric buses and trucks, particularly in public transport and freight services in Europe Electric Vehicle Market. Furthermore, several European businesses are launching new electric cars, including light commercial choices such as vans, pick-up trucks, and buses, with modern technologies and power outputs ranging from 100kW to 250kW.
by End Use
Private Use
Commercial Use
Commercial Use is predicted to dominate the EU Electric Vehicle Market Share during the forecast period. This increase is mostly due to rising fuel prices and severe pollution rules imposed by governments. The increased use of self-driving vehicles, as well as the growing prevalence of electric buses and trucks, all contribute to the segment’s rapid growth. Manufacturers and suppliers in countries such as Spain, the United States, and France are actively working to improve the efficiency of battery and charging technologies designed exclusively for commercial electric cars (EV). The use of electric commercial vehicles not only helps to reduce greenhouse gas emissions and dependency on fossil fuels, but it also ensures that operations run smoothly and meet the most recent emissions regulations.
by Country
Germany
France
U.K.
Italy
Spain
Sweden
Others
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Europe Electric Vehicle Market Key Players:
1. Tesla
2. Renault
3. Hyundai Motor Company
4. Volkswagen AG
5. Kia Corporation
6. Mercedes-Benz,
7. Ford
8. BYD Compay Ltd.
9. Solaris Bus & Coach sp. z o.o.
10. Volvo
11. Ebusco
12. Diamler
13. Zero Motorcycles, Inc.
14. Niu International
15. Evoke Electric Motorcycles (HK) Ltd.
16. Horwingloba
17. Harley-Davidson, Inc.
18. VanMoof
19. Cowboy
20. Giant Bicycles
21. myStromer AG
22.Yamaha Motor
Key Offerings:
- Past Market Size and Competitive Landscape (2023-2029)
- Past Pricing and price curve by region (2023-2029)
- Market Size, Share, Size & Forecast by different segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by segments and their sub-segments
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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