European Electric Car Market - Opportunity Analysis and Industry Forecast (2021-2028)

 

Meticulous Research®— a leading global market research company, published a research report titled “European Electric Cars 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”.

The European electric car market is expected to grow at a CAGR of 40.7% by value 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 reach 11.9 million units by 2028. This market is majorly driven by factors such as 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. High cost is another challenge for the growth of the European electric cars market.

The 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.



Download Sample of This Strategic Report: https://www.meticulousresearch.com/download-sample-report/cp_id=5213

Scope of the Report

European Electric Car Market, by Propulsion Type

  • Hybrid Vehicles
    • Pure Hybrid Vehicles
    • Plug-in Hybrid Vehicles
  • Battery Electric Vehicles
  • Fuel Cell Electric Vehicles

European Electric Car 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 Car 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)

Speak with Our Analyst

Based on propulsion type, the European electric cars market is mainly segmented into hybrid vehicles, battery electric vehicles, and fuel cell electric vehicles. The hybrid vehicles 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 increasingly stringent automotive emission regulations across Europe, rising consumer demand for high fuel efficiency vehicles, increasing investments by automotive OEMs for hybridization of vehicle powertrain, and low cost of hybrid vehicles compared to battery electric vehicles. However, the fuel cell electric vehicles segment is expected to witness significant growth, 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 European electric cars market is segmented into less than 100 kW and 100 kW to 250 kW. 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 use of light electric cars in the central business districts of major cities across Europe, increasing uses of electric cars for shared mobility services, and falling battery prices. 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 European electric cars market is segmented into private use and commercial 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 and environment-friendly vehicles, supportive government incentives, tax rebates, declining battery prices, and increasing fuel prices. However, the commercial use 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 use of electric cars in shared mobility services and corporate taxi fleets.

SPECIAL OFFER (Click Here):

Geographically, Germany is estimated to account for the largest share of the European electric cars market in 2021 by value as well as volume. The large share of this country is mainly attributed to the increased government initiatives for boosting electric cars adoption, a growing number of charging stations, and increasing competition among the automotive OEMs in the EV space. Leading German car manufacturers are introducing new electric cars in the market to maintain their position in the industry. For instance, BMW launched BMW iX3 SUV in mid-2020 with a battery of 80kWh and a driving range of 285 miles. These factors led to the sale of 194,000 units of BEVs in Germany in 2020, and the numbers are expected to rise in the coming years.

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 to meet the air quality and climate change goals, 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 the awareness of environmental benefits of electric car adoption and high government subsidies and incentives for consumers to purchase more electric cars than conventional cars.

The key players operating in this 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).

Access full Report Description, TOC, Table of Figure, Chart, etc: https://www.meticulousresearch.com/product/european-electric-car-market-5213

Key Questions Answered in the Report-

  • Which are the high growth market segments in terms of propulsion type, power output, end use, and geography?
  • What is the historical market size for electric cars 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 European electric cars market?
  • Who are the major players in the market, and what are their market shares?
  • Who are the major players in various countries, and what are their market shares?
  • How is the competitive landscape for the European electric cars market?
  • What are the recent developments in the European electric cars market?
  • What are the different strategies adopted by the major players in the market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the European electric cars market, and how do they compete with other players?

Contact Us:

Meticulous Research®

Email- sales@meticulousresearch.com

Contact Sales- +1-646-781-8004

Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

 

Comments

Post a Comment

Popular posts from this blog

How the Right Manufacturing Execution System (MES) Boosts Operational Excellence Across Industries?

Image
  The wrong Manufacturing Execution System v can be catastrophic for a company's operational performance. In manufacturing, if there is one mishap – no matter how small – it has the power to affect the entire operation. That is why keeping optimal efficiency and productivity is essential. With the correct manufacturing execution system (MES), firms may use an innovative tool to acquire key insights for efficient production while eliminating waste and increasing productivity. In this blog, we will look at the complexity and benefits it provides to many industries. What are Manufacturing Execution Systems (MESs) Discrete? QKS Group describes a discrete Manufacturing Execution System (MES) as a software-based system that allows for end-to-end management, monitoring, reporting, and control of complicated production processes in real-time, ensuring that manufacturing resources are used effectively. A modern MES also works with enterprise resource planning (ERP) and production pro...
Read more

Revolutionizing Business Operations: The Power of AI-Driven Process Mining

Image
With the rapid evolution of emerging technologies such as artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA), organizations are increasingly seeking Process Mining solutions to streamline operations. These technologies enhance efficiency by identifying, analyzing, and optimizing various business processes. The integration of AI-driven process mining enables organizations to visualize real-time workflows using event logs, offering valuable insights that drive operational improvements and efficiency gains. The Growing Demand for Process Mining Solutions The increasing adoption of AI, ML, and RPA has paved the way for automated process discovery and optimization. Process mining solutions help organizations analyze the actual execution of business processes, enabling them to identify inefficiencies, bottlenecks, and deviations from standard workflows. By leveraging these insights, businesses can take proactive steps to enhance their operational e...
Read more

The Strategic Market Direction for Primary Storage: Speed, Capacity, and Integration

Image
In today’s rapidly evolving digital landscape, the demand for high-performance, scalable, and secure storage solutions is at an all-time high. Organizations are generating and managing massive amounts of data, requiring storage solutions that not only provide fast access but also ensure data integrity and seamless integration with emerging technologies. The strategic market direction for Primary Storage is shifting towards enhancing speed, expanding capacity, and fostering integration with modern technological advancements. Ultra-Fast Data Access: NVMe over Fabrics and Persistent Memory One of the most significant trends in primary storage is the push for ultra-fast data access. Traditional storage protocols are being replaced or augmented by advanced solutions such as NVMe over Fabrics (NVMe-oF) and persistent memory. NVMe-oF extends the low-latency advantages of NVMe beyond direct-attached storage, allowing enterprises to achieve near-instantaneous data retrieval across networke...
Read more