Europe Electric Car Market Size, Share, Growth Analysis, By Product(Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle .), By Power Output, By End Use - Industry Forecast 2022-2028

Europe Electric Car Market size was valued at USD 6.54 million in 2021 and is poised to grow from USD 8.1 million in 2022 to USD 45 million by 2030, growing at a CAGR of 23.8% in the forecast period (2023-2030).

Government regulations, subsidies, and tax breaks that encourage the use of electric vehicles will drive market growth. Electric vehicles' cost benefits over conventional vehicles, as well as other factors, will help the market increase over the forecast period. Another factor that is expected to provide significant growth opportunities for industry participants is a decrease in battery pack pricing.

EVs have advanced significantly in tandem with industry advancements. Rising customer desire for shared transportation, increased use of transportation as a service, lowering pricing for high-capacity batteries, and huge investments made by EV manufacturers are driving the adoption of electric mobility in developing nations. Several companies are focusing on developing cutting-edge solutions for electric mobility and charging infrastructure. In 2021, Groupe Renault (UK) launched its INCIT-EV initiative, which focuses on electromobility. In Europe, the company offered cutting-edge wireless charging options for electric vehicles. The programme will focus on low-power bidirectional charging and static wireless charging in taxi lanes located at airports and central stations in Zaragoza, Spain.

Top-down and bottom-up approaches were used to estimate and validate the size of global Europe Electric Car Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Segments covered in this report

Europe Electric Car Market is segmented based on the product, power output, and end user. Based on the product, the Europe Electric Car Market is segmented into Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV). Based on the power output, the Europe Electric Car Market has been segmented into Less Than 100kW, 100 kW to 250 kW. Based on end user, Europe electric car market is segmented into private and Commercial.

Driver

Government standards and restrictions for car emissions are strict.

The European Union has adopted severe norms and requirements for vehicle carbon emissions over the years. Finally, the widespread adoption of electric vehicles in Europe was the result of rules that compelled European automakers to develop low-emission vehicles.

Restraint

Inadequate EV charging station.

Recharging stations in Europe are still underdeveloped to meet the region's expanding sales of electric vehicles. While the number of charging stations is growing, they are still concentrated in large European cities. Furthermore, the charging station distribution is asymmetrical, with few facilities in eastern European countries. The quick development of recharging stations would be a serious concern for the region's electric car business.

Market Trends

Government projects are new rising trends in electric vehicles. The government has begun to encourage the growth and sales of the electric vehicle sector, as well as the associated charging infrastructure. Furthermore, governments are encouraging the use of EVs by providing various advantages like as reduced or free registration fees as well as exemptions from import taxes, purchase taxes, and road tolls.