Europe Electric Vehicle Market Size
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Study Period | 2017 - 2030 |
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Base Year For Estimation | 2023 |
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Market Size (2024) | USD 261.1 Billion |
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Market Size (2030) | USD 743.1 Billion |
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Largest Share by Country | Germany |
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CAGR (2024 - 2030) | 19.04 % |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Europe Electric Vehicle Market Analysis
The Europe Electric Vehicle Market size is estimated at 261.1 billion USD in 2024, and is expected to reach 743.1 billion USD by 2030, growing at a CAGR of 19.04% during the forecast period (2024-2030).
261.1 Billion
Market Size in 2024 (USD)
743.1 Billion
Market Size in 2030 (USD)
40.56 %
CAGR (2017-2023)
19.04 %
CAGR (2024-2030)
Largest Segment by Fuel Category
46.22 %
value share, BEV, 2023
BEVs dominate due to significant government support, extensive charging infrastructure, and increasing consumer preference for zero-emission vehicles across Europe.
Largest Country
27.92 %
value share, Germany, 2023
Germany leads the European electric vehicle market due to its strong automotive industry, extensive charging network, and high consumer demand for electric vehicles.
Largest Segment by Vehicle Body Type
66.92 %
value share, Sports Utility Vehicle, 2023
SUVs dominate due to their versatility, high demand from businesses, and suitability for various commercial applications.
Fastest-growing Segment by Fuel Category
31.45 %
Projected CAGR, FCEV, 2024-2030
FCEVs are growing rapidly due to advancements in hydrogen technology, expanding hydrogen refueling infrastructure, and strong support for zero-emission vehicles.
Leading Market Player
13.65 %
market share, Toyota Motor Corporation, 2023
Toyota Motor Corporation dominates the market with its advanced electric vehicle technology, extensive R&D investments, and strong focus on providing eco-friendly mobility solutions across Europe.
The growing logistics, supply chain, infrastructure, and construction sectors and the rise in public transportation services are bolstering the European EV market
- The demand for commercial vehicles is set to witness a significant uptick in the coming years. Key drivers of this growth include the logistics, supply chain, infrastructure, and construction sectors. Additionally, a rise in public transportation services is bolstering the demand for buses. However, the sales of commercial vehicles experienced a downturn in 2020, largely due to the impact of the pandemic. The market swiftly rebounded in 2021, with Europe's Climate Plan playing a pivotal role. As Europe aims to ban diesel-powered vehicles by 2030, a notable shift is expected to be witnessed among business consumers toward electric commercial vehicles.
- Across Europe, the introduction of new products and strategic collaborations, such as the partnership between Hyundai Motor Company and H2 Energy, are poised to drive sales of electric trucks. This collaboration produced Hyundai Hydrogen Mobility (HHM) in September 2019 with a vision to foster a green hydrogen ecosystem in Switzerland and Europe. HHM has set an ambitious target of introducing 1,600 fuel-cell electric heavy-duty trucks by 2025. Such initiatives are expected to fuel the sales of heavy electric trucks in Europe from 2024 to 2030.
- In 2021, the number of electric buses in Germany's public transport sector nearly doubled, with new registrations surging by 60% to reach 1,269, up from 689 in the previous year. Of these, 586 were battery electric vehicles, while only a handful was fuel cell-powered or utilized other technologies. Furthermore, both local transport companies and government bodies in Germany have plans to add over 3,000 e-buses by 2025. Similar trends in other European nations are poised to propel the overall commercial vehicle market in Europe from 2024 to 2030.
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The European electric vehicle market is characterized by country-level variations, reflecting differing incentives, infrastructure, and consumer preferences
- Europe is one of the largest electric vehicle manufacturers globally. It is one of the regions globally with the fastest adoption of electric mobility. In terms of electric vehicles, sales of electric passenger cars accounted for the largest share of 8.3% of all newly registered cars in 2023, which were fully electric across the region. Gasoline-powered vehicles are expected to be banned by 2030 and 2035 in most countries, providing a boost to the sales of electric vehicles.
- The launch of new products and the entry of new brands are expected to drive the market for passenger cars in Europe. In February 2022, the Chinese automaker Xpeng entered Sweden's electric passenger cars with its debut electric cars, P7 and P5 sedans. In June 2022, the American automaker Ford announced that it would produce and sell only electric cars in Europe by 2030. The company plans to invest USD 11.4 billion in producing an electric car at a manufacturing plant in Valencia, Spain.
- Various government efforts in terms of rebates and subsidies are increasing the adoption of electric vehicles in various European countries. For instance, in 2023, a subsidy of EUR 2,950 was made eligible for new battery electric cars and a subsidy of around EUR 2,000 for used battery electric cars. However, the price of the vehicles should be a minimum of EUR 12,000 and a maximum of EUR 45,000. Such advantages attract customer attention to these vehicles, which is expected to enhance the demand for various types of electric vehicles from 2024 to 2030 in European countries.
Europe Electric Vehicle Market Trends
Environmental concerns, government support, and decarbonization goals fuel European electric vehicle demand and sales
- The demand and sales of electric vehicles in European countries have grown significantly over the past few years. Germany witnessed a growth in the sales of electric cars by 22% in 2022 over 2021, followed by the United Kingdom with an 18.40% increase in 2022 over 2021. Growing environmental concerns, stringent governmental norms, advantages of electric vehicles such as fuel efficiency, low service cost, no carbon emissions, and subsidies by the government are some of the factors contributing to the growth of electric vehicles in European countries.
- The demand for electric commercial vehicles, especially light trucks, is growing gradually in European countries. Moreover, the governments of various countries are also supporting the adoption of electric vehicles. In November 2021, the government of the United Kingdom announced a pledge that all heavy-duty vehicles would be zero-emission by the year 2040. Such factors have increased the sales of electric commercial vehicles in the United Kingdom by 23.17% in 2022 over 2021, and similar practices in various countries are enhancing the demand for electric commercial vehicles across Europe.
- It is projected that the electrification of vehicles in European countries is expected to grow tremendously in the next few years. The efforts of the governments in the regions for decarbonization are expected to drive the electric commercial vehicle market in Europe. For instance, in January 2022, the transport minister of Germany announced a goal to put 15 million electric vehicles on the road by 2030. Such factors are expected to increase the sales of electric vehicles during the 2024-2030 period in European countries.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Several European countries face population declines, while others grow, indicating a need for targeted policy interventions
- European countries are experiencing growth in CVP, driven by government incentives for environmentally friendly vehicles
- The general trend indicates a decline or stabilization in rates, influenced by economic factors and monetary policies
- Europe is demonstrating a robust commitment to enhancing its EV infrastructure, with significant growth in both slow and fast-charging stations
- Electrification in Europe drives the increase in regional battery pack demand
- Since February 2023, diesel imports from the Middle East, Asia, and North America have increased due to the ban on imports from Russia
- Europe's GDP per capita is on track for steady growth, reflecting resilience and strategic policies
- The European region is poised for economic stability, with concerted efforts to manage inflation and foster a balanced economic landscape
- Europe's MaaS momentum reflects past achievements and future prospects in shared mobility
- Declining battery prices and government initiatives drive demand for electric vehicles in Europe
- Increased consumer confidence, improved economic conditions, and a stabilization of external factors are impacting the market
- The European electric vehicle market is evolving with significant shifts in production trends across major countries, highlighting the importance of strategic governmental policies and R&D investments
Europe Electric Vehicle Industry Overview
The Europe Electric Vehicle Market is moderately consolidated, with the top five companies occupying 43.69%. The major players in this market are Bayerische Motoren Werke AG, Groupe Renault, Tesla Inc., Toyota Motor Corporation and Volkswagen AG (sorted alphabetically).
Europe Electric Vehicle Market Leaders
Bayerische Motoren Werke AG
Groupe Renault
Tesla Inc.
Toyota Motor Corporation
Volkswagen AG
Other important companies include Audi AG, Hyundai Motor Company, Kia Corporation, Mercedes-Benz, Volvo Car AB.
*Disclaimer: Major Players sorted in alphabetical order.
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Europe Electric Vehicle Market News
- November 2023: Tesla has acquired US-based start-up SiILion battery (Battery manufacturer) to excel the battery production in US.
- November 2023: In Argentina, Volkswagen debuted the brand-new Nivus. Both the Comfortline and Highline models of the VW Nivus will be offered in Argentina. They both come equipped with a 1.0-liter TSi three-cylinder engine that generates 116 horsepower and 200 Nm of torque and is coupled to a six-speed automated transmission.
- November 2023: Tesla opened its single-point electric vehicle super-charging station between the Bay Area and Los Angeles areas in the US.
Free with this Report
For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
Europe Electric Vehicle Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Population
- 4.2 GDP Per Capita
- 4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.4 Inflation
- 4.5 Interest Rate For Auto Loans
- 4.6 Shared Rides
- 4.7 Impact Of Electrification
- 4.8 EV Charging Station
- 4.9 Battery Pack Price
- 4.10 New Xev Models Announced
- 4.11 Used Car Sales
- 4.12 Fuel Price
- 4.13 Oem-wise Production Statistics
- 4.14 Regulatory Framework
- 4.15 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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5.1 Vehicle Type
- 5.1.1 Commercial Vehicles
- 5.1.2 Passenger Vehicles
- 5.1.2.1 Hatchback
- 5.1.2.2 Multi-purpose Vehicle
- 5.1.2.3 Sedan
- 5.1.2.4 Sports Utility Vehicle
- 5.1.3 Two-Wheelers
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5.2 Fuel Category
- 5.2.1 BEV
- 5.2.2 FCEV
- 5.2.3 HEV
- 5.2.4 PHEV
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5.3 Country
- 5.3.1 Austria
- 5.3.2 Belgium
- 5.3.3 Czech Republic
- 5.3.4 Denmark
- 5.3.5 Estonia
- 5.3.6 France
- 5.3.7 Germany
- 5.3.8 Ireland
- 5.3.9 Italy
- 5.3.10 Latvia
- 5.3.11 Lithuania
- 5.3.12 Norway
- 5.3.13 Poland
- 5.3.14 Russia
- 5.3.15 Spain
- 5.3.16 Sweden
- 5.3.17 UK
- 5.3.18 Rest-of-Europe
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 Audi AG
- 6.4.2 Bayerische Motoren Werke AG
- 6.4.3 Groupe Renault
- 6.4.4 Hyundai Motor Company
- 6.4.5 Kia Corporation
- 6.4.6 Mercedes-Benz
- 6.4.7 Tesla Inc.
- 6.4.8 Toyota Motor Corporation
- 6.4.9 Volkswagen AG
- 6.4.10 Volvo Car AB
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- POPULATION TRENDS, VOLUME IN UNITS, EUROPE, 2017 - 2030
- Figure 2:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, EUROPE, 2017 - 2030
- Figure 3:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, EUROPE, 2017 - 2030
- Figure 4:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, EUROPE, 2017 - 2030
- Figure 5:
- AUTO LOAN INTEREST RATES, PERCENTAGE, EUROPE, 2017 - 2022
- Figure 6:
- USED CAR MARKET, REVENUE IN USD, EUROPE, 2017 - 2030
- Figure 7:
- ELECTRIC VEHICLE MARKET PENETRATION RATE, BY VEHICLE TYPE, PERCENTAGE OF VOLUME, EUROPE, 2017 - 2030
- Figure 8:
- CHARGING STATION DEPLOYMENT, BY TYPE, VOLUME IN UNITS, EUROPE, 2017 - 2022
- Figure 9:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, EUROPE, 2017 - 2030
- Figure 10:
- ANNOUNCEMENT OF NEW XEV MODELS, BY VEHICLE TYPE, VOLUME IN UNITS, EUROPE, 2023 - 2027
- Figure 11:
- USED CAR MARKET, REVENUE IN USD, EUROPE, 2017 - 2030
- Figure 12:
- FUEL PRICE, BY FUEL TYPE, USD/LITER, EUROPE, 2017 - 2022
- Figure 13:
- EUROPE ELECTRIC VEHICLE MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 14:
- EUROPE ELECTRIC VEHICLE MARKET, VALUE IN USD, 2017 - 2030
- Figure 15:
- EUROPE ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 16:
- EUROPE ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 17:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
- Figure 18:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
- Figure 19:
- EUROPE ELECTRIC VEHICLE MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 20:
- EUROPE ELECTRIC VEHICLE MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 21:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 22:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 23:
- EUROPE ELECTRIC VEHICLE MARKET, BY TWO-WHEELERS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 24:
- EUROPE ELECTRIC VEHICLE MARKET, BY TWO-WHEELERS, BY VALUE IN USD, 2017 - 2030
- Figure 25:
- EUROPE ELECTRIC VEHICLE MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 26:
- EUROPE ELECTRIC VEHICLE MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 27:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 28:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 29:
- EUROPE ELECTRIC VEHICLE MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 30:
- EUROPE ELECTRIC VEHICLE MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 31:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 32:
- EUROPE ELECTRIC VEHICLE MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 33:
- EUROPE ELECTRIC VEHICLE MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 34:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 35:
- EUROPE ELECTRIC VEHICLE MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 36:
- EUROPE ELECTRIC VEHICLE MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 37:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 38:
- EUROPE ELECTRIC VEHICLE MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 39:
- EUROPE ELECTRIC VEHICLE MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 40:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 41:
- EUROPE ELECTRIC VEHICLE MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 42:
- EUROPE ELECTRIC VEHICLE MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 43:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 44:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 45:
- EUROPE ELECTRIC VEHICLE MARKET, BY AUSTRIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 46:
- EUROPE ELECTRIC VEHICLE MARKET, BY AUSTRIA, BY VALUE IN USD, 2017 - 2030
- Figure 47:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 48:
- EUROPE ELECTRIC VEHICLE MARKET, BY BELGIUM, BY VOLUME IN UNITS, 2017 - 2030
- Figure 49:
- EUROPE ELECTRIC VEHICLE MARKET, BY BELGIUM, BY VALUE IN USD, 2017 - 2030
- Figure 50:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 51:
- EUROPE ELECTRIC VEHICLE MARKET, BY CZECH REPUBLIC, BY VOLUME IN UNITS, 2017 - 2030
- Figure 52:
- EUROPE ELECTRIC VEHICLE MARKET, BY CZECH REPUBLIC, BY VALUE IN USD, 2017 - 2030
- Figure 53:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 54:
- EUROPE ELECTRIC VEHICLE MARKET, BY DENMARK, BY VOLUME IN UNITS, 2017 - 2030
- Figure 55:
- EUROPE ELECTRIC VEHICLE MARKET, BY DENMARK, BY VALUE IN USD, 2017 - 2030
- Figure 56:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 57:
- EUROPE ELECTRIC VEHICLE MARKET, BY ESTONIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 58:
- EUROPE ELECTRIC VEHICLE MARKET, BY ESTONIA, BY VALUE IN USD, 2017 - 2030
- Figure 59:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 60:
- EUROPE ELECTRIC VEHICLE MARKET, BY FRANCE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 61:
- EUROPE ELECTRIC VEHICLE MARKET, BY FRANCE, BY VALUE IN USD, 2017 - 2030
- Figure 62:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 63:
- EUROPE ELECTRIC VEHICLE MARKET, BY GERMANY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 64:
- EUROPE ELECTRIC VEHICLE MARKET, BY GERMANY, BY VALUE IN USD, 2017 - 2030
- Figure 65:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 66:
- EUROPE ELECTRIC VEHICLE MARKET, BY IRELAND, BY VOLUME IN UNITS, 2017 - 2030
- Figure 67:
- EUROPE ELECTRIC VEHICLE MARKET, BY IRELAND, BY VALUE IN USD, 2017 - 2030
- Figure 68:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 69:
- EUROPE ELECTRIC VEHICLE MARKET, BY ITALY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 70:
- EUROPE ELECTRIC VEHICLE MARKET, BY ITALY, BY VALUE IN USD, 2017 - 2030
- Figure 71:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 72:
- EUROPE ELECTRIC VEHICLE MARKET, BY LATVIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 73:
- EUROPE ELECTRIC VEHICLE MARKET, BY LATVIA, BY VALUE IN USD, 2017 - 2030
- Figure 74:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 75:
- EUROPE ELECTRIC VEHICLE MARKET, BY LITHUANIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 76:
- EUROPE ELECTRIC VEHICLE MARKET, BY LITHUANIA, BY VALUE IN USD, 2017 - 2030
- Figure 77:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 78:
- EUROPE ELECTRIC VEHICLE MARKET, BY NORWAY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 79:
- EUROPE ELECTRIC VEHICLE MARKET, BY NORWAY, BY VALUE IN USD, 2017 - 2030
- Figure 80:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 81:
- EUROPE ELECTRIC VEHICLE MARKET, BY POLAND, BY VOLUME IN UNITS, 2017 - 2030
- Figure 82:
- EUROPE ELECTRIC VEHICLE MARKET, BY POLAND, BY VALUE IN USD, 2017 - 2030
- Figure 83:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 84:
- EUROPE ELECTRIC VEHICLE MARKET, BY RUSSIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 85:
- EUROPE ELECTRIC VEHICLE MARKET, BY RUSSIA, BY VALUE IN USD, 2017 - 2030
- Figure 86:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 87:
- EUROPE ELECTRIC VEHICLE MARKET, BY SPAIN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 88:
- EUROPE ELECTRIC VEHICLE MARKET, BY SPAIN, BY VALUE IN USD, 2017 - 2030
- Figure 89:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 90:
- EUROPE ELECTRIC VEHICLE MARKET, BY SWEDEN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 91:
- EUROPE ELECTRIC VEHICLE MARKET, BY SWEDEN, BY VALUE IN USD, 2017 - 2030
- Figure 92:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 93:
- EUROPE ELECTRIC VEHICLE MARKET, BY UK, BY VOLUME IN UNITS, 2017 - 2030
- Figure 94:
- EUROPE ELECTRIC VEHICLE MARKET, BY UK, BY VALUE IN USD, 2017 - 2030
- Figure 95:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 96:
- EUROPE ELECTRIC VEHICLE MARKET, BY REST-OF-EUROPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 97:
- EUROPE ELECTRIC VEHICLE MARKET, BY REST-OF-EUROPE, BY VALUE IN USD, 2017 - 2030
- Figure 98:
- EUROPE ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 99:
- EUROPE ELECTRIC VEHICLE MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 100:
- EUROPE ELECTRIC VEHICLE MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 101:
- EUROPE ELECTRIC VEHICLE MARKET SHARE(%), BY MAJOR PLAYERS, 2021
Europe Electric Vehicle Industry Segmentation
Commercial Vehicles, Passenger Vehicles, Two-Wheelers are covered as segments by Vehicle Type. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category. Austria, Belgium, Czech Republic, Denmark, Estonia, France, Germany, Ireland, Italy, Latvia, Lithuania, Norway, Poland, Russia, Spain, Sweden, UK, Rest-of-Europe are covered as segments by Country.
- The demand for commercial vehicles is set to witness a significant uptick in the coming years. Key drivers of this growth include the logistics, supply chain, infrastructure, and construction sectors. Additionally, a rise in public transportation services is bolstering the demand for buses. However, the sales of commercial vehicles experienced a downturn in 2020, largely due to the impact of the pandemic. The market swiftly rebounded in 2021, with Europe's Climate Plan playing a pivotal role. As Europe aims to ban diesel-powered vehicles by 2030, a notable shift is expected to be witnessed among business consumers toward electric commercial vehicles.
- Across Europe, the introduction of new products and strategic collaborations, such as the partnership between Hyundai Motor Company and H2 Energy, are poised to drive sales of electric trucks. This collaboration produced Hyundai Hydrogen Mobility (HHM) in September 2019 with a vision to foster a green hydrogen ecosystem in Switzerland and Europe. HHM has set an ambitious target of introducing 1,600 fuel-cell electric heavy-duty trucks by 2025. Such initiatives are expected to fuel the sales of heavy electric trucks in Europe from 2024 to 2030.
- In 2021, the number of electric buses in Germany's public transport sector nearly doubled, with new registrations surging by 60% to reach 1,269, up from 689 in the previous year. Of these, 586 were battery electric vehicles, while only a handful was fuel cell-powered or utilized other technologies. Furthermore, both local transport companies and government bodies in Germany have plans to add over 3,000 e-buses by 2025. Similar trends in other European nations are poised to propel the overall commercial vehicle market in Europe from 2024 to 2030.
| Vehicle Type | Commercial Vehicles | |
| Passenger Vehicles | Hatchback | |
| Multi-purpose Vehicle | ||
| Sedan | ||
| Sports Utility Vehicle | ||
| Two-Wheelers | ||
| Fuel Category | BEV | |
| FCEV | ||
| HEV | ||
| PHEV | ||
| Country | Austria | |
| Belgium | ||
| Czech Republic | ||
| Denmark | ||
| Estonia | ||
| France | ||
| Germany | ||
| Ireland | ||
| Italy | ||
| Latvia | ||
| Lithuania | ||
| Norway | ||
| Poland | ||
| Russia | ||
| Spain | ||
| Sweden | ||
| UK | ||
| Rest-of-Europe |
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Market Definition
- Vehicle Type - The category includes passenger cars, commercial vehicles, and two-wheelers.
- Vehicle Body Type - TUnder Passenger Cars, the category includes Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles; for Commercial Vehicles, it covers Light Commercial Pick-up Trucks, Light Commercial Vans, Medium-duty Commercial Trucks, Heavy-duty Commercial Trucks, and Medium and Heavy Duty Buses; and for Two-Wheelers, it encompasses Scooters and Motorcycles.
- Fuel Category - The category exclusively covers electric propulsion systems, including various types such as HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles).
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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