Market Trends of France Automotive High Performance Electric Vehicles Industry
This section covers the major market trends shaping the France Automotive High Performance EVs Market according to our research experts:
Increased Performance of Passenger Cars is Boosting the sales of Electric Vehicles
Geographies around the world are witnessing an increase in demand for fuel efficient and low emission vehicles. Limited range of electric vehicles is a major factor that is restraining the growth of market. OEMs are now manufacturing electric cars with higher mobility range that goes beyond 200 miles in a single charge. Tesla is the leader in high-performance electric vehicles, the company has developed cost-effective but high-performance electric vehicles to leverage the adoption of electric vehicles around the world. The company is also involved in its supporting business such as EV charging stations and service centers. Tesla has setup 651 charging station in 2019 alone in France. Now after so many years other companies are trying to enter into this segment of electric vehicles by launching their high-performance electric vehicles in the market. Tesla has sold 7,442 electric vehicles in France in 2019. Tesla's revenue grew to almost 24.6 billion USD in 2019, a three billion increase from previous year. Other high-performance models from key players include Hyundai Kona (258 miles), Kia Niro Electric (239 miles) and Chevy Bolt (257 miles).
For instance, Audi E-tron Sportback is set to join its sibling standard E-tron by mid-2020, Skoda's first electric car is expected to go on sale by 2021, but its production version should be launched in 2020. Ford much-awaited Electric Mustang was released on July 21, 2020. Similarly, in 2019, Lamborghini has introducedSián, Company claimed that it is its most powerful model ever built, Sian combined power is 819 hp in which 34 hp is due to its 48-volt electric motor. In 2018, BMW has showcased its all-electric SUV iX3 in Auto China 2018, Company will be starting the production of this electric SUV in China and then exported globally by 2020. The iX3 to be first available for the European market with 300 hp and range around 160-200 miles.
Electric Vehicle Market is Expected to Grow Exponentially
France has set itself the ambitious target through its Climate Action Plan 2050 of achieving a 25% to 40% reduction in CO2 emission levels by 2020, 50% in 2050, as compared to 1990 levels. As a result, Germany unveiled a plan to increase electric vehicle production to 1 million units by the end of 2020, which is expected to increase the demand for EHPV.
Additionally, major European market players are investing hugely in electric vehicles, For instance, Volkswagen Group, and Groupe are Renault investing strongly in electric vehicles. The Volkswagen group plans to invest around EUR 60 billion on the development including areas of hybridization, electric mobility, and digitalization between 2020 and 2024. Renault SA will invest 128.5 million euros for a 50% stake in a venture with Jiangling Motors Corp to develop electric vehicles in China, part of a push by French company to make further inroads into the world market.
Similarly, Daimler AG is planning to bring more than ten different electric vehicles by 2022. In which they will be electrifying the entire MercedesBenz portfolio. The company will invest around ten billion euros in the development of its EQ vehicle portfolio. For 2020 the company has ambitious plans to sell smart models with battery-electric drive in Europe and the United States. In 2019, Ford launches electric variants of its Kuga and Puma SUVs and the Mondeo sedan. The automotive major has plans to launch nine other electric vehicles by 2024 in Europe. The company has also partnered with leading energy suppliers across Europe for home-charging wall box installation services.
Owing to the above mentioned factors, the France high-performance electric vehicles market is expected to grow at a very high rate during the forecasted period.
