Market Trends of france light commercial vehicles Industry
France drives electric vehicle sales with government support and incentives
- Canada's GDP stood at USD 45,191.99 in 2017 and a surge to USD 46,625.86 was observed in 2018. This trend, however, was not linear, with 2020 revealing a dip to USD 43,383.71, largely influenced by global disruptions. However, Canada's economic forte shone bright as 2021 numbers rebounded to USD 52,387.81, further accentuated by the 2022 figure. Key industry observers attribute this to Canada's diversified economy, strategic fiscal measures, and strong foundation in the service and technological sectors.
- The government is investing heavily and making efforts to increase the adoption of green vehicles among consumers in France. For instance, in January 2021, the French government invested EUR 200 million to support the local and urban mobility authorities who are ready to electrify their vehicles (bus fleet). Moreover, in February 2021, the French government selected Greenmot’s Green-eBus project as one of the future projects to invest in. European Investment Bank funds the project intending to make the European Union the first greenhouse gas-neutral economy by 2050, and such projects are expected to accelerate electric mobility in France.
- Various plans and strategies introduced by the government are adding to the demand and sales of electric vehicles in the country. In October 2021, French President Emmanuel Macron announced a new plan named France 2030. Under the plan, the government will invest USD 30 billion to produce 2 million fully electric and hybrid vehicles domestically by 2030. Production growth is expected to increase the sales and the growing demand for EVs during 2024-2030 in France.
Understand The Key Trends Shaping This Market
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- France's population is experiencing growth, buoyed by a harmonious demographic makeup and favorable migration patterns. This necessitates a proactive approach to leverage the advantages and tackle forthcoming hurdles
- France's CVP was projected to witness an increase from 2022 to 2023, signaling a rebound in consumer sentiment. This resurgence is attributed to a combination of factors, including post-pandemic initiatives, the introduction of novel vehicle models, and a notable pivot toward sustainable modes of transportation
- Auto interest rates in France have been steadily decreasing in recent years, driven by factors such as ECB policies, lending practices, and broader European economic indicators. This downward trend is expected to continue in the coming years
- Electric vehicle demand in France surges as battery prices decline
- In 2023, France secured a commendable LPI score of 3.9, placing it 13th worldwide. This achievement, coupled with its strong focus on sustainability and digital transformation, sets the stage for France to emerge as a frontrunner in the ever-evolving global trade arena
- In 2022, Renault held the top position in the French light commercial vehicle market. However, it experienced a decline, whereas Nissan demonstrated steady growth. Notably, over five years, established players such as Renault and Fiat observed a decline in their market shares, while Mercedes-Benz showcased remarkable resilience
- France's GDP per capita, following a dip in 2022 to USD 42,409.05, is expected to recover and reach USD 52,940.22 by 2030, driven by strategic initiatives, innovation, and sustainability
- France's inflation trajectory mirrors its post-pandemic economic recalibration, with a focus on achieving stability
- France's EV charging network soars to 83,700 stations, driven by green initiatives and rising EV adoption
- International electric vehicle (EV) automakers are spearheading the electrification drive in France, not only by increasing their market presence but also by fostering collaborations in the realm of advanced commercial vehicles
- Refinery strikes in France are causing distribution issues, resulting in a fuel shortage and subsequent surge in fuel prices
