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Redding, California - December 1, 2021

Europe Electric Car Market to Reach $855.17 Billion and 11.9 million units by 2028

Europe 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


Meticulous Research®— a leading global market research company, published a research report titled “Europe 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.

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.

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).

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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?

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Related Reports
Europe Electric Car Market - Opportunity Analysis and Industry Forecast (2021-2028)
Report ID: MRAUTO - 104522 Pages: 134 Formats*:PDF Category: Automotive and Transportation
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