The "Europe Electric Vehicle Market (2021-2027): Market Forecast by Vehicle Types, by Countries, and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
The European electric vehicle market is expected to witness robust growth in the coming years owing to the efforts of the European countries to reduce carbon emission in the EU. Countries are working comprehensively to shift people interest towards electric vehicles by providing incentives, grants and subsidies to their citizens.
Furthermore, countries are focusing on the development of public charging infrastructure and e-mobility across the nations to bring out the private sector investment which would attract people to buy Electric vehicles during the forecast period. For instance, the 'Electric Mobility Act' passed by the Government of Germany in 2015 had a positive impact on the sales of electric vehicles in the country. In addition to this, the government has released an economic stimulus package following the corona crisis which contained special incentives to promote electric vehicles, and this eventually resulted in a huge surge in sales figures for electric vehicles and this trend is expected to continue in the forecast period. In addition to this, the government of the Netherlands has also rolled out the National Charging Infrastructure Agenda to ensure strategic and data-driven placement of public charging infrastructure in the country. The government is acting as the driving force behind the rising share of electric transport in the country.
The European Electric Vehicle Market size is projected to grow at a CAGR of 29.1% during 2021-27F. Despite the worldwide pandemic of the novel coronavirus, the electric vehicle market in Europe has grown exponentially on the account of growing environmental awareness combined with the incentives provided by the governments such as lower purchase price of EVs, exemption from tax and other local benefits.
Furthermore, stringent emission norms such as the ban on ICE cars are giving consumers an option to switch towards electric vehicles which are likely to propel the market in the forecast period. Additionally, the French government has also launched the "Advenir" programme under which subsidies can be granted for installing charging points on road like a tax credit of 300 on the purchase and installation of an EV charger at the main residence. Companies can get a subsidy of up to 40% and apartment blocks can get a subsidy of up to 50% on the purchase and installation cost of the EV charging point.
Notably, based on countries, Germany comprised the biggest market share in the electric vehicle market of Europe in 2020 owing to the high disposable income and growing acceptance of the electric vehicle. Additionally, growing government and environmental agencies initiatives that encourage consumers to opt for electric vehicles are likely to drive the market in the upcoming years.
The report comprehensively covers the market by vehicle types and countries. The report provides an unbiased and detailed analysis of the ongoing trends, opportunities/ high growth areas, market drivers, which would help stakeholders to devise and align their market strategies according to the current and future market dynamics.
Key Highlights of the report:
- Europe Electric Vehicle Market Overview
- Europe Electric Vehicle Market Outlook
- Europe Electric Vehicle Market Forecast
- Historical Data and Forecast of Europe Electric Vehicle Market Revenues By Vehicle Types and Countries for the Period 2017-2027F
- Market Drivers
- Market Restraints
- Europe Electric Vehicle Market Trends
- Industry Life Cycle
- Porter's Five Force Analysis
- Market Opportunity Assessment
- Europe Electric Vehicle Market Share, By Company
- Market Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Markets Covered
The report covers the detailed analysis of the following market segments:
By Vehicle Types
- Electric 2-Wheeler
- Lead Acid
- Lithium-Ion
- Electric 3-Wheeler
- Electric 4-Wheeler
- Electric Bus
- Electric Truck
By Countries
- Netherland
- Belgium
- France
- Italy
- Germany
- Spain
- United Kingdom
Companies Mentioned
- AB Volvo
- BMW
- BYD Auto Co., Ltd.
- DAF Trucks
- Hyundai Motor Corporation
- Niu Technologies
- Renault S.A
- Silence Urban Ecomobility
- Tesla Inc.
- Volkswagen AG
For more information about this report visit https://www.researchandmarkets.com/r/v81kl7
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View source version on businesswire.com: https://www.businesswire.com/news/home/20211222005266/en/
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