Europe Electric Vehicle Market size is projected to grow at a CAGR of 29.1% during 2021-2027F

4-wheeler type electric vehicle held the largest revenue share in 2020 in the Europe electric vehicle market - 6Wresearch

The Europe electric vehicle market witnessed exponential growth in recent years mainly driven by the 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. The Government of Netherland launched a policy document in 2019 called ‘Mission Zero’ which outlines how the country wants to lead the way to a zero-emission future. The government has plans to use 100% emission-free buses in public transport by 2030 along with a target of 400,000 electric passenger vehicles on the roads from 2030 onwards. In addition to this, Flanders is planning to invest 30 million Euro to install 30,000 extra charging point in Belgium before 2025 which would provide a charging station for every 25 km thereby helping the country to achieve zero carbon emission.

According to 6Wresearch, Europe Electric Vehicle Market size is projected to grow at a CAGR of 29.1% during 2021-2027F. Presently, Germany acquires the maximum share in the overall revenues of the Europe electric vehicle market on account of the ‘Electric Mobility Act’ passed by the Government of Germany in 2015 which 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 COVID 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 as well.

According to Ravi Bhandari, Senior Manager Operations, 6Wresearch, “Based on types, 4-wheeler type electric vehicle registered the highest market share in the Europe electric vehicle market for the year 2020 owing to the initiatives launched by the government of European countries to accelerate the installation of charging points in the nation. For instance, the French government 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. Further, McDonald’s Italia signed an agreement with Enel X to install 200 charging points for electric vehicle inside the 100 McDonald car parks across the region.

According to Sarthak Bansal, Senior Research Analyst, 6Wresearch, “Based on two-wheeler electric vehicle battery types, lithium-ion two-wheeler type electric vehicles accounted for the highest revenue share for the year 2020 on account of its high energy efficiency as it last longer compared with its counterpart lead-acid. Further, the lithium-ion battery type is preferred due to its multiple characteristics like low maintenance, durability and high energy density. Also, lithium-ion batteries are preferred over lead-acid batteries because of their lighter weight and low self-discharge properties.

Some of the major companies in the Europe electric vehicle market include Tesla, Hyundai, Kia, BYD, Solaris, Daimler and such other players.

Europe Electric Vehicle Market (2021-2027)-report provides an in-depth analysis with 78 figures and 30 tables covered in 147 pages.” The report estimates and forecasts the overall Europe electric vehicle market by revenues, types and countries. The report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.