European Electric Vehicle Market Worth $1,300.14 Billion by 2028 — Exclusive Report by
European Electric Vehicle Market by Vehicle Type (Passenger Vehicle, LCV, HCV, Two-wheeler, e-Scooters & Bikes); Electric car market worth… Propulsion Type (BEV, FCEV, HEV); Power Output (Less Than 100kW, 100 kW to 250 kW); End Use, Charging Standard, and Geography – Regional Forecast to 2028
Redding, California, Dec. 02, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled “European Electric Vehicle Market by Vehicle Type (Passenger Vehicle, LCV, HCV, Two-wheeler, e-Scooters & Bikes), Propulsion Type (BEV, FCEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use, Charging Standard, and Country,” published by Meticulous Research®, the European electric vehicles market is expected to grow at a CAGR of 42.4% from 2021 to 2028 to reach $ 1,300.14 billion by 2028. By volume, this market is expected to grow at a CAGR of 27.9% from 2021 to 2028 to reach 38.3 million units by 2028.
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Electric vehicles ~ electric cars use one or two electric traction motors for propulsion instead of a conventional transmission unit solely powered by an internal combustion engine. Traction motors are either powered by rechargeable battery packs or through an internal combustion engine that charges the vehicle’s battery pack, which runs the traction motor and propels the vehicle. Such vehicles are known as hybrid electric vehicles.
In battery electric vehicles, the battery pack is recharged by plugging into a charging station connected to the national power grid. Electric vehicles are used for private and public transportation, shared mobility, micro-mobility, logistics, and industrial applications. The adoption of electric vehicles is on the rise due to growing concerns regarding the negative environmental effects of vehicular emissions, supportive government initiatives to decarbonize transportation, and increasing efforts by major automotive OEMs to reduce greenhouse gas emissions and transform their product line-ups into green and clean environment-friendly vehicles.
Impact of COVID-19 on the European Electric Vehicle market and the Electric Car market worth…
The COVID-19 pandemic caused a widespread economic downturn as several countries imposed strict lockdowns to contain the infection, resulting in the closure of manufacturing industries and disruptions in supply chains and production schedules. There has been a significant impact on technology supply chains globally. The economic slowdown has significantly disrupted the automotive industry, causing a rapid decline in light vehicle sales. The light vehicles market suffered a decline in revenue close to 20% in 2020.
Furthermore, shifts in consumer purchasing behaviour due to the uncertainty surrounding the pandemic are expected to have significant consequences for the industry’s near-future growth. Uncertainty regarding the duration of lockdowns and supply-chain disruptions made it more difficult for industry players to anticipate the industry’s recovery. This crisis caused structural shifts that had significant implications on the market.
In Europe, during the lockdowns, manufacturing facilities, supply chains, and consumer demands were paralysed in the first half of 2020. The EV market in Europe was moderately affected. As a result, the market is estimated to show a slow recovery from 2021. The government supported the automotive industry by regulating policies that benefitted both consumers and manufacturers. Incentives and subsidies were notably increased on purchasing an EV (electric vehicle) in countries such as Germany, the U.K., and Norway. Also, the prices for electric car batteries continued to reduce, which helped increase the adoption rate of EVs in these countries. The sale of EVs electric car market worth was doubled in 2020, as compared to the previous year. Developed countries such as Germany, France, the U.K., and Norway commanded most of the stakes in this sale. Thus, the market is anticipated to grow significantly during the forecast period.
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In addition, the inclusion of EV infrastructure investments into COVID-19-related stimulus packages by European governments is expected to boost the growth of EVs in the future and electric car market worth . For instance, in June 2020, Germany proposed EUR 130 billion (USD 145.8 billion) stimulus future package, featuring at least EUR 50 billion (USD 56 billion) for climate-related spending. It includes plans to boost electric vehicle sales, improve building energy efficiency, enhance public transport networks, develop hydrogen infrastructure, and shift the cost of renewables subsidies onto general taxation. Subsidies for electric vehicles were also doubled. The program includes an extra EUR 2.5 billion (USD 2.8 billion) for EV infrastructure, including EV charging stations.
European Electric Vehicle Market Overview
The overall European EV market is segmented based on vehicle type, propulsion type, power output, charging standard, end-use, and country. The study also evaluates industry competitors and analyses the market at the country level.
Based on vehicle type, the passenger vehicles segment is expected to account for the largest share of the European electric vehicles market in 2021. The large market share of this segment is attributed to increasing favourable government policies and subsidies for promoting the adoption of electric vehicles, growing awareness regarding the role of electric vehicles in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles. Electric passenger vehicles are gaining popularity among consumers. Passenger vehicles are the most common mode of conveyance. They offer safety, reliability, and comfort due to their low weight and spacious designs. Automobile manufacturers are pooling their R&D resources to design and develop electric passenger vehicles to reduce emissions, improve design flexibility, achieve higher speed-to-weight ratios, and enable longer travel ranges on a single charge.
Based on propulsion type, the hybrid electric vehicles segment is expected to account for the largest share of the European electric vehicles market in 2021. The large market share of this segment is attributed to the increasing need to reduce greenhouse gases, the growing requirement for clean mobility & transportation solutions, reductions in the cost of batteries, and stringent government regulations to limit carbon emissions from conventional vehicles. Automotive OEMs and government bodies are increasingly emphasizing lowering automotive emissions to reduce greenhouse gases and improve the fuel economy of vehicles. For instance, in 2019, BMW AG (Germany) announced plans to launch 25 hybrid electric vehicle models worldwide by 2023. Such initiatives and developments are further expected to support the growth of the HEVs segment, thereby fuelling the growth of the overall EVs market in the coming years.
Based on power output, the less than 100 kW segment is expected to account for the largest share of the European electric vehicles market in 2021. The large market share of this segment is attributed to the increasing adoption of electric scooters and mopeds, increasing investments by government authorities in the development of EV charging infrastructure, and favourable policies, incentives, and subsidies introduced by several governments in Europe.
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In the automotive industry, power output refers to the amount of mechanical energy output generated by the electric vehicle motor within a given timeframe. Also, the power output impacts the vehicles’ acceleration, tractability, and ability to climb uphill. The adoption of electric mopeds & scooters is growing exponentially due to their eco-friendly nature, strict government regulations for carbon emissions, and growing use of e-scooters for micro -mobility services.
Based on end use, the private use segment electric car market worth is expected to account for the largest share of the European electric vehicles market in 2021. The large market share of this segment is attributed to the growing awareness regarding the hazards associated with greenhouse gas emissions and environmental pollution, stringent emission norms, and demand for premium EVs by consumers. The electric vehicles market has taken a huge leap forward in the past decade. Today, consumers are focused on better fuel efficiency, more power, and reduced CO2 emissions, thereby adopting EVs for personal use. Also, supportive government incentives to promote sales and manufacturing of EVs, tax rebates, and the decline in battery costs further drive the adoption of EVs among consumers for private use.
Based on country, Germany is expected to account for the largest share of the European electric vehicles market in 2021. The German EV market is gradually growing due to increased government initiatives for boosting EV adoption, the rising number of charging stations, and increasing competition in the automobile market.
The German government has set a target to have 7 million to 10 million EV registrations by the end of 2030, which has forced manufacturers to increase their production, formulate new marketing strategies, and increase EVs in the country. Furthermore, the use of wireless EV charging systems carries a huge potential for growth in Germany since major automotive OEMs have started announcing the wireless EV charging capabilities of their luxury cars from the EV segment. For instance, Mercedes-Benz announced wireless charging for the S550e plug-in hybrid (PHEV) luxury sedan.
The German automotive manufacturers are investing heavily in zero-emission technology development. Since 2017, these manufacturers have invested over $5.17 billion in electric vehicle technology development. Moreover, leading automotive OEMs are heavily…