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Europe Electric Vehicle Market Product Description:
Electric vehicles (EV) are primarily designed to replace traditional travel methods that cause environmental pollution. Electric cars have gained popularity due to numerous technological advances. They perform better than conventional automobiles, have higher fuel economy, lower carbon emissions and maintenance, and provide the convenience of charging at home, smooth operation and reduced engine noise.
Europe Electric Vehicle Market Recent Developments and Trends
Volkswagen, Daimler, and Honda will showcase their latest electric cars at trade shows, and if they are able to meet their objective, it will help them avoid fines exceeding one billion euros. Companies from Volkswagen to Daimler will announce a new battery model in Frankfurt, hoping to attract consumers and reduce emissions.
The Netherlands and Norway to completely ban the sale of fossil fuel cars by 2026. Other countries, such as Germany, also decided to ban the sale of conventional vehicles by 2030.
Europe Electric Vehicle Market Growth
The Europe Electric Vehicle Market is expected to have a high annual growth rate of about 36% annually, especially between Germany and France, from 2019 to 2024.
Strict government regulations to curb pollution levels and reduce our dependence on expensive fossil fuels are driving the growth of the electric vehicle market in Europe. The growing awareness of the environment has led people to choose electric vehicles. European customers are also less cost-sensitive and more adaptable to the latest technologies. Increased environmental awareness will continue to encourage more people to adopt electric cars during the forecast period.
Europe Electric Vehicle Market Drivers
The electric vehicle market in Europe has grown significantly due to the need to address future energy requirements. The need for sustainable transport plays a vital role in the demand for electric vehicles. The market is emerging as a crucial part of the automotive industry, and it represents a way to achieve energy efficiency along with the reduction of pollutants and other greenhouse gas emissions. The increase in environmental problems, together with favorable government initiatives, are some of the main drivers of market growth.
It is also expected that rising energy costs and competition between emerging energy efficiency technologies will drive market growth. Currently, much attention is paid to passenger cars for electric vehicles, but this trend is expected to change soon and extend to other types of cars.
Europe Electric Vehicle Market Restraints
However, the high costs involved in manufacturing and low fuel economy and the ease of service of the electric vehicle limit the rapid expansion of the market.
Europe Electric Vehicle Market Segmentation
Depending on the type of vehicle, the European electric vehicle market is classified as passenger vehicles and commercial vehicles. Of these, the passenger cars hold the dominant position in the region due to the strict government regulations and consumer awareness for pollution-free society. However, the commercial vehicle segment is predicted to witness rapid growth int he forecast period due to the rising adoption of these vehicles in public fleet and transportation in countries like London, etc.
Based on the type, the European market is divided into plug-in hybrid electric vehicles (PHEV), hybrid electric vehicles (HEV) and battery electric vehicles (BEV). Among these, HEV and PHEV are presumed to contribute majorly to the regional market in the coming years due to more advanced options for charging and an increase in the production units.
By Vehicle Class:
On the basis of vehicle class, the regional market is separated as Mid-priced and Luxury. Of these two, the mid-priced vehicles are likely to have the highest demand in the foreseen years due to the launch of several affordable electric cars by leading manufacturers in the region.
Europe Electric Vehicle Market Regional Analysis
By region, the European electric vehicles market is divided into Germany, the United Kingdom, France, the Netherlands, Italy, Belgium, and Spain. Germany is the largest market in Europe, followed by Norway, the United Kingdom, and France. Norway is a relevant European country when it comes to the dissemination of electric vehicles, with approximately 30% of all cars sold in the first half of 2017, followed by Iceland and Sweden. The strict regulations and environmental incentives of the government are the main drivers of the European electric vehicle market. However, adequate charging infrastructure is hampering the sales of electric vehicles in the country.
Key companies include BMW Group, Tesla, Nissan Motor Corporation, Volkswagen AG, Toyota Motor Corporation, General Motors, Energica Motor Company S.P.A., Daimler AG, BYD Company Motors, and Ford Motor Company.
The research done takes place in two phases namely-
Secondary Research The first phase of the research process is extensive secondary research and identification of the related intelligence. Secondary data is compiled from various sources. Extensive secondary research helps in generating hypotheses and identifying critical areas of interest that are investigated through primary research.
Primary Research This entails conducting hundreds of primary interviews with industry participants and commentators in order to validate the data points obtained from secondary research and to fill the data gaps. A primary interview provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook, etc. It also helps in deciding the scope and deliverables of the study in terms of the requirement of the market. Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment, and sub-segment across geographies.
Porter’s Five Forces are used to analyze the factors responsible for the shaping of the industry as it is a result of a competitive environment
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Electric Vehicle Market, By Vehicle
6.1.1 Passenger Vehicles
6.1.2 Commercial Vehicles
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Electric Vehicle Market, By Type
6.2.1 Battery Electric Vehicle (BEV)
6.2.2 Hybrid Electric Vehicle (HEV)
6.2.3 Plug-in Hybrid Electric Vehicle (PHEV)
6.2.4 Market Size Estimations & Forecasts (2019-2024)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Electric Vehicle Market, By Vehicle Class
6.3.3 Market Size Estimations & Forecasts (2019-2024)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Vehicle
7.2.3 By Type
7.2.4 By Vehicle Class
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Vehicle
7.3.3 By Type
7.3.4 By Vehicle Class
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Vehicle
7.4.3 By Type
7.4.4 By Vehicle Class
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Vehicle
7.5.3 By Type
7.5.4 By Vehicle Class
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Vehicle
7.6.3 By Type
7.6.4 By Vehicle Class
8. Key Player Analysis
8.1 BMW Group
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Tesla Corporation
8.3 Volkswagen AG
8.4 Nissan Motor Corporation
8.5 Daimler AG
8.6 Ford Motor Company
8.7 General Motors
8.8 Toyota Motor Corporation
8.9 BYD Company
8.10 Energica Motor Company S.p.A
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures