According to a new market research report titled “European Electric Vehicles 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” this market is expected to grow at a CAGR of 42.4% from 2021 to 2028 to reach $1,300.14 billion by 2028 from an estimated $109.37 billion in 2021. By volume, this market is expected to reach 38.3 million units by 2028 from an estimated 6.8 million units in 2021, at a CAGR of 27.9% during the forecast period.
Electric vehicles use one or two electric traction motors for propulsion instead of a conventional transmission unit solely powered by an internal combustion engine. The growth of this market is attributed to supportive government policies and regulations, rising environmental concerns, and increasing adoption of electric mobility in Europe. The growing adoption of autonomous driving vehicles, rising adoption of electric vans and trucks for delivery, and increasing shared mobility trends offer lucrative growth opportunities for this market’s growth.
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Increasing Adoption of Electric Mobility in Europe to Support Market Growth During Forecast Period
The consumer demand, driven by a desire to reduce carbon emissions, has pushed automakers to develop plug-in hybrids and EVs. European companies are focusing on the development of innovative solutions for electric mobility and charging infrastructure. In 2020, Groupe Renault (U.K.) launched its INCIT-EV project, specifically for electromobility, thus driving the adoption of EVs in the country.
Electric mobility is also growing due to supportive government incentives in the form of tax reductions and grants for residential and commercial infrastructure, thus encouraging the adoption of electric mobility. For instance, in the Netherlands and Greece, the government offers incentives for purchasing and installing residential charging stations. It provides a deduction of up to 36% and a tax return of up to 75% on costs associated with purchasing and installing charging stations.
In addition, the Finnish government announced an investment of approximately $6.57 million for expanding charging infrastructure during 2020–2021. These developments are expected to support the growth of EVs in Europe in the coming years.
Charging infrastructure for supporting the transition to electric mobility is rising due to the increasing adoption of EVs. There is a growing demand for fast charging infrastructure along major highways and locations such as retail shops, workplaces, restaurants, and near multi-dwelling apartments by EV owners for charging their vehicles conveniently. Owners of retail shops, residential apartments, and commercial spaces are increasingly deploying EV charging stations to increase the environment-friendly image of their establishment and attract customers by providing a value-added service of EV charging. Thereby, the growing deployment of charging infrastructure and initiatives taken by the European government is expected to further support the transition to electric mobility.
To provide efficient analysis, Meticulous Research® has segmented this market based on by Vehicle Type (Passenger Vehicle, LCV, HCV, Two-wheeler, e-Scooters & Bikes), Propulsion Type (BEV, FCEV, PHEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW, More Than 250 kW), End Use (Private, Commercial, Industrial), Charging Standard (GB/T, CHAdeMO, CCS, Tesla Supercharger, Type 1, Type2), and Country (Germany, France, U.K., Italy, Spain, Netherlands, Sweden, Switzerland, Norway, Denmark, Austria, Belgium, Croatia, Finland, Greece, Hungary, Ireland, Poland, Portugal, Romania, Slovakia, Rest of Europe).
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Based on vehicle type, the European electric vehicles market is segmented into passenger vehicles, light commercial vehicles, heavy commercial vehicles, two-wheelers, and e-scooters & bikes.
In 2021, the passenger vehicles segment is expected to account for the largest share of the European electric vehicles market. The large market share of the segment is attributed to increasing favorable 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.
However, the light commercial vehicles segment is expected to grow at the highest CAGR during the forecast period.
Based on propulsion type, the European electric vehicles market is segmented into battery electric vehicles, hybrid vehicles, and fuel cell electric vehicles. The hybrid electric vehicles segment is further segmented into plug-in hybrid electric vehicles and pure hybrid electric vehicles.
In 2021, the hybrid electric vehicles segment is expected to account for the largest share of the European electric vehicles market. The growth of this segment is attributed to the increasing necessity to reduce greenhouse gas emissions, the growing requirement for clean mobility & transportation solutions, stringent government regulations to limit carbon emissions from conventional vehicles, and reductions in the cost of batteries.
However, the fuel cell electric vehicles segment is expected to grow at the highest CAGR during the forecast period.
Based on power output, the European electric vehicles market is segmented into less than 100kW, 100kW to 250kW, and more than 250kW.
In 2021, the less than 100 kW segment is expected to account for the largest share of the European electric vehicles market. 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 favorable policies, incentives, and subsidies introduced by several state governments.
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However, the 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period.
Based on end use, the European electric vehicles market is segmented into private use, commercial use, and industrial use. The commercial use segment is further segmented into shared mobility, micromobility, and public transport.
In 2021, the private use segment is expected to account for the largest share of the European electric vehicles market. 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.
However, the commercial use segment is expected to grow at the highest CAGR during the forecast period.
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.
However, Sweden is expected to record the highest CAGR during the forecast period. Growing consumer interests in adopting EVs over traditional cars, the increasing number of projects undertaken by the companies operating in the electric mobility industry, and growing government support for enhancing the sales of EVs across the country are anticipated to drive the growth of this market in Sweden.
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Key Players:
The key players operating in the European electric vehicles market are BMW Group (Germany), Volkswagen AG (Germany), AB Volvo (Sweden), Daimler AG (Germany), Alcraft Motor Company Ltd. (U.K.), Groupe Renault (France), Stellantis N.V. (Netherlands), DAF Truck N.V. (Netherlands), Iveco s.p.A. (Italy), and Volta Trucks AB (Sweden).
These players continuously focus on agreements, collaborations, and partnerships; and new product launches and product developments to increase their respective market shares.
Volkswagen AG
In 2020, Volkswagen AG (Germany) held the leading position in the European electric vehicles market. Volkswagen Group consists of twelve brands from seven European countries: Volkswagen (Germany), Audi (Germany), SEAT (Spain), ŠKODA (Czechia), Bentley (U.K.), Bugatti (France), Lamborghini (Italy), Porsche (Germany), Ducati (Italy), Volkswagen Commercial Vehicles (Germany), Scania (Sweden), and MAN (Germany).
Volkswagen Group offers a wide range of financial services, including dealer and customer financing, leasing, banking and insurance activities, and fleet management. Volkswagen AG has adopted new product launches, product developments, partnerships, expansions, and collaborations as the key strategies for expanding its shares in the market.
BMW Group
In 2020, BMW Group held the second leading position in the European electric vehicles market. The company offers a wide range of electric vehicles through its brands BMW and Mini. Some of the most popular BMW electric vehicles are BMW iX3, BMW i3, BMW 530e, MINI Electric Hardtop 2 Door, and Mini Cooper SE.
In 2021, BMW Group delivered 192,662 electrified vehicles (BEVs+PHEVs). The company has 31 production facilities and assembly facilities in 15 countries. BMW Group has adopted new product launches and product development as the key strategies for augmenting its market share. For instance, in March 2021, BMW launched fully electric versions of the iX SUV, iX xDrive40, and xDrive50. Mini also announced the launch of its purely electrically powered car, Mini Cooper SE, in March 2021.
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