Europe Electric Vehicle Market Growth or Demand Increase or Decrease for what contains:
The European electric vehicle market has experienced significant growth, particularly driven by an increase in the sales of battery electric vehicles (BEVs) and hybrid electric vehicles. In October 2023, the registration of battery-electric cars in the EU surged by 36.3%, reaching 121,808 units. The year-to-date volume now stands at 1.2 million units, reflecting an impressive gain of 53.1% compared to the previous year, securing a 14% share of the EU electric vehicle market.
Europe Electric Vehicle Market CAGR Estimation:
The Europe Electric Vehicle Market size was valued at USD 165.12 billion in 2023 and the total market revenue is expected to grow at a CAGR of 13.29% from 2024 to 2030, reaching nearly USD 395.56 billion.
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Europe Electric Vehicle Market Segmentation:
- By Propulsion Type:
- Hybrid Vehicles
- Pure Hybrid Vehicles
- Plug-in Hybrid Vehicles
- Battery Electric Vehicles
- Fuel Cell Electric Vehicles
- By Power Output:
- Less Than 100 kW
- 100 kW to 250 kW
- Above 250 kW
- By End Use:
- Private Use
- Commercial Use
Based on power output, the 100 kW to 250 kW category is predicted to have the greatest CAGR of 14.2% between 2024 and 2030. This strong development is primarily driven by the growing usage of electric buses and trucks, particularly in public transport and freight services in Europe Electric Vehicle Market. Furthermore, several European businesses are launching new electric cars, including light commercial choices such as vans, pick-up trucks, and buses, with modern technologies and power outputs ranging from 100kW to 250kW.
Europe Electric Vehicle Market Overview:
Electric vehicles (EVs) use one or more electric motors for propulsion, relying on electricity stored in rechargeable batteries. This makes EVs significantly more environmentally friendly, producing zero tailpipe emissions.
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Europe Electric Vehicle Market: Which Regions are Experiencing Growth or Increased Demand?
- Germany: Largest market with a 25% increase in electric car registrations in the first half of 2022. Fully electric vehicles accounted for 13.5% of all new registrations.
- Sweden: Expected to experience the fastest growth, driven by government support and consumer interest in electric cars over conventional vehicles. Plug-in hybrid electric cars constituted 30.1% of total car sales in 2020.
- Italy: Ambitious plans for 21,000 charging stations by 2026.
- Belgium and Denmark: Significant growth in battery-electric car registrations (147.3% and 100.7%, respectively).
Europe Electric Vehicle Market Scope and Methodology:
- Base Year: 2023
- Forecast Period: 2024-2030
- Historical Data: 2018-2023
- Market Size in 2023: USD 165.12 billion
- Forecast Period 2024 to 2030 CAGR: 13.29%
- Market Size in 2030: USD 395.56 billion
The research methodology involves extensive primary and secondary research, including data from industry reports, company websites, and market analysis. The data is validated through interviews with industry experts and key stakeholders.
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Europe Electric Vehicle Market Key Players:
1. Tesla
2. Renault
3. Hyundai Motor Company
4. Volkswagen AG
5. Kia Corporation
6. Mercedes-Benz,
7. Ford
8. BYD Compay Ltd.
9. Solaris Bus & Coach sp. z o.o.
10. Volvo
11. Ebusco
12. Diamler
13. Zero Motorcycles, Inc.
14. Niu International
15. Evoke Electric Motorcycles (HK) Ltd.
16. Horwingloba
17. Harley-Davidson, Inc.
18. VanMoof
19. Cowboy
20. Giant Bicycles
21. myStromer AG
22.Yamaha Motor
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Key questions answered in the Europe Electric Vehicle Market are:
• What is Europe Electric Vehicle?
• What is the growth rate of the Europe Electric Vehicle Market?
• Which are the factors expected to drive the Europe Electric Vehicle market growth?
• What are the different segments of the Europe Electric Vehicle Market?
• What growth strategies are the players considering to increase their presence in Europe Electric Vehicle?
• What are the upcoming industry applications and trends for the Europe Electric Vehicle Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Europe Electric Vehicle Market?
• What major challenges could the Europe Electric Vehicle Market face in the future?
• What segments are covered in the Europe Electric Vehicle Market?
• Who are the leading companies and what are their portfolios in Europe Electric Vehicle Market?
• What segments are covered in the Europe Electric Vehicle Market?
• Who are the key players in the Europe Electric Vehicle market?
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