Publishing: July 2021 | Report Code: AT11191 | Available Format: PDF
Europe Electric Car Market Overview
Europe electric car market is expected to grow in long term starting from a small base in 2016. Germany is the largest market for electric cars in Europe followed by Norway, the UK and France. Norway is the leading country in Europe as far as electric car penetration is concerned, with close to 30% of all cars sold being electric in the first half of 2017, followed by Iceland and Sweden. However, overall the share of electric cars in Europe is small with the Germany selling around 20,000 electric cars during the first half of 2016. While stringent environmental regulations and incentives from the government is a major driver for the electric car market in Europe, lack of adequate recharging infrastructure is hampering the electric car sales in the country.
Stringent government regulations to curb pollution levels and reduce the dependence on expensive fossil fuel is driving the growth of electric car market in Europe. Netherland and Norway have banned the sales of fossil fuelled powered cars by 2025. Other countries such as Germany has also passed a resolution to ban the sales of conventional cars by 2030. Government regulations to support electric cars would continue to benefit the market over the forecast period.
The growing environmental awareness is encouraging people to opt for electric cars. The European customers are also less cost sensitive and more adaptive to the latest technologies. Growing environmental awareness would continue to encourage more people to opt for electric cars over the forecast period.
The recharging stations in Europe is still not developed to support the growing sales of electric cars in the region. There were more than 20,000 recharging stations in the region in 2013, most of them installed by public sector utilities. The recharging stations are growing but still focused in the key European cities. Moreover, the deployment of the recharging stations is uneven with negligible stations in the eastern European countries. Fast rollout of recharging stations would be an important factor for the electric car industry in this region.
The value chain of electric vehicles is still underdeveloped in Europe. Apart from the recharging stations, the value chain includes the battery manufacturing, procurement and sourcing of various parts used in an electric car. The development of electric car market would require significant funding from the existing manufacturers and OEMs to develop electric versions of their existing car models. Apart from this, additional electricity used for charging the car batteries would need to be compensated by generating more electricity from renewable energy sources.
Europe Electric Car Market - Competitive Landscape
The competition in the European market is expected to increase in future, with leading car manufacturers planning to replace their conventional cars with the electric ones. Country regulations such as banning fossil fuel powered vehicles in heavy polluted areas are also encouraging the car companies to shift towards electric cars. For instance, Volkswagon has plans to increase the share of its electric cars to 20-25% by 2025. Some of the major players in the European electric car market includes big international car manufacturing companies such as General Motors, Volvo, Nissan, Mercedes, Toyota.
Europe Electric Car Market Segmentation
By Car Type
By Battery Technology
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