Europe Electric Vehicle Market

Historic Data: 2020-2021   |   Base Year: 2022   |   Forecast Period: 2023-2030

Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type [Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Plug-In Hybrid Electric Vehicles (PHEV)], Vehicle Category (Passenger Cars and Commercial Vehicles), Vehicle Class (A/B, C, D, E, F, SUV A/B, SUV C, SUV D, and SUV F), and Country


No. of Pages: 161    |    Report Code: BMIRE00029646    |    Category: Automotive and Transportation

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Europe Electric Vehicle Market

The Europe electric vehicle market was valued at US$ 1,41,848.91 million in 2022 and is projected to reach US$ 3,83,789.43 million by 2030; it is expected to grow at a CAGR of 13.2% during 2022-2030.



As the EV landscape evolved, full-electric vehicles emerged as the frontrunners in consumer appeal. The stringent emissions regulations prompted a rapid embrace of fully electric cars. Consumers seeking a cleaner and sustainable driving experience prefer EVs over plug-in hybrids. This shift is reshaping the European EV market, with automakers adopting strategies to align with the burgeoning demand for fully electric options.

The Europe electric vehicle market is segmented on the basis of type, vehicle category, and vehicle class. Based on type, the market is segmented into battery-electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV). By vehicle category, the market share is segmented into passenger cars and commercial vehicles. The Europe electric vehicle market, based on vehicle class, is categorized into A/B, C, D, E, F, SUV A/B, SUV C, SUV D, and SUV F. This robust investment in fast charging aligns seamlessly with the European Union's ambitious goals. The commitment to fortifying public charging infrastructure is evident in the provisional agreement on the proposed Alternative Fuels Infrastructure regulation (AFIR). This regulation is aimed at establishing electric charging coverage requirements across the trans-European network transport (TEN-T). An agreement between the European Investment Bank and the European Commission further solidifies the EU's commitment to strengthening the charging infrastructure as both these parties aim to allocate EUR 1.64 billion by the end of 2023 for alternative fuel infrastructure, with a specific focus on electric fast charging.

Acknowledging the pivotal role of public charging infrastructure in facilitating widespread EV adoption, the proactive deployment of charging stations is likely to propel EV market share. Norway serves as a noteworthy case study, demonstrating the betterment of the ratio of battery-electric light-duty vehicles (LDVs) per public charging point. In 2011, with approximately 1.3 battery electric LDVs per charging point, infrastructure supported early adoption. By the end of 2022, with over 17% of LDVs being battery-electric, Norway achieved a remarkable ratio of 25 BEVs per public charging point. This data indicates a critical correlation between an upsurge in EV sales and the accessibility and affordability of charging infrastructure.

As the share of battery electric LDVs in the overall vehicle stock increases, the charging point per BEV ratio diminishes. Thus, maintaining the upward trajectory of EV sales necessitates accessible and cost-effective charging infrastructure, achieved through a combination of private charging solutions at homes or workplaces and the strategic expansion of publicly accessible charging stations. Thus, the flourishing EV infrastructure landscape in Europe, characterized by a significant surge in fast chargers and supportive regulations, presents a substantial opportunity for electric vehicle market growth.

Arrival (NASDAQ: ARVL) is a pioneer in the design and production of equitable EVs through local microfactories. In a significant development in June 2022, Arrival announced winning EU certification and secured European Whole Vehicle Type Approval (EUWVTA) for its Arrival Van. The vehicle's construction showcases Arrival's innovative lightweight composite materials, aiding recyclability, durability, and cost-effectiveness. The integration of these new lightweight materials into vehicle architectures reflects a key trend among manufacturers in the European EV market. The trend underscores a broader commitment to enhancing the efficiency, sustainability, and affordability of electric vehicles.

Renault SA, Tesla Inc, Mitsubishi Motors Corp, BYD Co Ltd, Bayerische Motoren Werke AG, Hyundai Motor Co, AB Volvo, Volkswagen AG, Peugeot SA, and Audi AG are among the key Europe EV market players profiled during the market study. In addition, several other important Europe EV market players operating in the ecosystem were studied and analyzed during this market research study to get a holistic overview of the electric vehicle market.


Europe Electric Vehicle Strategic Insights

Strategic insights for the Europe Electric Vehicle provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

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Europe Electric Vehicle Report Scope

Report Attribute Details
Market size in 2022 US$ 1,41,848.91 Million
Market Size by 2030 US$ 3,83,789.43 Million
Global CAGR (2022 - 2030) 13.2%
Historical Data 2020-2021
Forecast period 2023-2030
Segments Covered By Type
  • Battery Electric Vehicles
  • Hybrid Electric Vehicles
  • Plug-In Hybrid Electric Vehicles
By Vehicle Category
  • Passenger Cars
  • Commercial Vehicles
By Vehicle Class
  • A/B
  • C
  • D
  • E
  • F
  • SUV A/B
  • SUV C
  • SUV D
  • SUV F
Regions and Countries Covered Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Market leaders and key company profiles
  • Renault SA
  • Tesla Inc
  • Mitsubishi Motors Corp
  • BYD Co Ltd
  • Bayerische Motoren Werke AG
  • Hyundai Motor Co
  • AB Volvo
  • Volkswagen AG
  • Peugeot SA
  • Audi AG
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    Europe Electric Vehicle Regional Insights

    The geographic scope of the Europe Electric Vehicle refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

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    The List of Companies - Europe Electric Vehicle Market

     

    • Renault SA

     

    • Tesla Inc

     

    • Mitsubishi Motors Corp

     

    • BYD Co Ltd

     

    • Bayerische Motoren Werke AG

     

    • Hyundai Motor Co

     

    • AB Volvo

     

    • Volkswagen AG

     

    • Peugeot SA

     

    • Audi AG
    Frequently Asked Questions
    How big is the Europe Electric Vehicle Market?

    The Europe Electric Vehicle Market is valued at US$ 1,41,848.91 Million in 2022, it is projected to reach US$ 3,83,789.43 Million by 2030.

    What is the CAGR for Europe Electric Vehicle Market by (2022 - 2030)?

    As per our report Europe Electric Vehicle Market, the market size is valued at US$ 1,41,848.91 Million in 2022, projecting it to reach US$ 3,83,789.43 Million by 2030. This translates to a CAGR of approximately 13.2% during the forecast period.

    What segments are covered in this report?

    The Europe Electric Vehicle Market report typically cover these key segments-

  • Type (Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-In Hybrid Electric Vehicles)
  • Vehicle Category (Passenger Cars, Commercial Vehicles)
  • Vehicle Class (A/B, C, D, E, F, SUV A/B, SUV C, SUV D, SUV F)
  • What is the historic period, base year, and forecast period taken for Europe Electric Vehicle Market?

    The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Electric Vehicle Market report:

  • Historic Period : 2020-2021
  • Base Year : 2022
  • Forecast Period : 2023-2030
  • Who are the major players in Europe Electric Vehicle Market?

    The Europe Electric Vehicle Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:

  • Renault SA
  • Tesla Inc
  • Mitsubishi Motors Corp
  • BYD Co Ltd
  • Bayerische Motoren Werke AG
  • Hyundai Motor Co
  • AB Volvo
  • Volkswagen AG
  • Peugeot SA
  • Audi AG
  • Who should buy this report?

    The Europe Electric Vehicle Market report is valuable for diverse stakeholders, including:

    • Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
    • Industry Players: Offers competitive intelligence, market sizing, and trend analysis to inform strategic planning, product development, and sales strategies.
    • Suppliers and Manufacturers: Helps understand market demand for components, materials, and services related to concerned industry.
    • Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
    • Financial Institutions: Helps assess risks and opportunities associated with financing or investing in the concerned market.

    Essentially, anyone involved in or considering involvement in the Europe Electric Vehicle Market value chain can benefit from the information contained in a comprehensive market report.