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EUROPE ELECTRIC VEHICLE MARKET FORECAST 2022-2026

The Europe electric vehicle market is estimated to get to 5327 thousand units by 2026, propelling with a 15.90% CAGR during the assessment years 2022 to 2026.

EUROPE ELECTRIC VEHICLE MARKET FORECAST 2022-2026

Europe Electric Vehicle Market by Propulsion Type (Battery Electric Vehicles, Plug-in Hybrid Vehicles, Fuel Cell Electric Vehicles) Market by End-use (Passenger Vehicles, Commercial Vehicles (Light Commercial Vehicles, Heavy Commercial Vehicles)) By Geography

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The Europe electric vehicle market is estimated to get to 5327 thousand units by 2026, propelling with a 15.90% CAGR during the assessment years 2022 to 2026.

Europe is home to some of the major industry players such as Volkswagen AG, Stellantis NV etc. Also, European countries have high regard and commitments toward climate change and reducing GHG emissions, for which the transport sector is one of the major contributors and thus electrification of which can help the region achieve its objectives. Further, growing sales, government initiatives, investments, R&D etc., are expected to fuel the market growth in the region.

Europe Electric Vehicle Market

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The Europe electric vehicle market growth evaluation entails a study of Sweden, France, United Kingdom, Netherlands, Norway, Germany, Spain, Italy, and Rest of Europe. United Kingdom government has developed several plans to promote electric vehicle adoption in the country. For instance, United Kingdom’s electric vehicle infrastructure strategy is an action plan to develop charging infrastructure within the United Kingdom. The United Kingdom government also has set up a ten-point plan of approximately $14.50 billion for a green industrial revolution, where one of its aspects is to develop its strategy for zero-emissions vehicles.

On the other hand, Germany is at the forefront of EV sales in Europe. It is one of the most important markets for sellers. In its German development and resilience plan (DARP), the government has emphasized climate-friendly mobility, which includes steps to make the transportation industry compliant with the nation’s goals for climate preservation. The long-term goal is to foster the adoption of innovative technologies and improve the energy and carbon footprint of the transportation industry. The government is carrying out several investments in various factors.

The French government earmarked measures to promote green transportation as part of the country’s resilience and recovery plan. To develop its EV charging infrastructure, companies investing in highly efficient charging stations for electric vehicles on public highways and national roads will receive subsidies from the French government. Also, a total of $102 million will be set aside to assist large industrial vehicles in switching from fossil fuels to hydrogen or electricity generation. Further, the government published a call for proposals on March 2022 to facilitate the deployment of high-power charging stations for electric vehicles. The assistance for installing charging infrastructure may equal up to 40% of the qualifying costs.

The Europe electric vehicle market includes segmentation by end-use and propulsion type. Market by propulsion type covers battery electric vehicles, plug-in hybrid vehicles, and fuel cell electric vehicles.

A fuel cell electric vehicle (FCEV) is an electrically driven vehicle with electricity produced by a fuel cell using hydrogen as an energy source. In FCEV, onboard gaseous hydrogen is converted to energy using fuel cell stacks, and this electricity is then stored in a battery to power the electric motor. Like other electric vehicles, FCEVs are stocked with regenerative braking systems to collect the kinetic energy that is usually lost during breaking and stored in the battery. In comparison to conventional automobiles, fuel cell electric vehicles are more efficient and release just warm air and water vapor through their tailpipes. FCEVs are not highly adopted due to multiple factors, including less consumer awareness, relatively new technology, higher expenses, and insufficient infrastructure.

Key players operating in the Europe electric vehicle market are Volkswagen AG, Stellantis NV, etc.

The Volkswagen group consists of two divisions- the automotive division and the financial services division. The automotive division consists of passenger cars, commercial vehicles, and power engineering business areas. The automotive segment is engaged in engines and software, developing vehicles, and the production and sale of passenger cars, trucks, buses, light commercial vehicles, and motorcycles, as well as businesses of genuine parts, large-bore diesel engines, turbomachinery, and propulsion components.

The financial services division involves direct banking and insurance activities, consumer and dealer financing, fleet management, vehicle leasing, and mobility services. The company is headquartered in Wolfsburg, Germany and conducts business in North America, Europe, Asia-Pacific, Middle-east and Africa region

Audi e-Tron is an all-electric SUV by Audi, a subsidiary owned by the Volkswagen group.

Report Synopsis

Report Scope

Details
Market Forecast Years 2022-2026
Base Year 2021
Market Historical Years 2018-2021
Forecast Units In Thousand Units
Segments Analyzed Propulsion Type and End-Use
Countries Analyzed United Kingdom, Germany, France, Italy, Netherlands, Spain, Norway, Sweden, and Rest of Europe
Companies Analyzed

BMW Group, BYD Company Ltd, Ford Motor Company, General Motors Company, Li Auto, NIO, Stellantis NV, Tesla Inc, Toyota Motor Corporation, Volkswagen AG, Xpeng

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    1. RESEARCH SCOPE & METHODOLOGY
      • STUDY OBJECTIVES
      • SCOPE OF STUDY
      • METHODOLOGY
      • ASSUMPTIONS & LIMITATIONS
    2. EXECUTIVE SUMMARY
      • MARKET SIZE & ESTIMATES
      • MARKET OVERVIEW
    3. MARKET DYNAMICS
      • KEY DRIVERS
        • BENEFICIAL GOVERNMENT SUBSIDIES AND POLICIES
        • STRINGENT GOVERNMENT REGULATIONS ON VEHICLES EMISSIONS
      • KEY RESTRAINTS
        • INSUFFICIENT CHARGING INFRASTRUCTURE
        • POTENTIAL GRID OVERLOAD
    1. KEY ANALYTICS
      • IMPACT OF COVID-19 ON ELECTRIC VEHICLE MARKET
      • KEY MARKET TRENDS
      • PORTER’S FIVE FORCES ANALYSIS
        • BUYERS POWER
        • SUPPLIERS POWER
        • SUBSTITUTION
        • NEW ENTRANTS
        • INDUSTRY RIVALRY
      • OPPORTUNITY MATRIX
      • VENDOR LANDSCAPE
      • VALUE CHAIN ANALYSIS
      • KEY BUYING CRITERIA
      • REGULATORY FRAMEWORK
    2. MARKET BY PROPULSION TYPE
      • BATTERY ELECTRIC VEHICLES
      • PLUG-IN HYBRID VEHICLES
      • FUEL CELL ELECTRIC VEHICLES
    3. MARKET BY END-USE
      • PASSENGER VEHICLES
      • COMMERCIAL VEHICLES
        • LIGHT COMMERCIAL VEHICLES
        • HEAVY COMMERCIAL VEHICLES
    1. GEOGRAPHICAL ANALYSIS
      • EUROPE
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • UNITED KINGDOM
          • GERMANY
          • FRANCE
          • ITALY
          • NETHERLANDS
          • SPAIN
          • NORWAY
          • SWEDEN
          • REST OF EUROPE
    1. COMPETITIVE LANDSCAPE
      • KEY STRATEGIC DEVELOPMENTS
        • PRODUCT LAUNCHES & DEVELOPMENTS
        • PARTNERSHIPS & AGREEMENTS
        • BUSINESS EXPANSIONS & DIVESTITURES
      • COMPANY PROFILES
        • BMW GROUP
        • BYD CO LTD
        • FORD MOTOR COMPANY
        • GENERAL MOTORS COMPANY
        • LI AUTO
        • NIO
        • STELLANTIS NV
        • TESLA INC
        • TOYOTA MOTOR CORPORATION
        • VOLKSWAGEN AG
        • XPENG

    LIST OF TABLES

    TABLE 1:  MARKET SNAPSHOT – ELECTRIC VEHICLE

    TABLE 2:  REGULATORY FRAMEWORK

    TABLE 3:  EUROPE ELECTRIC VEHICLE MARKET, BY PROPULSION TYPE, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

    TABLE 4:  EUROPE ELECTRIC VEHICLE MARKET, BY PROPULSION TYPE, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

    TABLE 5:  EUROPE ELECTRIC VEHICLE MARKET, BY END-USE, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

    TABLE 6:  EUROPE ELECTRIC VEHICLE MARKET, BY END-USE, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

    TABLE 7:  EUROPE ELECTRIC VEHICLE MARKET, BY COMMERCIAL VEHICLES, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

    TABLE 8:  EUROPE ELECTRIC VEHICLE MARKET, BY COMMERCIAL VEHICLES, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

    TABLE 9:  EUROPE ELECTRIC VEHICLE MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2021 (IN THOUSAND UNITS)

    TABLE 10:  EUROPE ELECTRIC VEHICLE MARKET, BY COUNTRY, FORECAST YEARS, 2022-2026 (IN THOUSAND UNITS)

    TABLE 11:  KEY PLAYERS OPERATING IN EUROPE ELECTRIC VEHICLE MARKET

    TABLE 12:  LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

    TABLE 13:  LIST OF PARTNERSHIPS & AGREEMENTS

    TABLE 14:  LIST OF BUSINESS EXPANSIONS & DIVESTITURES   

    LIST OF FIGURES

    FIGURE 1: KEY MARKET TRENDS

    FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

    FIGURE 3: OPPORTUNITY MATRIX

    FIGURE 4: VENDOR LANDSCAPE

    FIGURE 5: VALUE CHAIN ANALYSIS

    FIGURE 6: KEY BUYING CRITERIA

    FIGURE 7: EUROPE ELECTRIC VEHICLE MARKET, GROWTH POTENTIAL, BY PROPULSION TYPE, IN 2021

    FIGURE 8: EUROPE ELECTRIC VEHICLE MARKET, BY BATTERY ELECTRIC VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 9: EUROPE ELECTRIC VEHICLE MARKET, BY PLUG-IN HYBRID VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 10: EUROPE ELECTRIC VEHICLE MARKET, BY FUEL CELL ELECTRIC VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 11: EUROPE ELECTRIC VEHICLE MARKET, GROWTH POTENTIAL, BY END-USE, IN 2021

    FIGURE 12: EUROPE ELECTRIC VEHICLE MARKET, BY PASSENGER VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 13: EUROPE ELECTRIC VEHICLE MARKET, BY COMMERCIAL VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 14: EUROPE ELECTRIC VEHICLE MARKET, GROWTH POTENTIAL, BY COMMERCIAL VEHICLES, IN 2021

    FIGURE 15: EUROPE ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 16: EUROPE ELECTRIC VEHICLE MARKET, BY HEAVY COMMERCIAL VEHICLES, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 17: EUROPE ELECTRIC VEHICLE MARKET, COUNTRY OUTLOOK, 2021 & 2026 (IN %)

    FIGURE 18: UNITED KINGDOM ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 19: GERMANY ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 20: FRANCE ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 21: ITALY ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 22: NETHERLANDS ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 23: SPAIN ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 24: NORWAY ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 25: SWEDEN ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)

    FIGURE 26: REST OF EUROPE ELECTRIC VEHICLE MARKET, 2022-2026 (IN THOUSAND UNITS)       

    1. GEOGRAPHICAL ANALYSIS
      • EUROPE
        • MARKET SIZE & ESTIMATES
        • KEY GROWTH ENABLERS
        • KEY CHALLENGES
        • KEY PLAYERS
        • COUNTRY ANALYSIS
          • UNITED KINGDOM
          • GERMANY
          • FRANCE
          • ITALY
          • NETHERLANDS
          • SPAIN
          • NORWAY
          • SWEDEN
          • REST OF EUROPE
    1. MARKET BY PROPULSION TYPE
      • BATTERY ELECTRIC VEHICLES
      • PLUG-IN HYBRID VEHICLES
      • FUEL CELL ELECTRIC VEHICLES
    2. MARKET BY END-USE
      • PASSENGER VEHICLES
      • COMMERCIAL VEHICLES
        • LIGHT COMMERCIAL VEHICLES
        • HEAVY COMMERCIAL VEHICLES

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