0

Europe Electric Vehicle Market Expected to Reach $143.09 Billion by 2027

 
2022
Europe Electric Vehicle Market

Report Code : A09376

quote By type, the BEV segment is expected to dominate the market, in terms of revenue. In addition, by vehicle type, the passenger cars segment dominated the Europe electric vehicle market in 2019. Whereas, commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. quote

Akshay Jadhav
Lead Analyst, Automotive and Transportation at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a recent report published by Allied Market Research, titled, “Europe Electric Vehicle Market by Type, and Vehicle Type: Opportunity Analysis and Industry Forecast, 2020–2027”, the Europe electric vehicle market was valued at $25.49 billion in 2019, and is projected to reach $143.09 billion by 2027, registering a CAGR of 25.4% from 2020 to 2027.

Germany dominates the market in terms of revenue, followed by other European countries such as UK, Netherlands, France, Spain, Belgium, Italy, Portugal and rest of Europe.

Europe is swiftly emerging as a global hotspot, owing to tremendous growth in the electric vehicle (EV) market across prominent countries such as Germany, France, Spain, Italy, and the UK. The announcement of subsidies by several national governments is anticipated to propel the growth of the electric vehicles market in Europe over the forecast timeframe. For instance, in 2020 r, the German government declared a tax cut by 3% on EVs purchased between July 2020 and December 2020. The government also announced a 10-year tax exemption with EVs costing less than $49,084 to qualify for $11,043.9 subsidy until December 2021. France provides subsidies up to $8,589.7 for families buying EVs costing less than $55,219.5. 

Spain has lowered the tax by 75% for EVs in major cities, such as Barcelona and Madrid, and has launched a system that backs the purchase of EVs offering $4,908.4 - $6,135.5 subsidies. In Italy, EVs are exempted from taxes for 5 years from registration and get a 75% cut in tax after that. Under the bonus-malus scheme, Italy offers subsidies up to $7,362.6/car releasing less than 70 grams of CO2/km. 

The UK offers VAT and road tax exemption for carbon-neutral vehicles along with a grant worth $3,681.3 for vehicles that cost less than $61,355. Each country in the EU 27 and the UK, except Lithuania, provides tax reductions, subsidies, or a mixture of both. The incentives provided by the European governments have pushed the adoption rate of electric vehicles across Europe and are anticipated to offer lucrative opportunities for the electric vehicle market over the years.

COVID-19 impact analysis:

  • Due to COVID-19 pandemic, the Europe electric vehicle market has been affected as the supply chain has been disrupted.
  • Due to the imposed lockdown, electric vehicle manufacturing units across the Europe have halted their production, which has affected the demand of the Europe electric vehicle across the region.
  • The unavailability of skilled labor has also affected the Europe electric vehicle market as people preferred to maintain social distancing and avoid travelling due to restrictions; thus, affecting the production of the electric vehicles.

Key Findings Of The Study

  • In 2019, by type, the BEV segment generated the highest revenue.
  • In 2019, by vehicle type, the passenger cars segment was the highest revenue contributor.
  • In 2019, country-wise, Germany contributed the highest revenue, followed by other European countries.

The key players analyzed in the Europe electric vehicle market report include Renault, Tesla, Mitsubishi, Nissan, BMW, Hyundai, Volvo, Volkswagen, Peugeot, and Audi.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Europe Electric Vehicle Market by Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Mild Hybrid Electric Vehicle (MHEV), and Extended Range Electric Vehicle (E-REV)), and Vehicle Type (Passenger Cars and Commercial Vehicles): Opportunity Analysis and Industry Forecast, 2020–2027 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Mar 2024

Hairbrush Market

Download Sample
rep-img

Published Date Mar 2024

Debt Security Market

Download Sample
rep-img

Published Date Mar 2024

Wood Adhesives Market

Download Sample

Buy Full Version
"Europe Electric Vehicle Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers