"Market Intelligence for High-Geared Performance"

Europe Electric Vehicle Market Size, Share & Industry Analysis, By Vehicle Type (Passenger Car and Commercial Vehicle), By Propulsion Type (Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV)), By Drive Type (All Wheel Drive, Front Wheel Drive, and Rear Wheel Drive), By Range (Up to 150 Miles, 151-300 Miles, and Above 300 Miles), By Component (Battery Pack & High Voltage Component, Motor, Brake, Wheel & Suspension, Body & Chassis, and Low Voltage Electric Component) and Country Forecast, 2023–2030

Last Updated :April 01, 2024 | Format: PDF | Report ID: FBI107689

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

Europe is the second largest region in the global electric vehicle market. It is projected to record a CAGR of 17.9% during the forecast period. The Europe electric vehicle market is anticipated to grow from USD 119.44 billion in 2022 to USD 492.87 billion by 2030.


Growing adoption of electric vehicles and increasing setup of EV charging infrastructure in major countries will drive the market growth during the forecast period. This growth can also be attributed to government-backed policies & subsidies and increasing environmental concerns. The growing sales of electric vans and electric trucks for delivery applications will also boost the market growth during the forecast period. For instance, in October 2022, Amazon announced that it would spend USD 1.07 billion to electrify its European delivery fleet over the next few years. The company currently has around 3,000 electric last-mile delivery vans in Europe. This investment will allow the company to grow its fleet size to 10,000 vans in Europe by 2025. This development will expand the market size during the forecast period.


The report on the European market covers the following countries/regions – U.K., Germany, France, and the Rest of Europe.


LATEST TRENDS


Increase in Devolvement of Electric Vehicle Infrastructure to Propel the Market Growth


In Europe, countries focus on infrastructure development activities to roll out electric vehicles as soon as possible. For instance, governments of various European nations have started initiatives to develop and expand their domestic supply chains of batteries for electric type of vehicles. But most supply chains will remain Chinese throughout 2030 due to high EV battery production. Major countries in Europe are focusing on electric vehicle charging infrastructure, for instance in January 2023, the Ministry of the Environment and Energy Security (MASE) announced that More than 21 000 charging stations for electric vehicles (EVs) will be operational by 2026 in urban and inter-urban roads across Italy, this development drives the Europe electric vehicle market growth during the forecast period.


DRIVING FACTOR


Rise in Sales of Battery Electric Vehicle & Hybrid Vehicles Drive Market Growth


The growth of electric vehicles in Europe region grown significantly due to increased sales of battery and hybrid electric vehicles in 2022.  For instance, The European automotive market grows by 14% in October 2022. The BEVs grew 17% in October to some 124,000 registrations. Plugin vehicle share of the overall European auto market was 23.2%, thus rising demand for electric vehicles drives the market growth during the forecast period. The below table shows the top-selling electric vehicles in Europe (October).






























Rank



Model



1



VW ID.4



2



VW ID.3


 



3



Fiat 500e


 



4



Peugeot 208 EV


 



5



Ford Kuga PHEV


 



Also, The European government is highly emphasizing adopting these vehicles to reduce carbon footprint.  Increasing awareness related to the use of these vehicles to reduce emissions this development augments the Europe electric vehicle market share during the forecast period.


RESTRAINING FACTOR


Request a Free sample to learn more about this report.


Reduction in Electric Vehicle Subsidiaries to Hamper the Market Growth


The European country plans to reduce electric vehicle subsidiaries from 2023, which is anticipated to hamper the market growth during the forecast period. For Instance, In March 2022, Germany's economy ministry announced the government will have reduced financial incentives to buy electric cars next year after an agreement within the governing coalition. According to the government, the incentives or premiums for electric cars will expire once an allocated sum of USD 3.44 billion from the next two years' budget is spent, thus reducing subsidiaries of electric vehicles hampering the market growth.


KEY INDUSTRY PLAYERS


In terms of the competitive landscape, BYD Company Ltd., Daimler AG, and Tesla, Inc. (U.S.) are the key players in the Europe market due to their strong product portfolios and active involvement in R&D investments. These initiatives will help them accelerate their product launches and approvals processes during the forecast period.


Other prominent players, such as A.B. Volvo and Toyota Motor Company are also leading the market due to their strong distribution network for their products. Some of the other major players include General Motors Company, Hyundai Motor Company, and others.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:December 2022:



  • AB Volvo Truck announced the expansion of its range with the launch of several new electric trucks, making it possible to electrify even more transport routes in cities and regions. Volvo Trucks was planning to expand its offering by introducing rigid versions of its heavy electric trucks: The Volvo FH, Volvo FM, and Volvo FMX.

  • November 2022: Feintool signed a contract with a renowned European Original Equipment Manufacturer (OEM). The contract includes the delivery of stators and rotors used to manufacture main electric drives for electric vehicles. It has a lifetime volume in the triple-digit million Euro range.


REPORT COVERAGE


To gain extensive insights into the market, Request for Customization


The market report provides qualitative and quantitative insights into the market and a detailed analysis of the market’s size & growth rate for all possible segments in the market. Along with the market’s forecast, the research report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of the number of EVs, types of vehicles, regulatory scenario in key countries, new product launches, key industry developments – mergers, acquisitions & partnerships, and impact of the COVID-19 pandemic on the market.


Report Scope & Segmentation

























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 17.9% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Vehicle Type



  • Passenger Car

  • Commercial Vehicle



By Propulsion Type



  • Battery Electric Vehicle (BEV)

  • Hybrid Electric Vehicle (HEV)



By Drive Type



  • All Wheel Drive

  • Front Wheel Drive

  • Rear Wheel Drive



By Range



  • Up to 150 Miles

  • 151-300 Miles

  • Above 300 Miles



By Component



  • Battery Pack & High Voltage Component

  • Motor

  • Brake, Wheel & Suspension

  • Body & Chassis

  • Low Voltage Electric Component



By Country



  • U.K. (By Vehicle Type)

  • Germany (By Vehicle Type)

  • France (By Vehicle Type)

  • Rest of Europe (By Vehicle Type)






Frequently Asked Questions

Growing at a CAGR of 17.9%, the market will exhibit steady growth in the forecast period (2023-2030).

Rise in Sales of Battery Electric Vehicle & Hybrid Vehicles Drive Market Growth

BYD Company Ltd., Daimler AG, and Tesla, Inc. (U.S.) are the key players in the Europe market

Norway dominated the market in 2022.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2030
  • 2022
  • 2019-2021
  • 150

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Automotive & Transportation Clients

Toshiba
Hitachi
Asahi
Bosch
KIA

Client Testimonials

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X