The European Electric Vehicle Market is expected to record a CAGR of 42.4% from 2021 to 2028 to reach $1,300.14 billion by 2028. By volume, this market is expected to reach 38.3 million units by 2028 at a CAGR of 27.9% during the forecast period.
Meticulous Research®—a leading global market research company, published a research report titled “European Electric Vehicle Market by Vehicle Type (Passenger Vehicle, LCV, HCV, Two-wheeler, e-Scooters & Bikes), Propulsion Type (BEV, FCEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use, Charging Standard, and Country.
The growth of this market is attributed to supportive government policies and regulations, rising environmental concerns, and increasing adoption of electric mobility in Europe. The growing adoption of autonomous driving vehicles, increasing adoption of electric vans and trucks for delivery, and increasing shared mobility trends offer lucrative growth opportunities for players operating in this market. However, range anxiety associated with electric vehicles is expected to restrain the growth of this market to some extent. Additionally, the high cost of electric vehicles is a major challenge hampering the growth of this market.
The market is segmented based on vehicle type, propulsion type, power output, charging standard, end use, and country. The study also evaluates industry competitors and analyzes the market at the country level.
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Based on vehicle type, the European Electric Vehicle Market is segmented into passenger vehicles, light commercial vehicles, heavy commercial vehicles, two-wheelers, and e-scooters & bikes. In 2021, the passenger vehicles segment is expected to account for the largest share of the European Electric Vehicle Market. The large market share of this segment is attributed to increasing favorable government policies and subsidies for promoting the adoption of electric vehicles, growing awareness regarding the role of electric vehicles in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles.
However, the light commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. The high growth rate is mainly driven by the growing awareness regarding the role of electric vehicles in reducing emissions, increasing demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations towards vehicle emissions.
Based on propulsion type, the European Electric Vehicle Market is segmented into battery electric vehicles, hybrid electric vehicles, and fuel cell electric vehicles. The hybrid electric vehicles segment is further segmented into plug-in hybrid electric vehicles and pure hybrid electric vehicles. In 2021, the hybrid electric vehicles segment is expected to account for the largest share of the European Electric Vehicle Market. The large market share of this segment is largely attributed to the increasing need to reduce greenhouse gas emissions, the growing requirement for clean mobility & transportation solutions, and stringent government regulations to limit carbon emissions from conventional vehicles.
However, the fuel cell electric vehicles segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly driven by the increasing demand for vehicles with low carbon emissions, strict carbon emission norms, a growing emphasis on the adoption of FCEVs due to advantages such as fast refueling, and increasing government initiatives and investments for advancing fuel cell technology.
Based on power output, the European Electric Vehicle Market is segmented into less than 100kW, 100kW to 250kW, and more than 250kW. In 2021, the less than 100 kW segment is expected to account for the largest share of the European Electric Vehicle Market. The large market share of this segment is attributed to the increasing adoption of electric scooters and mopeds, increasing investments by government authorities in the development of EV charging infrastructure, and favorable policies, incentives, and subsidies introduced by several state governments.
However, the 100 kW to 250 kW segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly driven by the increasing adoption of light commercial vehicles such as vans, pick-up trucks, and buses with advanced technologies and power outputs ranging from 100kW to 250kW.
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Based on end use, the European Electric Vehicle Market is segmented into private use, commercial use, and industrial use. The commercial use segment is further segmented into shared mobility, micromobility, and public transport. In 2021, the private use segment is expected to account for the largest share of the European Electric Vehicle Market. The large market share of this segment is attributed to the growing awareness regarding the hazards associated with greenhouse gas emissions and environmental pollution, stringent emission norms, and demand for premium EVs by consumers.
However, the commercial use segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is mainly driven by the increase in fuel prices and stringent emission norms set by governments, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric buses and trucks.
Based on country, Germany is expected to command the largest share of the European Electric Vehicle Market in 2021. The German EV market is gradually growing due to increased government initiatives for boosting EV adoption, the rising number of charging stations, and increasing competition in the automobile market.
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