Europe Electric Vehicle Market Trends and Outlook
The Europe Electric Vehicle Market Growth & Size are predicted to attain a market value of USD 610,065.90 million by the end of the forecast period. Although, in 2022, the market size was USD 110,049.09 million, presenting a CAGR of 24.10% in the forecast duration. The increase in the promotion of electric vehicles by different governmental bodies plays an important role in fostering market enlargement. The growing awareness concerning the detrimental environmental effects of stopping the emission of harmful gases by conventional vehicles serves as a driver for market growth. Within the monarchy of impulsion types, “battery electric vehicles (BEVs)” are set to experience the fastest growth, due to their potential benefits such as fostered energy security, efficient management of greenhouse gas (GHG) emissions, and control over localized pollutants.
Europe Electric Vehicle Driving Factors
Regional Europe Electric Vehicle Market Segmentation
The European electric vehicle market can be classified into different key countries, including Germany, France, the United Kingdom, Italy, the Netherlands, Belgium, Sweden, and Spain. Among these, Germany stands out as the greatest and fastest market in Europe, thoroughly followed by the United Kingdom, Norway, and France. Norway justifies special gratitude within the European landscape owing to its amazing achievements in the acceptance of electric vehicles. Notably, throughout the first half of 2017, an inspiring 27-35% of all cars sold around Norway were electric, making it a standout frontrunner in EV adoption. Other countries like Sweden and Iceland have also made momentous strides in this regard.
The driving factors behind the growth of the European Electric Vehicle Market principally revolve around stringent government regulations and environmental incentives. These policies motivate the transition to electric vehicles and play an important role in shaping the market growth.
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