The European Electric Vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases. The growing environmental concerns along with cohesive government initiatives are some other aspects to fuel the market growth in the region.
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Under the framework of the Green, Car Initiative started in November 2008 the France economic recovery plan had been presented to support a Europe-wide electromobility initiative, Green eMotion, worth $46.1 million, in partnership with 42 partners from electric car manufacturers, industry, municipalities, research institutions, universities, technology, research institutions, and utilities. This initiative is intended to exchange and develop know-how and experience in selected regions within Europe as well as facilitate the market roll-out of electric vehicles in Europe. According to the action plan, the France Commission will invest $26.7 million to finance the initiative’s activities. The growing public-private partnership to support the adoption of EVs is anticipated to fuel the growth EV market in Europe.
The market is segmented on the basis of vehicle type, propulsion technology, battery type, and country. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicle, plug-in hybrid electric vehicle. Based on battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on battery type, the Li-ion batteries are anticipated to witness considerable growth. Based on the country the market is segmented into the UK, Germany, Italy, France, Spain, Rest of Europe.
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European Electric Vehicle Market Segmentation
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
By Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
By Battery Type
- NiMH
- Li-Ion
- Others
