Surge in demand for high-performance, fuel-efficient, and low-emission vehicles along with strict government regulations about vehicle emission fuel the growth of the Europe electric vehicle market.
PORTLAND, Ore., Feb. 1, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "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." According to the report, the Europe electric vehicle industry was estimated at $25.48 billion in 2019 and is anticipated to hit $143.08 billion by 2027, registering a CAGR of 25.4% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Rise in demand for fuel-efficient, high-performance, and low-emission vehicles and stringent government rules & regulations toward vehicle emission drive the growth of the Europe electric vehicle market. On the other hand, high manufacturing cost and insufficient electric vehicle charging infrastructure in Europe impede the growth to some extent. However, proactive government initiatives and technological advancements are expected to create lucrative opportunities in the industry.
COVID-19 scenario-
- The outbreak of the pandemic led to shut down of several manufacturing units across the continent, which in turn affected the Europe electric vehicle market. Also, unavailability of skilled labor force impacted the market negatively.
- However, as most of the countries in the region have come up with relaxations on the existing protocols, the market is anticipated to recoup soon.
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The BEV segment to maintain the dominant share-
Based on type, the BEV segment contributed to more than three-fifths of the Europe electric vehicle market share in 2019, and is projected to rule the roost by the end of 2027. This is attributed to advantages such as changing perception toward the adoption of electric vehicles. The HEV segment, on the other hand, would register the fastest CAGR of 32.9% during the forecast period. The electric power train system present in hybrid electric vehicles is used to enhance fuel efficiency and to improve performance as compared to internal combustion vehicles. This factors propels the segment growth.
The passenger cars segment to dominate by 2027-
Based on vehicle type, the passenger cars segment accounted for more than four-fifths of the Europe electric vehicle market revenue in 2019, and is anticipated to lead the trail by 2027. Developments carried out by different vehicle manufacturers related to electric vehicles drive the growth of the segment. Simultaneously, the commercial vehicles segment would manifest the fastest CAGR of 29.2% throughout the forecast period. Increased demand for zero-emission vehicles propels the segment growth.
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Germany garnered the major share in 2019 -
Based on region, Germany garnered the major share in 2019, holding nearly one-fifth of the Europe electric vehicle market, due to rise in government initiatives to promote electric vehicles in the region. Simultaneously, Portugal would exhibit the fastest CAGR of 34.9% from 2020 to 2027, owing to the rise in disposable income and increasing environment concerns to reduce the pollution.
Key players in the industry-
- Renault
- Tesla
- Mitsubishi
- Nissan
- BMW
- Audi
- Hyundai
- Volvo
- Volkswagen
- Peugeot
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