The European electric vehicles (EV) market refers to the industry and market segment focused on electric-powered vehicles in Europe. It consists of the production, sale, and adoption of electric cars, electric buses, electric motorcycles, and other electric-powered vehicles across European countries. The market includes both battery-electric vehicles (BEVs), which run solely on electricity, and plug-in hybrid electric vehicles (PHEVs), which combines electric and internal combustion engine power. The European EV market has experienced significant growth in recent years, driven by government incentives, stricter emissions regulations, increasing environmental awareness, and advancements in EV technology. It includes various manufacturers, charging infrastructure providers, and supportive policies that aim to accelerate the transition to sustainable transportation and reduce carbon emissions.
The trend towards sustainable transportation is contributing to the growth of the electric vehicle market in Europe. Many consumers are now turning to electric vehicles as an eco-friendly alternative to traditional petrol or diesel vehicles. Advanced and efficient battery technology is important for the growth of the electric vehicle market. For instance, according to European Automobile Manufacturers' Association (ACEA) in 2022, the European car market declined for a while, yet the registrations of new electric vehicles kept on growing in terms of numbers and continued the growth trend. Moreover, the market share of EVs increased to 12.1% which was 3.0% better than the previous year.
The availability of more charging stations across Europe is facilitating the ownership and use of electric vehicles. By increasing the infrastructure for charging electric vehicles, fears about running out of electricity while driving are removed. Electric vehicles are becoming a feasible option for a wider group of consumers since there are more charging stations available. The growing availability of charging stations is fueling the demand for electric vehicles and fostering the expansion of the Europe market. For instance, In July 2021, the European Union introduced the "Fit for 55 Package," explaining its ambitious goals for reducing emissions and combating climate change. The package aims to achieve a minimum 55% reduction in emissions by 2030, measured against 1990 levels. In addition, the EU envisions becoming the world's first climate-neutral continent by 2050, striving for a balance between emissions produced and emissions removed from the atmosphere. These targets demonstrate the EU's commitment to leading global efforts in addressing climate change and transitioning to a sustainable, carbon-neutral future.
The growth of the electric car sector in Europe is being significantly aided by partnerships between automobile makers. Collaborations and alliances enable the sharing of assets, knowledge, and technology, growing the production and adoption of electric vehicles. With the use of joint ventures and strategic alliances, businesses are splitting the cost of infrastructure creation, infrastructure maintenance, and infrastructure research, lowering the price of and increasing customer access to electric vehicles. For instance, NIO, a leading Chinese electric vehicle manufacturer, and Shell, a global energy company, jointly launched the first electric vehicle battery swap station in Europe in April 2023. This innovative service allows NIO EV owners to quickly exchange their depleted batteries for fully charged ones, eliminating the need for lengthy charging times. The battery swap station aims to enhance the convenience and accessibility of electric vehicle usage, further promoting the adoption of electric vehicles in Europe.
The global COVID-19 pandemic has had an impact on the European electric vehicle market, as lockdown procedures enacted in numerous important European nations have forced the closure of electric vehicle manufacturing facilities. Production, supply chains, and the general market were all affected by the limitations and closures. Electric vehicle availability was hampered as consumer demand couldn't be met quickly due to the temporary closure of manufacturing facilities.
The electric vehicle market in Europe is experiencing significant growth owing to the countries such as the UK and Germany, implementing favorable policies, incentives, and investments to promote the adoption of electric vehicles. With robust charging infrastructure, government support, and a growing awareness of environmental benefits, the electric vehicle market in these countries is expanding rapidly. The increased availability of electric vehicle models and improved range capabilities further contribute to the growth.
By Vehicle Type
Battery Electric Vehicles (BEVs)
Plug-in Hybrid Electric Vehicles (PHEVs)
Hybrid Electric Vehicles (HEVs)
By Propulsion Type
By End Use
Ford Motor Company
Mercedes-Benz Group AG.
BYD Company Ltd.
Hyundai Motor Company
MITSUBISHI MOTORS CORPORATION.
Nissan Motor Co., Ltd.
Volvo Car Corporation
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