(IT-NEWSWIRE.COM, July 29, 2022 ) According to a new market research report titled, “Europe Electric Vehicle Market by Vehicle Type (Passenger Vehicle, LCV, HCV, Two-wheeler, e-Scooters), Propulsion Type (BEV, FCEV, HEV), Power Output (Less Than 100kW, 100 kW to 250 kW), End Use, Charging Standard, and Country- Forecast to 2029”, the market is expected to record a CAGR of 44.6% from 2022 to 2029 to reach $1,951.51 billion by 2029 from $147.56 billion in 2022. By volume, this market is expected to grow at a CAGR of 27% from 2022 to 2029 to reach 53.75 million units by 2029.
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Electric vehicles use one or two electric traction motors for propulsion instead of a conventional transmission unit solely powered by an internal combustion engine. Traction motors are either powered by rechargeable battery packs or through an internal combustion engine that charges the vehicle's battery pack, which runs the traction motor and propels the vehicle. Such vehicles are known as hybrid electric vehicles.
The battery pack is recharged in electric vehicles by plugging into a charging station connected to the national power grid. Electric vehicles are used for private and public transportation, shared mobility, micro-mobility, logistics, and industrial applications. The adoption of electric vehicles is on the rise due to growing concerns regarding the negative environmental effects of vehicular emissions, supportive government initiatives to decarbonize transportation, and increasing efforts by major automotive OEMs to reduce greenhouse gas emissions and transform their product line-ups into green and clean environment-friendly vehicles.
The Europe EV market is segmented based on vehicle type, propulsion type, power output, charging standard, end use, and country. The study also evaluates industry competitors and analyses the market at the country level.
Based on vehicle type, the passenger vehicles segment is expected to account for the largest share of the Europe electric vehicles market in 2022. 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. Electric passenger vehicles are gaining popularity among consumers. Passenger vehicles are the most common mode of conveyance. Their low weight and spacious designs offer safety, reliability, and comfort. Automobile manufacturers are pooling their R&D resources to design and develop electric passenger vehicles to reduce emissions, improve design flexibility, achieve higher speed-to-weight ratios, and enable longer travel ranges on a single charge.
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Based on propulsion type, the hybrid electric vehicles segment is expected to account for the largest share of the Europe electric vehicle market in 2022. The large market share of this segment is attributed to the increasing need to reduce greenhouse gases, the growing requirement for clean mobility & transportation solutions, reductions in the cost of batteries, and stringent government regulations to limit carbon emissions from conventional vehicles. Automotive OEMs and government bodies are increasingly emphasizing lowering automotive emissions to reduce greenhouse gases and improve the fuel economy of vehicles. For instance, in 2019, BMW AG (Germany) announced plans to launch 25 hybrid electric vehicle models worldwide by 2023. Such initiatives and developments are further expected to support the growth of the HEVs segment, thereby fueling the growth of the overall EVs market in the coming years.
Based on power output, the less than 100 kW segment is expected to account for the largest share of the Europe electric vehicle market in 2022. 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 governments in Europe.
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In the automotive industry, power output refers to the amount of mechanical energy output generated by the electric vehicle motor within a given timeframe. Also, the power output impacts the vehicles’ acceleration, tractability, and ability to climb uphill. The adoption of electric mopeds & scooters is growing exponentially due to their eco-friendly nature, strict government regulations for carbon emissions, and growing use of e-scooters for micromobility services.
Based on end use, the private use segment is expected to account for the largest share of the Europe electric vehicle market in 2022. 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. The electric vehicles market has taken a huge leap forward in the past decade. Today, consumers are focused on better fuel efficiency, more power, and reduced CO2 emissions, thereby adopting EVs for personal use. Also, supportive government incentives to promote sales and manufacturing of EVs, tax rebates, and the decline in battery costs further drive the adoption of EVs among consumers for private use.
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Based on country, Germany is expected to account for the largest share of the Europe electric vehicle market in 2022. 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.
The German government has set a target to have 7 million to 10 million EV registrations by the end of 2030, which has forced manufacturers to increase their production, formulate new marketing strategies, and increase EVs in the country. Furthermore, the use of wireless EV charging systems carries a huge potential for growth in Germany since major automotive OEMs have started announcing the wireless EV charging capabilities of their luxury cars in the EV segment. For instance, Mercedes-Benz announced wireless charging for the S550e plug-in hybrid (PHEV) luxury sedan.
The German automotive manufacturers are investing heavily in zero-emission technology development. Since 2017, these manufacturers have invested over USD 5.17 billion in electric vehicle technology development. Moreover, leading automotive OEMs are heavily investing in developing the electric vehicle ecosystem. For instance, BMW invested USD 340 million in a Leipzig EV plant and USD 225 million in a Munich battery plant. The company has plans to introduce 12 new BEVs and 13 PHEVs in the coming years.
Some of the key players operating in the Europe electric vehicle market are BMW Group (Germany), Volkswagen AG (Germany), AB Volvo (Sweden), Mercedes-Benz Group AG (Germany), Alcraft Motor Company Ltd. (U.K.), Groupe Renault (France), Stellantis N.V. (Netherlands), DAF Trucks N.V. (Netherlands), Iveco S.p.A. (Italy), and Volta Trucks AB (Sweden).