Europe Electric Vehicle to cross the market size of USD 100 Billion by 2025- Actual Market Research

In the report titled ‘Europe Electric Vehicle Market Outlook, 2025’ by Actual Market Research, the top three countries in the region are Germany, the UK, and Norway, which together account for a market of approximately 30%, with Norway being the highest shareholder. Norway became the first country in the world in March 2014, where one in every 100 passenger cars was an electric plug-in. The total market accounted for USD 9.47 Billion in the year 2014 and is expected to cross USD 100 Billion by the end of the year 2025. In Germany, electric cars made up only 1.8% of new passenger car registrations last year, with diesel and petrol cars accounting for 32% and 59.2% respectively.

The governments support the wide deployment of electric vehicles in the region, by extending the grant scheme with a substantial grant for boosting the adoption of ultra-low emission vehicles. In 2019, almost 60% of the cars sold were electric-powered, thus making it possible for the passenger vehicle market to rule the market. The commercial electric vehicle segment is expected to reach over a market value of 100 Thousand Units by the forecasted period and was recorded at 9.81 Thousand Units in 2019.

To guarantee a seamless charging infrastructure, the region has 271337 public EV charging points, with an uneven geographic distribution. Out of this, only 10% were the super fast charging points in 2019. The resulting lack of fast charging stations makes consumers concerned about the lack of charging options, thus forestalling the development of a functioning market. The Volkswagen Group plans to invest approx of USD 72 Billion in the development, including areas of hybridization, electric mobility, and digitalization between 2020 and 2024.

In the European Market by volume, the BEV segment contributed 46.28% in the year 2019 and the PHEV held a major share with a CAGR of over 35%. Customer demand for electric cars has been constrained by concerns about the limited operating range of vehicles. The market scenario is expected to change by the forecasted period, with the BEV segment ruling the market, with a market value of over USD 60 Billion. Europe represents the largest share of around 0.6 million of the charging points, corresponding to a connectivity penetration rate of 46%.