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Get Europe Electric Car Market by Type (Battery, Hybrid, Plug-in Hybrid), by Technology (Sealed Lead Acid, Li-ion, Ni-MH), by Voltage (Low, Medium, High) by Geography (Germany, U.K., France, Netherlands, Italy, Belgium, Spain)
Europe Electric Car Market
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Stringent government regulations to curb pollution levels and reduce the dependence on expensive fossil fuel is driving the growth of electric car market in Europe. Netherland and Norway have banned the sales of fossil fuelled powered cars by 2025. Other countries such as Germany has also passed a resolution to ban the sales of conventional cars by 2030.
The growing environmental awareness is encouraging people to opt for electric cars. The European customers are also less cost sensitive and more adaptive to the latest technologies. Growing environmental awareness would continue to encourage more people to opt for electric cars over the forecast period.
The recharging stations in Europe is still not developed to support the growing sales of electric cars in the region. There were more than 20,000 recharging stations in the region in 2013, most of them installed by public sector utilities. The recharging stations are growing but still focused in the key European cities.
The value chain of electric vehicles is still underdeveloped in Europe. Apart from the recharging stations, the value chain includes the battery manufacturing, procurement and sourcing of various parts used in an electric car.
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The competition in the European market is expected to increase in future, with leading car manufacturers planning to replace their conventional cars with the electric ones. Country regulations such as banning fossil fuel powered vehicles in heavy polluted areas are also encouraging the car companies to shift towards electric cars. For instance, Volkswagon has plans to increase the share of its electric cars to 20-25% by 2025. Some of the major players in the European electric car market includes big international car manufacturing companies such as General Motors, Volvo, Nissan, Mercedes, Toyota.
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