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Europe Electric Car Market Segmentation by Car Type, Battery Technology, Geography, Growth and Demand Including Key Players (General Motors, Volvo, Nissan, Mercedes, Toyota) | Forecast 2025
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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. Government regulations to support electric cars would continue to benefit the market over the forecast period.
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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. Moreover, the deployment of the recharging stations is uneven with negligible stations in the eastern European countries. Fast rollout of recharging stations would be an important factor for the electric car industry in this region.
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.
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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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