Europe Automotive Vehicle Market is expected to reach 21.59 Million Units by 2030, Propelled by Electric & Mild Hybrid Vehicle Growth

According to the report by Renub Research, titled “Europe Automotive Vehicle Market Forecast 2021-2030, Share, Insight, Growth, Impact of COVID-19, Opportunity Company Analysis” the Europe Automotive Vehicle Market size reached a value of 15.49 Million Unites in 2020. The European automotive industry continues to be a huge success for increasingly time efficient, safer, and more affordable. The automotive vehicle industry is crucial for Europe's prosperity. The European automobile industry has a long tradition in development and production. Among its specific attributes belong an undoubtedly high level of technology, the emphasis on safety, and greater sensitivity to the environment. The automotive vehicle industry has been one of the fastest-growing branches of the manufacturing industry over the last decade in Europe.

Automotive Industry is one the Biggest Employment Generator in Europe

Further, the EU is among the world's biggest producers of motor vehicles, and the sector represents the most significant private investor in research and development (R&D). To strengthen the competitiveness of the EU automotive vehicle industry and preserve its global technological leadership, the automobile industry is supported by several factors such as the availability of robust R&D centers, skilled labor at low cost, and low-cost steel production. As per European Commission in 2021, the automotive vehicle sector grants direct and indirect jobs to 13.8 Million Europeans, representing 6.1% of total EU employment. More than 2.6 Million People operate in the direct manufacturing of motor vehicles, representing 8.5 % of EU employment in manufacturing.

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Electric Vehicles are Future of Automotive Industry in Europe

The industry's principal categories include Electric Vehicle (EV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Mild Hybrid Electric Vehicle (MHEV), Natural Gas Vehicle (NGV), Fuel Cell Electric Vehicle (FCEV), Diesel Vehicle and Petrol Vehicle. The Mild Hybrid Electric Vehicle represents a technological leap in the European automotive vehicle market. MHEVs bring higher efficiency and lower running costs to flaming engines and could therefore provide promising opportunities for suppliers, OEMs, and customers until electric power train becomes ubiquitous. Also, European consumers' new habit of using tailored solutions for each purpose will lead to specialized vehicles designed for particular necessities.

Furthermore, the adoption of plug-in electric vehicles ((PHEV) in Europe is actively encouraged by the European Union and several national, provincial, and regional governments in Europe. Various policies have been built to accommodate direct financial support to customers, subsidies for the deployment of charging infrastructure-monetary incentives and manufacturers and long term regulations with specific targets. As per findings, Europe wills registration new plug-in hybrid electric vehicles (PHEVs) under 200,000 units in 2021.

COVID-19 Impact on European Automotive Industry

The impact of COVID-19 has been widely visible across all the automotive vehicle industries around Europe. Although some sectors are struggling due to the pandemic, the automotive vehicle industry has seen a massive fall in demand for new cars during the lockdown period, and it is also due to travel restrictions. The corona virus (COVID-19) pandemic has brought the decade of expansion in the European automotive industry to an abrupt standstill. While, there have been more job cuts behind the sector, with plants and suppliers closing down in countries where the sales are slowest to recover.

Companies Performance

In addition, the European automotive vehicle market is moderately consolidated with existing players such as Toyota Motor Volkswagen, Corporation, Daimler AG, Ford Motor Company and Honda Motor Company. As the demand for the automotive vehicle is growing in the region, the automotive manufacturers are trying to edge over their competitors by making joint ventures, partnerships and launching new products with advanced technology. For instance, in 2021, the Volkswagen brand plans to double the share of full-electric vehicles more than will have in its European sales by 2030, in a bid to accelerate the automaker's shift toward battery-powered cars.

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Market Summary

By Category – Report covers by category in the European automotive vehicle market breakup by 8 viewpoints

1. (Electric Vehicle (EV),
2. Hybrid Electric Vehicle (HEV),
3. Plug-in Hybrid Electric Vehicle (PHEV),
4. Mild Hybrid Electric Vehicle (MHEV),
5. Natural Gas Vehicle (NGV),
6. Fuel Cell Electric Vehicle (FCEV),
7. Diesel Vehicle and Petrol Vehicle)

All the key players have been covered from 3 (Overview, Recent Development, Revenue Analysis) Viewpoints Volkswagen, Toyota Motor Corporation, Daimler AG, Ford Motor Company and Honda Motor Company)

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