Press release
Europe Electric Vehicle Market Size to reach $143.09 billion by 2027 Accelerating at a CAGR of 25.4%
Europe Electric Vehicle Market Trend
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ - https://www.alliedmarketresearch.com/request-sample/9741
๐๐๐๐๐-๐๐ ๐ฌ๐๐๐ง๐๐ซ๐ข๐จ-
โก๏ธThe outbreak of the pandemic led to shut down of several manufacturing units across the continent, which in turn affected the Europe electric vehicle market. Also, unavailability of skilled labor force impacted the market negatively.
โก๏ธHowever, as most of the countries in the region have come up with relaxations on the existing protocols, the market is anticipated to recoup soon.
Europe is swiftly emerging as a global hotspot, owing to tremendous growth in the electric vehicle (EV) market across prominent countries such as Germany, France, Spain, Italy, and the UK. The announcement of subsidies by several national governments is anticipated to propel the growth of the electric vehicles market in Europe over the forecast timeframe. For instance, in 2020 r, the German government declared a tax cut by 3% on EVs purchased between July 2020 and December 2020. The government also announced a 10-year tax exemption with EVs costing less than $49,084 to qualify for $11,043.9 subsidy until December 2021. France provides subsidies up to $8,589.7 for families buying EVs costing less than $55,219.5.
The UK offers VAT and road tax exemption for carbon-neutral vehicles along with a grant worth $3,681.3 for vehicles that cost less than $61,355. Each country in the EU 27 and the UK, except Lithuania, provides tax reductions, subsidies, or a mixture of both. The incentives provided by the European governments have pushed the adoption rate of electric vehicles across Europe and are anticipated to offer lucrative opportunities for the electric vehicle market over the years.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ - https://www.alliedmarketresearch.com/europe-electric-vehicle-market/purchase-options
๐๐จ๐ฉ ๐๐๐ฒ ๐๐จ๐ฆ๐ฉ๐๐ง๐ข๐๐ฌ:
Renault
Tesla
Mitsubishi
Nissan
BMW
Audi
Hyundai
Volvo
Volkswagen
Peugeot
Germany dominates the market in terms of revenue, followed by other European countries such as UK, Netherlands, France, Spain, Belgium, Italy, Portugal and rest of Europe.
Spain has lowered the tax by 75% for EVs in major cities, such as Barcelona and Madrid, and has launched a system that backs the purchase of EVs offering $4,908.4 - $6,135.5 subsidies. In Italy, EVs are exempted from taxes for 5 years from registration and get a 75% cut in tax after that. Under the bonus-malus scheme, Italy offers subsidies up to $7,362.6/car releasing less than 70 grams of CO2/km.
๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ, ๐ซ๐๐ฌ๐ญ๐ซ๐๐ข๐ง๐ญ๐ฌ, ๐๐ง๐ ๐จ๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ-
Rise in demand for fuel-efficient, high-performance, and low-emission vehicles and stringent government rules & regulations toward vehicle emission drive the growth of the Europe electric vehicle market. On the other hand, high manufacturing cost and insufficient electric vehicle charging infrastructure in Europe impede the growth to some extent. However, proactive government initiatives and technological advancements are expected to create lucrative opportunities in the industry.
๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.alliedmarketresearch.com/purchase-enquiry/9741
๐๐๐ฒ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐๐ ๐๐ก๐ ๐๐ญ๐ฎ๐๐ฒ
โก๏ธIn 2019, by type, the BEV segment generated the highest revenue.
โก๏ธIn 2019, by vehicle type, the passenger cars segment was the highest revenue contributor.
โก๏ธIn 2019, country-wise, Germany contributed the highest revenue, followed by other European countries.
๐๐ข๐ฆ๐ข๐ฅ๐๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ
https://www.alliedmarketresearch.com/electric-vehicle-market
https://www.alliedmarketresearch.com/off-highway-electric-vehicle-market-A08770
https://www.alliedmarketresearch.com/one-wheel-electric-scooter-market-A08744
https://www.alliedmarketresearch.com/luxury-car-market-A05980
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