Exploring the Growth Trajectory : Europe's Electric Vehicle Market Forecasted to Hit $143.Billion by 2027

Allied Market Research published a report, titled, "Europe Electric Vehicle Market by Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Mild Hybrid Electric Vehicle (MHEV), and Extended Range Electric Vehicle (E-REV)), and Vehicle Type (Passenger Cars and Commercial Vehicles): Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the Europe electric vehicle industry was estimated at $25.48 billion in 2019 and is anticipated to hit $143.08 billion by 2027, registering a CAGR of 25.4% from 2020 to 2027.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/A09376

Drivers, restraints, and opportunities-

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.

Europe Electric Vehicle Market Trends:

Companies such as Ford Motor and General Motors, which conquer the high-performance truck market, provide various electric high-performance trucks. These trucks have a robust electric power system and an extraordinary interior with additional extravagance capabilities, together with touch screens, panoramic glass, and leather seats.

For instance, in July 2022, Ford added the F-150 Raptor R, as a way to use a 5.2-liter V8 engine with 700 horsepower. This launch responds to the customer's demand for a Raptor prepared with a V8 engine (8-cylinder piston engine). Ford's new F-150® RAPTOR® R keeps a few similarities to its forerunners but offers heightening performance. In order to obtain a 45% lower in CO2 emissions by 2030, it is going to be important to have over 400,000 vehicles that produce carbon neutrality on the road, and there need to be at least 100,000 new zero-emission trucks enrolled each year. As a result, the increase of high-performance trucks in the market can be boosted by various government tasks and policies.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 - https://www.alliedmarketresearch.com/europe-electric-vehicle-market/purchase-options

The BEV segment to maintain the dominant share-

Based on type, the BEV segment contributed to more than three-fifths of the Europe electric vehicle market share in 2019, and is projected to rule the roost by the end of 2027. This is attributed to advantages such as changing perception toward the adoption of electric vehicles. The HEV segment, on the other hand, would register the fastest CAGR of 32.9% during the forecast period. The electric power train system present in hybrid electric vehicles is used to enhance fuel efficiency and to improve performance as compared to internal combustion vehicles. This factors propels the segment growth.

The passenger cars segment to dominate by 2027-

Based on vehicle type, the passenger cars segment accounted for more than four-fifths of the Europe electric vehicle market revenue in 2019, and is anticipated to lead the trail by 2027. Developments carried out by different vehicle manufacturers related to electric vehicles drive the growth of the segment. Simultaneously, the commercial vehicles segment would manifest the fastest CAGR of 29.2% throughout the forecast period. Increased demand for zero-emission vehicles propels the segment growth.

Germany garnered the major share in 2019 -

Based on region, Germany garnered the major share in 2019, holding nearly one-fifth of the Europe electric vehicle market, due to rise in government initiatives to promote electric vehicles in the region. Simultaneously, Portugal would exhibit the fastest CAGR of 34.9% from 2020 to 2027, owing to the rise in disposable income and increasing environment concerns to reduce the pollution.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/A09376

Key players in the industry-

Renault
Tesla
Mitsubishi
Nissan
BMW
Audi
Hyundai
Volvo
Volkswagen
Peugeot

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

https://www.alliedmarketresearch.com/electric-vehicle-market - Global Opportunity Analysis and Industry Forecast, 2021-2030

https://www.alliedmarketresearch.com/low-speed-electric-vehicles-market - Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/off-highway-electric-vehicle-market-A08770 - Global Opportunity Analysis and Industry Forecast, 2021-2031

https://www.alliedmarketresearch.com/one-wheel-electric-scooter-market-A08744 - Global Opportunity Analysis and Industry Forecast, 2019-2031

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬
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