Press release
Meticulous Research® Forecasts Robust Growth in Europe's Electric Vehicle Market
The European EV market is poised for exponential growth, with Meticulous Research® forecasting a staggering Compound Annual Growth Rate (CAGR) of 44.6% during the forecast period spanning 2022 to 2029. Valued at USD 147.56 billion in 2022, this market is projected to soar to USD 1,951.51 billion by 2029, accompanied by a robust volume surge to 53.75 million units.
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Driving this remarkable expansion are a confluence of factors, including supportive governmental policies, escalating environmental concerns, and a widespread embrace of electric mobility solutions throughout Europe. The report highlights the pivotal role of government initiatives, alongside the escalating demand for electric vans, trucks, and shared mobility solutions, in fueling market growth. Nonetheless, challenges such as range anxiety and the high upfront costs of EVs present hurdles to be overcome.
Diving deeper into market segmentation, the report dissects the European EV landscape across various parameters, providing invaluable insights for stakeholders. Key segments include vehicle types (passenger vehicles, light commercial vehicles, heavy commercial vehicles, two-wheelers, and e-scooters & bikes), propulsion types (battery electric vehicles, hybrid electric vehicles, and fuel cell electric vehicles), power output categories, charging standards, end-use applications, and country-specific analyses.
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In 2022, passenger vehicles emerge as the dominant segment, driven by favorable government policies, increasing awareness of emission reduction imperatives, and proactive OEM participation. However, the light commercial vehicles segment is poised for the highest growth trajectory, fueled by heightened awareness of emission reduction imperatives and stringent regulatory frameworks.
Across propulsion types, while hybrid electric vehicles currently lead the market, fuel cell electric vehicles are poised for accelerated growth, buoyed by their low carbon footprint and fast-refueling advantages.
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The report also underscores the significance of power output categories and end-use applications, delineating evolving trends and growth trajectories within these segments. Additionally, it provides comprehensive analyses at the country level, spotlighting market dynamics in key European nations such as Germany and Sweden.
Noteworthy players in the European EV landscape include stalwarts like BMW Group, Volkswagen AG, AB Volvo, and Mercedes-Benz Group AG, alongside innovative entrants like Al craft Motor Company Ltd. and Volta Trucks AB.
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We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition. Through our mixed bag of research offerings - syndicated research, custom research, and analyst engagement - we enable smart decision making to enhance business performance for global organizations. Our focus is also on finding answers to the challenging questions that global business leaders face on a daily basis. Each year, we deliver more than 300 syndicate studies and 60+ consulting projects across eight industry verticals in 20+ geographic markets.
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