Europe EV Market Accelerates with Projected $143 Billion Market Size by 2027 | AMR

According to a recent report published by Allied Market Research, titled, "Europe Electric Vehicle Market by Type, and Vehicle Type: Opportunity Analysis and Industry Forecast, 2020-2027", the Europe electric vehicle market was valued at $25.49 billion in 2019, and is projected to reach $143.09 billion by 2027, registering a CAGR of 25.4% from 2020 to 2027.

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.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/A09376

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

Renault,
Tesla,
Mitsubishi,
Nissan,
BMW,
Hyundai,
Volvo,
Volkswagen,
Peugeot,
Audi.

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.

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

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.

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.

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :

Due to COVID-19 pandemic, the Europe electric vehicle market has been affected as the supply chain has been disrupted.
Due to the imposed lockdown, electric vehicle manufacturing units across the Europe have halted their production, which has affected the demand of the Europe electric vehicle across the region.
The unavailability of skilled labor has also affected the Europe electric vehicle market as people preferred to maintain social distancing and avoid travelling due to restrictions; thus, affecting the production of the electric vehicles.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/A09376

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

In 2019, by type, the BEV segment generated the highest revenue.

In 2019, by vehicle type, the passenger cars segment was the highest revenue contributor.

In 2019, country-wise, Germany contributed the highest revenue, followed by other European countries.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Europe Road Freight Transportation Market
https://www.alliedmarketresearch.com/europe-road-freight-transportation-market-A10861

Electric Vehicle (EV) Transmission Market
https://www.alliedmarketresearch.com/electric-vehicle-transmission-market

Light Commercial Vehicle (LCV) Market
https://www.alliedmarketresearch.com/light-commercial-vehicle-market-A11794

Reverse Logistics Market
https://www.alliedmarketresearch.com/reverse-logistics-market

Inland Vessels market
https://www.alliedmarketresearch.com/inland-vessel-market-A13092

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.