Press release
Europe Electric Vehicle Market Accelerates Towards $395.56 Billion by 2030, Driven by Innovation and Strategic Alliances
Europe Electric Vehicle Market
The European electric vehicle (EV) market is experiencing a significant surge, projected to grow from USD 165.12 billion in 2023 to nearly USD 395.56 billion by 2030, at a CAGR of 13.29%. This growth is fueled by advancements in battery technology, expansion of charging infrastructure, and supportive government policies.
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◆ Competitive Landscape and Regional Demand
Germany leads the European EV market, holding a 31.9% share in 2024, supported by a robust manufacturing base and strong policy incentives, including subsidies up to €9,000 for new EV purchases. The United Kingdom follows closely, with a projected CAGR of 16.3% through 2031. The passenger vehicle segment dominates, expected to record a CAGR of 15.2% through 2031. Vehicles with a range of 301 to 500 km are projected to grow at a CAGR of 16.4% in the same period.
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Country-Specific Developments
EV Updation in South Korea
South Korea continues to invest in EV technology and infrastructure, with companies like Hyundai and Kia expanding their electric vehicle lineups. The government supports this growth through subsidies and the development of charging networks.
Electrification Opportunities in Singapore
Singapore is promoting EV adoption through incentives and infrastructure development. The government plans to phase out internal combustion engine vehicles by 2040, creating opportunities for EV manufacturers and service providers.
EV Updation in Europe
Chinese EV manufacturer BYD has launched its premium Denza brand in Europe to bolster its regional expansion. The company plans to commence European sales of the electric 1,000 hp Z9 GT sport wagon at the end of 2025, followed by a hybrid version in early 2026.
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◆ Europe Electric Vehicle Market Segmentation
○ by Propulsion Type
Hybrid Vehicles
Pure Hybrid Vehicles
Plug-in Hybrid Vehicles
Battery Electric Vehicles
Fuel Cell Electric Vehicles
○ by Power Output
Less Than 100 kW
100 kW to 250 kW
○ by End Use
Private Use
Commercial Use
○ by Country
Germany
France
U.K.
Italy
Spain
Sweden
Others
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◆ Europe Electric Vehicle Market Key Players
1. Tesla
2. Renault
3. Hyundai Motor Company
4. Volkswagen AG
5. Kia Corporation
6. Mercedes-Benz,
7. Ford
8. BYD Compay Ltd.
9. Solaris Bus & Coach sp. z o.o.
10. Volvo
11. Ebusco
12. Diamler
13. Zero Motorcycles, Inc.
14. Niu International
15. Evoke Electric Motorcycles (HK) Ltd.
16. Horwingloba
17. Harley-Davidson, Inc.
18. VanMoof
19. Cowboy
20. Giant Bicycles
21. myStromer AG
22.Yamaha Motor
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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