Europe Electric Vehicle Market Overview
Europe Electric Vehicle Market report comprehensively covers the Market by vehicle types and countries. The report provides an unbiased and detailed analysis of the ongoing trends, opportunities/ high growth areas, and market drivers, which would help stakeholders to devise and align their market strategies according to the current and future market dynamics.
According to 6Wresearch, the Europe Electric Vehicle Market size is projected to grow at a CAGR of 29.1% during 2021-2027. Despite the worldwide pandemic of the novel coronavirus, the electric vehicle market in Europe has grown exponentially on the account of growing environmental awareness combined with the incentives provided by the governments such as lower purchase price of EVs, exemption from tax, and other local benefits. Furthermore, stringent emission norms such as the ban on ICE cars are giving consumers an option to switch towards electric vehicles which are likely to propel the EV Market Share In Europe in the forecast period. Additionally, the French government has also launched the “Advenir” program under which subsidies can be granted for installing charging points on road like a tax credit of 300 on the purchase and installation of an EV charger at the main residence. Companies can get a subsidy of up to 40% and condominiums (apartment blocks) can get a subsidy of up to 50% on the purchase and installation cost of the EV charging point, which would again be a growth proliferator for EV Market In Europe in the coming future. Growing penetration towards reducing the carbon emission coupled with improvement in lifestyle due to the rise in disposable income is driving the EV Market Share in Europe.
Market Analysis by Countries
Notably, based on country, Germany's electric vehicle Market comprised the biggest Market share in the electric vehicle market of Europe in 2020. Owing to the high disposable income and growing acceptance of the electric vehicle. Additionally, growing government and environmental agencies initiatives that encourage consumers to opt for electric vehicles are likely to drive the Market in the upcoming years.
Key Highlights of the Report
- Europe Electric Vehicle Market Overview
- Europe Electric Vehicle Market Outlook
- Europe Electric Vehicle Market Forecast
- Market Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
- Historical Data and Forecast of Europe Electric Vehicle Market Revenues By Vehicle Types and Countries for the Period 2017-2027F
- Market Drivers
- Market Restraints
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