Europe Electric Vehicle Market Trend

OREGAON, PORTLAND, UNITED STATES , September 14, 2023/EINPresswire.com/ -- 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.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/9741

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐬𝐜𝐞𝐧𝐚𝐫𝐢𝐨-

➡️The outbreak of the pandemic led to shut down of several manufacturing units across the continent, which in turn affected the Europe electric vehicle market. Also, unavailability of skilled labor force impacted the market negatively.
➡️However, as most of the countries in the region have come up with relaxations on the existing protocols, the market is anticipated to recoup soon.

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.

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.

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

𝐓𝐨𝐩 𝐊𝐞𝐲 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬:
Renault
Tesla
Mitsubishi
Nissan
BMW
Audi
Hyundai
Volvo
Volkswagen
Peugeot

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.

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.

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.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/9741

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.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬

https://www.alliedmarketresearch.com/electric-vehicle-market
https://www.alliedmarketresearch.com/off-highway-electric-vehicle-market-A08770
https://www.alliedmarketresearch.com/one-wheel-electric-scooter-market-A08744
https://www.alliedmarketresearch.com/luxury-car-market-A05980

David Correa
Allied Analytics LLP
+1 800-792-5285
email us here
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