The European electric vehicle market is projected to grow at a significant CAGR of more than 18.0% during the forecast period (2019-2025). The factors that propel the growth of the market include the rising sales of electric vehicles by the companies, new EV models, and the rising need for future energy requirements. In November 2020, the Renault electric vehicle sales were 95,985 units, an increase of 80% as compared to 2019. In addition, Renaults ZOE, a third-generation model launched in 2019. Renault ZOE is the most selling electric vehicle in Europe. In 2020, 102,868 ZOE were sold which includes sales of 21,504 EV in December 2020.
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Furthermore, in July 2019, as per the report of the European Federation of Transport and Environment, the rising need for future energy requirements driving the number of electric car models, and in the European market, it will be triple within the next three years. EU carmakers were offering 60 EV models in 2018 while it will be offering 214 EV models in 2021. Carmakers will bring 92 fully electric vehicle models and 118 plug-in hybrid models in 2021.
Apart from it, the charging stations are also growing in the EU. For instance, in 2019 there were 211,438 public charging stations for EVs in Europe. Moreover, 16 large-scale lithium-ion battery plants will come online in Europe by 2023 and this will produce 131 GWh of battery. In January 2021, Royal Dutch Shell signed an agreement to buy 100% of Ubitricity, a European charging provider for EV’s, to move into low carbon transport. Thus, the companies are investing more for low emission and for developing the EV market in Europe.
Market Coverage
Key Questions Addressed by the Report
European Electric Vehicle Market Report Segment
By Vehicle type
By Propulsion Technology
By Battery Type
European Electric Vehicle Market- Countries Covered