Europe Electric Vehicle Market by Product Type, End-Use, and Country-wise Insights: Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2024-2031

Description

Persistence Market Research has recently released a comprehensive report on the European electric vehicle (EV) market. The report offers a thorough assessment of crucial market dynamics, including drivers, trends, opportunities, and challenges, providing detailed insights into the market structure. This research publication presents exclusive data and statistics outlining the anticipated growth trajectory of the European electric vehicle market from 2024 to 2031.

Key Insights:

Europe Electric Vehicle Market Size (2024E): US$174.2 Bn
Projected Market Value (2031F): US$489.3 Bn
Global Market Growth Rate (CAGR 2024 to 2031):15.9%

Europe Electric Vehicle Market - Report Scope:

Europe Electric vehicles are increasingly recognized as a sustainable alternative to traditional internal combustion engine vehicles, contributing to reduced greenhouse gas emissions and improved air quality. This market encompasses battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs). The European electric vehicle market is supported by various segments, including passenger cars, commercial vehicles, and two-wheelers, and is fueled by government incentives, advancements in charging infrastructure, and increasing consumer demand for eco-friendly transportation solutions.

Market Growth Drivers:

The European electric vehicle market is propelled by several key factors, including stringent emissions regulations imposed by governments across the region. The European Union's commitment to reducing carbon emissions has resulted in a surge in electric vehicle adoption, supported by various incentive programs and subsidies. Additionally, advancements in battery technology, which enhance driving range and reduce charging times, are driving consumer interest in EVs. The increasing availability of fast-charging networks and public charging stations further facilitates market growth, making electric vehicles more accessible to consumers. Moreover, growing awareness about environmental sustainability and the shift towards renewable energy sources contribute to the rising demand for electric vehicles in Europe.

Market Restraints:

Despite promising growth prospects, the European electric vehicle market faces challenges related to high initial purchase costs, limited charging infrastructure in certain areas, and concerns about battery life and recycling. The upfront costs of electric vehicles can be higher than traditional vehicles, which may deter some consumers, particularly in emerging markets. Furthermore, the uneven distribution of charging stations across urban and rural areas can create barriers to adoption. Addressing these challenges requires continued investment in charging infrastructure and battery recycling initiatives to enhance consumer confidence in electric vehicles.

Market Opportunities:

The European electric vehicle market presents significant growth opportunities driven by technological innovations, demographic trends, and evolving consumer preferences. The integration of smart grid technologies and vehicle-to-grid (V2G) solutions can enhance energy efficiency and optimize charging processes. Furthermore, the expanding application of electric vehicles in commercial fleets, public transportation, and last-mile delivery services broadens the market scope. Strategic partnerships between automakers, technology companies, and charging infrastructure providers are essential to capitalize on emerging opportunities and sustain market leadership in this dynamic landscape.

Key Questions Answered in the Report:

What are the primary factors driving the growth of the electric vehicle market in Europe?
Which vehicle types and segments are driving electric vehicle adoption across different regions?
How are technological advancements reshaping the competitive landscape of the electric vehicle market?
Who are the key players contributing to the electric vehicle market, and what strategies are they employing to maintain market relevance?
What are the emerging trends and future prospects in the European electric vehicle market?

Competitive Intelligence and Business Strategy:

Leading players in the European electric vehicle market, including Volkswagen AG, BMW AG, and Renault S.A., focus on innovation, product differentiation, and strategic partnerships to gain a competitive edge. These companies invest in R&D to develop advanced electric vehicle technologies, including next-generation batteries, autonomous driving systems, and enhanced charging solutions. Collaborations with government agencies, utility companies, and technology firms facilitate market access and promote technology adoption. Moreover, a strong emphasis on sustainability, including the use of recyclable materials and eco-friendly manufacturing processes, fosters market growth and enhances brand loyalty among environmentally conscious consumers.

Key Companies Profiled:

Volkswagen AG
BMW AG
Renault S.A.
Tesla, Inc.
Audi AG
Ford Motor Company
Nissan Motor Corporation
Hyundai Motor Company
Kia Corporation
Daimler AG

Electric Vehicle Market Segmentation

By Vehicle Type

Passenger Vehicle
Light Commercial Vehicle
Heavy Commercial Vehicle

By Propulsion Type

BEV
HEV
PHEV
FCEV

By Range

Upto 150 Km
151 to 300 Km
301 to 500 Km
Above 500 Km

By Country

Germany
Italy
France
U.K.
Spain
Turkiye
Russia
Rest of Europe

Product Code: PMRREP34859

1. Executive Summary

1.1. Europe Electric Vehicle Market Snapshot, 2024-2031
1.2. Market Opportunity Assessment, 2024-2031, US$ Mn
1.3. Key Market Trends
1.4. Future Market Projections
1.5. Premium Market Insights
1.6. Industry Developments and Key Market Events
1.7. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definition
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Challenges
- 2.2.5. Key Trends
2.3. Macro-Economic Factors
- 2.3.1. Europe Sectorial Outlook
- 2.3.2. Europe GDP Growth Outlook
2.4. COVID-19 Impact Analysis
2.5. Forecast Factors - Relevance and Impact

3. Value Added Insights

3.1. Vehicle Type Adoption Analysis
3.2. Disease Epidemiology
3.3. Regulatory Landscape
3.4. Value Chain Analysis
3.5. Key Deals and Mergers
3.6. PESTLE Analysis
3.7. Porter's Five Force Analysis

4. Price Analysis, 2024A

4.1. Key Highlights
4.2. Key Factors Impacting Vehicle Type Prices
4.3. Pricing Analysis, By Vehicle Type
4.4. Regional Prices and Vehicle Type Preferences

5. Europe Electric Vehicle Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

5.1. Key Highlights
- 5.1.1. Market Volume (Units) Projections
- 5.1.2. Market Size (US$ Bn) and Y-o-Y Growth
- 5.1.3. Absolute $ Opportunity
5.2. Market Size (US$ Bn) Analysis and Forecast
- 5.2.1. Historical Market Size (US$ Bn) Analysis, 2019-2023
- 5.2.2. Current Market Size (US$ Bn) Analysis and Forecast, 2024-2031
5.3. Europe Electric Vehicle Market Outlook: Vehicle Type
- 5.3.1. Introduction / Key Findings
- 5.3.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Vehicle Type, 2019-2023
- 5.3.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Vehicle Type, 2024-2031
  - 5.3.3.1. Passenger Vehicle
    - 5.3.3.1.1. Compact Cars
    - 5.3.3.1.2. Midsize Cars
    - 5.3.3.1.3. SUV's
    - 5.3.3.1.4. Luxury Vehicles
  - 5.3.3.2. Light Commercial Vehicle
  - 5.3.3.3. Heavy Commercial Vehicle
- 5.3.4. Market Attractiveness Analysis: Vehicle Type
5.4. Europe Electric Vehicle Market Outlook: Propulsion Type
- 5.4.1. Introduction / Key Findings
- 5.4.2. Historical Market Size (US$ Bn) Analysis, By Propulsion Type, 2019-2023
- 5.4.3. Current Market Size (US$ Bn) Analysis and Forecast, By Propulsion Type, 2024-2031
  - 5.4.3.1. BEV
  - 5.4.3.2. HEV
  - 5.4.3.3. PHEV
  - 5.4.3.4. FCEV
- 5.4.4. Market Attractiveness Analysis: Propulsion Type
5.5. Europe Electric Vehicle Market Outlook: Range
- 5.5.1. Introduction / Key Findings
- 5.5.2. Historical Market Size (US$ Bn) Analysis, By Range, 2019-2023
- 5.5.3. Current Market Size (US$ Bn) Analysis and Forecast, By Range, 2024-2031
  - 5.5.3.1. Upto 150 Km
  - 5.5.3.2. 151 to 300 Km
  - 5.5.3.3. 301 to 500 Km
  - 5.5.3.4. Above 500 Km
- 5.5.4. Market Attractiveness Analysis: Range

6. Europe Electric Vehicle Market Outlook: Region

6.1. Key Highlights
6.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis, By Region, 2019-2023
6.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Region, 2024-2031
- 6.3.1. Germany
- 6.3.2. Italy
- 6.3.3. France
- 6.3.4. U.K.
- 6.3.5. Spain
- 6.3.6. Turkiye
- 6.3.7. Russia
- 6.3.8. Rest of Europe
6.4. Market Attractiveness Analysis: Region

7. Germany Electric Vehicle Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

7.1. Key Highlights
7.2. Historical Market Size (US$ Bn) Analysis, By Market, 2019-2023
- 7.2.1. By Vehicle Type
- 7.2.2. By Propulsion Type
- 7.2.3. By Range
7.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Vehicle Type, 2024-2031
- 7.3.1. Passenger Vehicle
  - 7.3.1.1. Compact Cars
  - 7.3.1.2. Midsize Cars
  - 7.3.1.3. SUV's
  - 7.3.1.4. Luxury Vehicles
- 7.3.2. Light Commercial Vehicle
- 7.3.3. Heavy Commercial Vehicle
7.4. Current Market Size (US$ Bn) Analysis and Forecast, By Propulsion Type, 2024-2031
- 7.4.1. BEV
- 7.4.2. HEV
- 7.4.3. PHEV
- 7.4.4. FCEV
7.5. Current Market Size (US$ Bn) Analysis and Forecast, By Range, 2024-2031
- 7.5.1. Upto 150 Km
- 7.5.2. 151 to 300 Km
- 7.5.3. 301 to 500 Km
- 7.5.4. Above 500 Km
7.6. Market Attractiveness Analysis

8. Italy Electric Vehicle Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

8.1. Key Highlights
8.2. Historical Market Size (US$ Bn) Analysis, By Market, 2019-2023
- 8.2.1. By Vehicle Type
- 8.2.2. By Propulsion Type
- 8.2.3. By Range
8.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Vehicle Type, 2024-2031
- 8.3.1. Passenger Vehicle
  - 8.3.1.1. Compact Cars
  - 8.3.1.2. Midsize Cars
  - 8.3.1.3. SUV's
  - 8.3.1.4. Luxury Vehicles
- 8.3.2. Light Commercial Vehicle
- 8.3.3. Heavy Commercial Vehicle
8.4. Current Market Size (US$ Bn) Analysis and Forecast, By Propulsion Type, 2024-2031
- 8.4.1. BEV
- 8.4.2. HEV
- 8.4.3. PHEV
- 8.4.4. FCEV
8.5. Current Market Size (US$ Bn) Analysis and Forecast, By Range, 2024-2031
- 8.5.1. Upto 150 Km
- 8.5.2. 151 to 300 Km
- 8.5.3. 301 to 500 Km
- 8.5.4. Above 500 Km
8.6. Market Attractiveness Analysis

9. France Electric Vehicle Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

9.1. Key Highlights
9.2. Historical Market Size (US$ Bn) Analysis, By Market, 2019-2023
- 9.2.1. By Vehicle Type
- 9.2.2. By Propulsion Type
- 9.2.3. By Range
9.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Vehicle Type, 2024-2031
- 9.3.1. Passenger Vehicle
  - 9.3.1.1. Compact Cars
  - 9.3.1.2. Midsize Cars
  - 9.3.1.3. SUV's
  - 9.3.1.4. Luxury Vehicles
- 9.3.2. Light Commercial Vehicle
- 9.3.3. Heavy Commercial Vehicle
9.4. Current Market Size (US$ Bn) Analysis and Forecast, By Propulsion Type, 2024-2031
- 9.4.1. BEV
- 9.4.2. HEV
- 9.4.3. PHEV
- 9.4.4. FCEV
9.5. Current Market Size (US$ Bn) Analysis and Forecast, By Range, 2024-2031
- 9.5.1. Upto 150 Km
- 9.5.2. 151 to 300 Km
- 9.5.3. 301 to 500 Km
- 9.5.4. Above 500 Km
9.6. Market Attractiveness Analysis

10. U.K. Electric Vehicle Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

10.1. Key Highlights
10.2. Historical Market Size (US$ Bn) Analysis, By Market, 2019-2023
- 10.2.1. By Vehicle Type
- 10.2.2. By Propulsion Type
- 10.2.3. By Range
10.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Vehicle Type, 2024-2031
- 10.3.1. Passenger Vehicle
  - 10.3.1.1. Compact Cars
  - 10.3.1.2. Midsize Cars
  - 10.3.1.3. SUV's
  - 10.3.1.4. Luxury Vehicles
- 10.3.2. Light Commercial Vehicle
- 10.3.3. Heavy Commercial Vehicle
10.4. Current Market Size (US$ Bn) Analysis and Forecast, By Propulsion Type, 2024-2031
- 10.4.1. BEV
- 10.4.2. HEV
- 10.4.3. PHEV
- 10.4.4. FCEV
10.5. Current Market Size (US$ Bn) Analysis and Forecast, By Range, 2024-2031
- 10.5.1. Upto 150 Km
- 10.5.2. 151 to 300 Km
- 10.5.3. 301 to 500 Km
- 10.5.4. Above 500 Km
10.6. Market Attractiveness Analysis

11. Spain Electric Vehicle Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

11.1. Key Highlights
11.2. Historical Market Size (US$ Bn) Analysis, By Market, 2019-2023
- 11.2.1. By Vehicle Type
- 11.2.2. By Propulsion Type
- 11.2.3. By Range
11.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Vehicle Type, 2024-2031
- 11.3.1. Passenger Vehicle
  - 11.3.1.1. Compact Cars
  - 11.3.1.2. Midsize Cars
  - 11.3.1.3. SUV's
  - 11.3.1.4. Luxury Vehicles
- 11.3.2. Light Commercial Vehicle
- 11.3.3. Heavy Commercial Vehicle
11.4. Current Market Size (US$ Bn) Analysis and Forecast, By Propulsion Type, 2024-2031
- 11.4.1. BEV
- 11.4.2. HEV
- 11.4.3. PHEV
- 11.4.4. FCEV
11.5. Current Market Size (US$ Bn) Analysis and Forecast, By Range, 2024-2031
- 11.5.1. Upto 150 Km
- 11.5.2. 151 to 300 Km
- 11.5.3. 301 to 500 Km
- 11.5.4. Above 500 Km
11.6. Market Attractiveness Analysis

12. Turkiye Electric Vehicle Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

12.1. Key Highlights
12.2. Historical Market Size (US$ Bn) Analysis, By Market, 2019-2023
- 12.2.1. By Vehicle Type
- 12.2.2. By Propulsion Type
- 12.2.3. By Range
12.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Vehicle Type, 2024-2031
- 12.3.1. Passenger Vehicle
  - 12.3.1.1. Compact Cars
  - 12.3.1.2. Midsize Cars
  - 12.3.1.3. SUV's
  - 12.3.1.4. Luxury Vehicles
- 12.3.2. Light Commercial Vehicle
- 12.3.3. Heavy Commercial Vehicle
12.4. Current Market Size (US$ Bn) Analysis and Forecast, By Propulsion Type, 2024-2031
- 12.4.1. BEV
- 12.4.2. HEV
- 12.4.3. PHEV
- 12.4.4. FCEV
12.5. Current Market Size (US$ Bn) Analysis and Forecast, By Range, 2024-2031
- 12.5.1. Upto 150 Km
- 12.5.2. 151 to 300 Km
- 12.5.3. 301 to 500 Km
- 12.5.4. Above 500 Km
12.6. Market Attractiveness Analysis

13. Russia Electric Vehicle Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

13.1. Key Highlights
13.2. Historical Market Size (US$ Bn) Analysis, By Market, 2019-2023
- 13.2.1. By Vehicle Type
- 13.2.2. By Propulsion Type
- 13.2.3. By Range
13.3. Current Market Size (US$ Bn) and Volume (Units) Analysis and Forecast, By Vehicle Type, 2024-2031
- 13.3.1. Passenger Vehicle
  - 13.3.1.1. Compact Cars
  - 13.3.1.2. Midsize Cars
  - 13.3.1.3. SUV's
  - 13.3.1.4. Luxury Vehicles
- 13.3.2. Light Commercial Vehicle
- 13.3.3. Heavy Commercial Vehicle
13.4. Current Market Size (US$ Bn) Analysis and Forecast, By Propulsion Type, 2024-2031
- 13.4.1. BEV
- 13.4.2. HEV
- 13.4.3. PHEV
- 13.4.4. FCEV
13.5. Current Market Size (US$ Bn) Analysis and Forecast, By Range, 2024-2031
- 13.5.1. Upto 150 Km
- 13.5.2. 151 to 300 Km
- 13.5.3. 301 to 500 Km
- 13.5.4. Above 500 Km
13.6. Market Attractiveness Analysis

14. Competition Landscape

14.1. Market Share Analysis, 2024
14.2. Market Structure
- 14.2.1. Competition Intensity Mapping By Market
- 14.2.2. Competition Dashboard
14.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 14.3.1. Volkswagen AG
  - 14.3.1.1. Overview
  - 14.3.1.2. Segments and Vehicle Types
  - 14.3.1.3. Key Financials
  - 14.3.1.4. Market Developments
  - 14.3.1.5. Market Strategy
- 14.3.2. BMW AG
- 14.3.3. Renault S.A.
- 14.3.4. Daimler AG
- 14.3.5. Ford Motor Company
- 14.3.6. Audi AG
- 14.3.7. Porsche AG
- 14.3.8. Stellantis N.V.
- 14.3.9. Volvo Cars
- 14.3.10. Skoda Auto
- 14.3.11. Fiat Chrysler Automobiles
- 14.3.12. Peugeot
- 14.3.13. MG Motor
- 14.3.14. Tesla, Inc.
- 14.3.15. Other Players

15. Appendix

15.1. Research Methodology
15.2. Research Assumptions
15.3. Acronyms and Abbreviations