Expanding EV Market Share Of Vehicles In Europe

The European Electric Car Market is expected to be worth $855.17 billion by 2028.

Here, we explore the tremendous growth of EVs in Europe. This is a compound annual growth rate (CAGR) of 40.7% from 2021 to 2028. From 2021 to 2028, this market is expected to grow at a CAGR of 29.6%, reaching 11.9 million units. Electric mobility is expanding as more people want to share transportation and use mobility-as-a-service, the cost of high-capacity batteries is decreasing, and EV manufacturers are investing heavily.

Expanding EV market share of vehicles in Europe

The findings of the European Electric Cars Market Study are as follows:

Over the next five years, the segment of fuel cell electric vehicles is anticipated to grow at the fastest rate.

Based on how the cars move, the hybrid vehicle segment is expected to have the biggest share of the European electric car market in 2021. Still, fuel cell electric vehicles are expected to grow at the fastest rate during the period covered by the forecast. The fast growth of this segment is mostly due to the many benefits of electric cars, such as fast refuelling, no pollution from the tailpipe, a lighter and smaller battery pack, more government programmes to set up hydrogen fuel cell charging stations, and more money being put into research and development of hydrogen fuel cell technology by the world's largest automakers.

During the time frame of the forecast, the segment of 100kW to 250kW is expected to grow the fastest.

Based on power output, the segment of electric cars with less than 100 kW is expected to have the biggest share of the European market in 2021. However, the 100--250 kW segment is predicted to increase at the quickest rate during the forecast period.  The fast growth of this market segment is mostly due to efforts by leading automakers to make electric cars more powerful, stricter rules to cut tailpipe emissions and an increase in the number of consumers purchasing electric vehicles in developed economies.

During the period covered by the forecast, the segment for commercial use is expected to grow the fastest.

Based on how the vehicles will be utilised, the private sector is anticipated to be the largest segment of the European electric car market in 2021. The segment for commercial use is expected to grow at the fastest rate during the forecast period. This segment is expanding rapidly because more shared mobility services and corporate taxi fleets are adopting electric vehicles, there are more regulations to reduce fleet emissions, and global and state regulatory bodies are pushing for policies that promote the use of electric vehicles for mobility services.

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