The Europe electric vehicle market is estimated to get to 5327 thousand units by 2026, propelling with a 15.90% CAGR during the assessment years 2022 to 2026.

Europe is home to some of the major industry players such as Volkswagen AG, Stellantis NV etc. Also, European countries have high regard and commitments toward climate change and reducing GHG emissions, for which the transport sector is one of the major contributors and thus electrification of which can help the region achieve its objectives. Further, growing sales, government initiatives, investments, R&D etc., are expected to fuel the market growth in the region.

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The Europe electric vehicle market growth evaluation entails a study of Sweden, France, United Kingdom, Netherlands, Norway, Germany, Spain, Italy, and Rest of Europe. United Kingdom government has developed several plans to promote electric vehicle adoption in the country. For instance, United Kingdom’s electric vehicle infrastructure strategy is an action plan to develop charging infrastructure within the United Kingdom. The United Kingdom government also has set up a ten-point plan of approximately $14.50 billion for a green industrial revolution, where one of its aspects is to develop its strategy for zero-emissions vehicles.

On the other hand, Germany is at the forefront of EV sales in Europe. It is one of the most important markets for sellers. In its German development and resilience plan (DARP), the government has emphasized climate-friendly mobility, which includes steps to make the transportation industry compliant with the nation’s goals for climate preservation. The long-term goal is to foster the adoption of innovative technologies and improve the energy and carbon footprint of the transportation industry. The government is carrying out several investments in various factors.

The French government earmarked measures to promote green transportation as part of the country’s resilience and recovery plan. To develop its EV charging infrastructure, companies investing in highly efficient charging stations for electric vehicles on public highways and national roads will receive subsidies from the French government. Also, a total of $102 million will be set aside to assist large industrial vehicles in switching from fossil fuels to hydrogen or electricity generation. Further, the government published a call for proposals on March 2022 to facilitate the deployment of high-power charging stations for electric vehicles. The assistance for installing charging infrastructure may equal up to 40% of the qualifying costs.

The Europe electric vehicle market includes segmentation by end-use and propulsion type. Market by propulsion type covers battery electric vehicles, plug-in hybrid vehicles, and fuel cell electric vehicles.

A fuel cell electric vehicle (FCEV) is an electrically driven vehicle with electricity produced by a fuel cell using hydrogen as an energy source. In FCEV, onboard gaseous hydrogen is converted to energy using fuel cell stacks, and this electricity is then stored in a battery to power the electric motor. Like other electric vehicles, FCEVs are stocked with regenerative braking systems to collect the kinetic energy that is usually lost during breaking and stored in the battery. In comparison to conventional automobiles, fuel cell electric vehicles are more efficient and release just warm air and water vapor through their tailpipes. FCEVs are not highly adopted due to multiple factors, including less consumer awareness, relatively new technology, higher expenses, and insufficient infrastructure.

Key players operating in the Europe electric vehicle market are Volkswagen AG, Stellantis NV, etc.

The Volkswagen group consists of two divisions- the automotive division and the financial services division. The automotive division consists of passenger cars, commercial vehicles, and power engineering business areas. The automotive segment is engaged in engines and software, developing vehicles, and the production and sale of passenger cars, trucks, buses, light commercial vehicles, and motorcycles, as well as businesses of genuine parts, large-bore diesel engines, turbomachinery, and propulsion components.

The financial services division involves direct banking and insurance activities, consumer and dealer financing, fleet management, vehicle leasing, and mobility services. The company is headquartered in Wolfsburg, Germany and conducts business in North America, Europe, Asia-Pacific, Middle-east and Africa region

Audi e-Tron is an all-electric SUV by Audi, a subsidiary owned by the Volkswagen group.

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