Germany’s electric vehicle (EV) market is estimated to grow at a CAGR of more than 18.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases. The German Government intends to raise its electric vehicle production to 1 million units by the end of 2020.
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Since April 2016, the German government has made environmental funding of around $2,200 to buy a pure electric car, combined with the same amount by the manufacturer, which amounts to a total of around $4,400.This bonus is limited to the electric cars up to the amount of $66,370. In addition, electric cars are made exempt from vehicle tax for up to ten years to increase its purchase. Moreover, a special tax bonus is available in the country dependent on the size of the vehicle’s battery. Hence, the growing environmental concerns along with tax benefits are anticipated to drive the market growth in the country. However, the high cost of EVs, lack of charging stations, and economic concerns are some of the major factors that may restrict the market growth of EVs during the forecast period.
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- Market Coverage
- Market number available for – 2019-2025
- Base year- 2019
- Forecast period- 2020-2025
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Germany Electric Vehicle Market by Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
Germany Electric Vehicle Market by Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
Germany Electric Vehicle Market by Battery Type
- NiMH
- Li-Ion
- Others
Company Profiles
- Audi AG
- BMW AG
- Hyundai Motor Co.
- Kia Motors Corp.
- Mitsubishi Motors Corp.
- Nissan Motor Co.
- Renault Group
- Tata Motors Ltd. (Jaguar)
- Tesla, Inc.
- Volkswagen AG
The Report Covers
- Comprehensive research methodology of the German electric vehicle market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the German electric vehicle market.
- Insights about market determinants which are stimulating the German electric vehicle market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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