The European battery electric vehicle market is estimated to grow at a CAGR of more than 24.0% during the forecast period. In Europe, a shift toward BEV has been witnessed in a couple of years. As per the European Automobile Manufacturers Association, in Europe, BEV witnessed a growth of 80% in 2019 YoY whereas the growth of PHEV was only near to 7.1% YoY in 2019. The increasing popularity of BEV such as Tesla models in Europe is one of the major factors for the growth of the BEV market. Some other major factors contributing to the growth of the market include encouraging government regulations, financial backing on the electric vehicle by the government, development of charging infrastructure, and stringent target to curb the carbon emission. Besides, increased traveling range of the BEV due to the technological advancement of the batteries is another major factor leading to the adoption of BEV in the region.
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The market is studied on the basis of vehicle type and battery type. Based on vehicle type, the market is further classified into commercial vehicles, passenger cars, and others. The passenger vehicle segment is expected to hold the largest market share during the forecast period. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion batteries cars is projected to cover a major market share in the near future.
Based on geography, the market is divided into UK, Germany, Italy, Spain, France, Netherlands, Norway, and the Rest of Europe. During the forecast period, the Rest of Europe is expected to show considerable growth in the region. As per the European Automobile Manufacturers Association in 2019, Europe has shown a growth of 80% in the sales of BEV on YoY. Countries such as Belgium, Austria, Denmark, Finland, Poland will significantly contribute to the regional growth of the market.
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European Battery Electric Vehicle Market Segmentation
By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Others
By Battery Type
- NiMH
- Li-Ion
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
