Electric Vehicle Market in Europe: Commercial Vehicle Type is Expected to Grow at a CAGR of 29.2% from 2020 to 2027

PORTLAND, ORAGON, USA, Aug. 16, 2022 /EINPresswire.com/ — According to the report, the European electric vehicle market was estimated at $25.48 billion in 2019 and is expected to reach $143.08 billion by by 2027, registering a CAGR of 25.4% from 2020 to 2027. The report provides an in-depth analysis of major investment pockets, most winning strategies, drivers and opportunities, market size and estimates, of the competitive scenario and different market trends.

Rising demand for fuel-efficient, high-performance, low-emission vehicles and stringent government rules and regulations on vehicle emissions are fueling the growth of the European electric vehicle market. On the other hand, high manufacturing costs and insufficient electric vehicle charging infrastructure in Europe are hampering growth to some extent. Nonetheless, proactive government initiatives and technological advancements are expected to provide lucrative opportunities for market players.

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COVID-19 scenario-

The outbreak of the pandemic led to the closure of several manufacturing units across the continent, which in turn affected the European electric vehicle market. In addition, the unavailability of skilled labor has had a negative impact on the market.
However, as most countries in the region have offered flexibilities to existing protocols, the market is expected to recover quickly.
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The European electric vehicle market is segmented on the basis of type, vehicle type and country. Based on type, the BEV segment accounted for the highest market share with over three-fifths of the EV market share in Europe in 2019, and is expected to take the lead by the end of 2027. On the other hand, the HEV segment would manifest the fastest CAGR of 32.9% during the forecast period.

Based on vehicle type, the passenger car segment held the last market share with more than four-fifths of the European EV market revenue in 2019, and is expected to take the lead by 2027. However, the passenger car segment commercial vehicles would register the fastest CAGR of 29.2% throughout the forecast period.

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Based on region, the market is studied in Germany, France, UK, Netherlands, Spain, Portugal, Italy, Belgium and Rest of Europe. The region across Germany garnered the largest share in 2019, with nearly a fifth of the European EV market. At the same time, Portugal would have the fastest CAGR of 34.9% from 2020 to 2027.

The major companies featured in the European electric vehicle market are Renault, Tesla, Mitsubishi, Nissan, BMW, Hyundai, Volvo, Volkswagen, Peugeot, and Audi.

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