PORTLAND, Ore., Feb. 1, 2021
Surge in demand for high-performance, fuel-efficient, and low-emission vehicles along with strict government regulations about vehicle emission fuel the growth of the Europe electric vehicle market.
PORTLAND, Ore., Feb. 1, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Europe Electric Vehicle Market by Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Mild Hybrid Electric Vehicle (MHEV), and Extended Range Electric Vehicle (E-REV)), and Vehicle Type (Passenger Cars and Commercial Vehicles): Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the Europe electric vehicle industry was estimated at $25.48 billion in 2019 and is anticipated to hit $143.08 billion by 2027, registering a CAGR of 25.4% from 2020 to 2027.
Download (130 Pages) Report Sample at https://www.alliedmarketresearch.com/request-sample/9741
Drivers, restraints, and opportunities-
Rise in demand for fuel-efficient, high-performance, and low-emission vehicles and stringent government rules & regulations toward vehicle emission drive the growth of the Europe electric vehicle market. On the other hand, high manufacturing cost and insufficient electric vehicle charging infrastructure in Europe impede the growth to some extent. However, proactive government initiatives and technological advancements are expected to create lucrative opportunities in the industry.
Get detailed COVID-19 impact analysis on the Europe Electric Vehicle Market Request Here!
The BEV segment to maintain the dominant share-
Based on type, the BEV segment contributed to more than three-fifths of the Europe electric vehicle market share in 2019, and is projected to rule the roost by the end of 2027. This is attributed to advantages such as changing perception toward the adoption of electric vehicles. The HEV segment, on the other hand, would register the fastest CAGR of 32.9% during the forecast period. The electric power train system present in hybrid electric vehicles is used to enhance fuel efficiency and to improve performance as compared to internal combustion vehicles. This factors propels the segment growth.
The passenger cars segment to dominate by 2027-
Based on vehicle type, the passenger cars segment accounted for more than four-fifths of the Europe electric vehicle market revenue in 2019, and is anticipated to lead the trail by 2027. Developments carried out by different vehicle manufacturers related to electric vehicles drive the growth of the segment. Simultaneously, the commercial vehicles segment would manifest the fastest CAGR of 29.2% throughout the forecast period. Increased demand for zero-emission vehicles propels the segment growth.
Interested to Procure The Data? Inquire here at https://www.alliedmarketresearch.com/purchase-enquiry/9741
Germany garnered the major share in 2019 –
Based on region, Germany garnered the major share in 2019, holding nearly one-fifth of the Europe electric vehicle market, due to rise in government initiatives to promote electric vehicles in the region. Simultaneously, Portugal would exhibit the fastest CAGR of 34.9% from 2020 to 2027, owing to the rise in disposable income and increasing environment concerns to reduce the pollution.
Key players in the industry-
Schedule a FREE Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business at https://www.alliedmarketresearch.com/connect-to-analyst/9741
Similar Reports We Have on Electric Vehicle Industry:
Electric Vehicle Market by Type (Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Plug-in Hybrid Electric Vehicles (PHEV)), Vehicle Class (Mid-Priced and Luxury), and Vehicle Type (Two-wheelers, Passenger Cars, and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2020–2027.
Low Speed Electric Vehicle Market by Vehicle Type (Passenger Vehicle, Heavy Duty Vehicle, Utility Vehicle, and Off-road vehicle) and End User (Golf Courses, Tourist Destinations, Hotels & Resorts, Airports, and Residential & Commercial Premises): Global Opportunity Analysis and Industry Forecast, 2018–2025.
Off-Highway Electric Vehicle Market by Type (BEV, HEV and PHEV), Application (Electric Motor Batteries, Charging Stations and Durability) and Industry Vertical (Oil & Gas, Energy & Power, Automotive, Eco-friendly and Healthcare): Opportunity Analysis and Industry Forecast, 2020–2027.
One Wheel Electric Scooter Market by Product Type (Electric Unicycle, and Electric One wheel Hoverboard), Application (Off-road Activities, and Daily Commute), Sales Channel (Online Sales, and Offline Sales), and Speed Limit (Kmh) (20 Kmh - 30 Kmh, 30 Kmh - 50 Kmh, and More than 50 Kmh): Global Opportunity Analysis and Industry Forecast, 2020–2027.
Luxury Car Market by Vehicle Type (Hatchback, Sedan, and Sport utility vehicle) and Fuel Type (Gasoline, Diesel, and Electric): Global Opportunity Analysis and Industry Forecast, 2019–2026.
About Allied Market Research
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, and researchers and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
USA/Canada (Toll Free):
1-800-792-5285, 1-503-894-6022, 1-503-446-1141
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | Twitter | LinkedIn |