Europe Electric Vehicle Market: Industry Analysis and Forecast (2020-2026)Posted by manoj jagtap on May 19th, 2021 Europe Electric Vehicle Market size is expected to reach US$ XXMn. by 2026 from US$ XXMn. in 2019, at a CAGR of 25.5% during the forecast period. Europe Electric Vehicle Market Introduction and Market scenario: An electric vehicle is powered using an electric motor in place of a normal gasoline engine. Electric vehicles or EVs use energy stored within rechargeable batteries for operating the electric motor that can rotate wheels. These electric vehicles are recharged using common household electricity. The electric vehicle has a higher advantage over normal vehicles as it produces no tailpipe emissions and also reduces dependency on oil thereby making it cheaper to operate. The process of producing electricity in these cars moves the emissions upstream towards utility company’s smokestacks. Europe’s five largest automotive markets enclosed past China in electric vehicle registrations in the first quarter of 2020, as China battled the outbreak of the Covid-19 & imposed shutdowns countrywide. Germany, France, U.K., Italy, & Spain collectively registered 79,300 fully electric vehicles between January & March, narrowly edging past the 77,256 in China. Unit sales more than doubled in Europe in that period, compared to the first quarter of 2019. In China, sales fell by more than half in the quarter as of the lockdown. Expectations for ready-to-use charging infrastructure are also Increasing. However, the rollout of EV chargers was postponed in 11 European countries, amid production & manufacturing delays caused by the lockdown measures. In Finland, France, Hungary, Portugal & the UK some projects have been completely stopped. In some cases, private users stopped the installation of their charge points, on account of the uncertainty regarding the spread of the coronavirus. In other cases, the shutdown of commercial buildings hampered the planned installations. Mobility restrictions across Europe reduced the use of both private & public charging points, with Hungarian & Ukrainian operators observing a 50-70 per cent drop since the start of the crisis. The fall in electricity demand is likely to lead to income declines of up to 70%, affecting in the short to medium term the investment in new charging infrastructures. The trend could see a reverse, as sheltering & lockdown requirements are anticipated to remain in place in most of Europe throughout the spring & restrictions in China gradually are lifting. That shows an opportunity for China to regain its position as the top-selling market for electric vehicles. The Chinese government is again announcing incentives for Evs both subsidies & tax breaks and China also has the production capacity, so maybe China will again take the lead in registrations later this year. Over the next few years, it will be a neck-to-neck competition between China & Europe, with the winner determined by political will improvements in charging infrastructure, & quality, and availability of Evs. Moreover, BEVs and PHEVs sales picked up speed considerably, with a 70% growth rate propelled by three models, such as the Tesla Model 3, Hyundai Kona, and Audi e-tron. In 2019, the highest shares were found in Norway (56%), Iceland (19%), the Netherlands (16%), and Sweden (12%). The Coronavirus outbreak prompted governments worldwide to execute unprecedented restrictions on travel & economic activity. Coupled with a drop in global oil prices, which is largely caused, this crisis is producing differences in the energy sector, affecting both investments & the transition. The incline in carbon prices, also a result of lower energy demand, shows the combative impact that the Covid-19 crisis can have on the recently launched European Green Deal. In Romania, a drop in energy prices impends further investments in the sector, while potentially ill-conceived governmental interferences risk creating lasting & unforeseen imbalances. In transportation, the renewal rate of vehicles is discouraged by low oil prices, while the arrival of second-hand vehicles from Western Europe will further disincentivize the replacement of internal combustion engine cars. Partnership, joint ventures, and other strategies improve the company's market share with increased coverage and presence. It also delivers the benefit for the organization to improve their contribution to the electric vehicle market. Many product developments are introduced by companies worldwide which are also accelerating the growth of the electric vehicle market. For example, In 2019, Electric Vehicle sales in Germany and the Netherlands contributed nearly half 44 % of overall EV market growth in Europe, in both countries, units sold increased by about 40,000 units. Also, Around 65 new EV models were launched in Europe last year (2019) twice as many as in China, and another 99 are planned to come to market in 2021. The report focuses on the electric vehicle market value at the top countries of Europe, which shows a regional development, including market size, share, revenue, and much more across Europe. The report has covered, capacity, production value, cost/profit, and supply/demand by statistical analysis. A brief analysis of drivers, restraints, opportunities, and challenges in the market is also covered with examples by country. For More Information Visit @: https://www.maximizemarketresearch.com/market-report/europe-electric-vehicle-market/1730/ Europe Electric Vehicle Market Scope: Europe Electric Vehicle Market, by Country • U.K • Renault This Report Is Submitted By : Maximize Market Research Company Customization of the report: Maximize Market Research provides free personalized of reports as per your demand. 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