Having a car at your disposal for local commutation is indeed very convenient. Today, as the economic conditions of people are improving and an inclination toward private ownership of cars is escalating, new registrations of vehicles are hiking rapidly, particularly across regions like Europe. However, with a swift rise in the vehicle fleet, environmental conditions are deteriorating substantially & also demonstrating its negative influence on the health of living beings, challenging sustainability.
Have you ever wondered how much pollution & damage vehicle emissions cause to nature? If not precisely, it is still consequential. Such that the governments of different countries across Europe are imposing rigid emission limitations to mitigate these levels & address the environmental concerns. In the wake of such needs, automakers have developed Electric Vehicles as a clean & green alternative to combustion-based vehicles & a step forward in reducing emissions. In fact, even the governments are encouraging the adoption of these vehicles and laying out incentives & policies, promoting Electric Vehicles sales to bring electrification & achieve net-zero carbon targets by the targeted time frame.
Understanding Electric Personal Cars
Simple out, Electric Vehicles, including personal cars, are battery-driven vehicles that use electricity to function and are an eco-friendly approach to mitigating emission levels and bringing environment sustainability. Backed by the rigid emission norms & electrified transition approaches, among others, the popularity, demand, sales, & adoption of personal electric cars are rapidly growing & shall remain prevalent in the future. In fact, a recent research report reveals that the Europe Electric Personal Car Market shall register a CAGR of around 18% during 2022-27. If this piqued you already, let us take a closer look at the prominent aspects curating the market dynamics.
Parameters Influencing the High Penetration of Electric Personal Cars
The industry has, particularly, witnessed growth since 2019, when the sales of electric personal cars rose dramatically, owing to the high popularity of battery-based vehicles. Nordic countries (like Denmark, Norway, Sweden, Finland, and Iceland, as well as the Faroe Islands, Greenland, and Åland) alongside the Netherlands have been the prominent areas with such elevation in the adoption of electric personal cars, followed by the UK, making significant contributions to the European market.
Besides, the governments of different countries too, have a significant role in influencing the industry through the imposition of rigid emission regulations entwined with the climate change agendas, showcasing greater emphasis on decarbonization, electrification of countries, and achieving zero-carbon targets. These are also the aspect hinting that the same trends are likely to be followed in the coming years & generate lucrative opportunities for the prominent players. It shall allow the leaders to expand their production & distribution capacities, establish facilities, introduce new models, attract a massive consumer base, and cater to the mounting needs throughout Europe.
Moreover, countries like the UK are committed to their target of Zero-Emissions by 2050. Hence, the government imposed bans on the sale of pollution-causing vehicles. Likewise, Germany plans to minimize greenhouse gas (GHG) emissions by 55 percent by 2030 & up to 95 percent by the end of 2050. These are initiatives & plans that somewhat exemplify a promising future outlook of the Electric Personal Car industry with favorable policies, encouraging people to buy these cars. For instance:
Popular Varieties of Electric Personal Cars in Europe
There are different types of Electric Personal Cars in the industry, which they also classify on a propulsion basis. Here, this bifurcation includes:
In this category, the BEV is the most popular among people & is gaining swift momentum throughout Europe. People are becoming increasingly aware of the benefits of these cars, like their low charging costs, which are almost half the electricity cost to charge as conventional vehicles. It alone is attracting a substantial consumer base for BEVs.
Perhaps it is also why many players are indulged in increasing their production & distribution capacities for BEVs for the burgeoning demands. For Instance:
As we are talking about the BEVs, there are different varieties, and the most popular battery types bifurcate into:
Lithium Ion Batteries are the most widely adopted batteries in EVs and make a substantial contribution to the market growth, attributing to their higher energy & low self-discharge capabilities, resulting in the excellent performance of the car in high-temperature.
Even when the Covid-19 pandemic and lockdown measures affected the total car sales across Europe, EV sales still managed an upheld position over Internal Combustion Engine (ICE). Hence, such parameters are enough to reveal that the industry holds substantial potential and shall generate lucrative opportunities for the prominent players to widen their offerings, consumer base, & dominance in the industry during the forecast years.