Press Release Description

Rigid Emission Regulations & Cleaner Transition Solutions Shaping the Europe Electric Personal Car Market

The Europe Electric Personal Car Market is projected to grow at a CAGR of 18% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The market growth attributes to the escalating demand for cleaner vehicles across different countries throughout Europe, owing to the changing living standards of the people and their growing inclination toward private ownership of cars for commutation.

Besides, the presence of stringent emission limitations imposed by the governments of different countries in the region to curb vehicle emissions, address the environmental challenges, and attain targets of net zero-carbon, among others, are also promoting the adoption of cleaner transition solutions like EVs. These aspects are showcasing a high registration rate for personal electric cars and play a prominent role in stimulating the market while generating lucrative opportunities for the players to increase their production & distribution capacities and cater to the rising demands.

Moreover, 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 demonstrating an elevation in the sales of these cars, followed by the UK, & are set to make significant contributions to the market growth in the coming years, further states the research report, “Europe Electric Personal Car Market Analysis, 2022.”

Cost-Effectiveness & Low Maintenance in BEVs Stimulating the Market across Europe

Based on the Propulsion Type, Battery Electric Vehicle dominated the Europe Electric Personal Car Market with the largest share in the previous years & is set to prevail in the same trend during the forecast period. This dominance is backed by the growing awareness among automakers about the capabilities of BEVs to offer low charging costs, almost half the electricity cost to charge as conventional vehicles. It, in turn, is playing a prominent role in attracting a substantial consumer base for BEVs throughout the region.

Besides, with the presence of minimal moving parts in these vehicles, the maintenance requirements are low, which further facilitates easy, cost-effective, & less frequent service requirements. The same aspect is also generating growth opportunities for the leading players to increase their production & distribution capacities for BEVs & cater to the mounting demands throughout Europe through 2027.

Europe Electric Personal Car Market

High Registration Rate for EVs in the Netherlands Promulgating the Market

On the geographical front, the Netherlands showcased a mighty contribution to the expansion of the Europe Electric Personal Car Market in recent years & shall prevail in the same trend during the forecast period. This dominance attributes to the high registration rate for Electric Vehicles throughout the country.

This owes to the presence of stringent emission regulations by the government, their encouragement to invest in cleaner vehicles, and the changing living standards of the people with a greater inclination toward private ownership of cars for commutation.

The same aspects are also hinting toward the presence of lucrative opportunities for the automakers & shall instigate them to widen their production & distribution capacities to cater to the rising need throughout the country, leading the market toward substantial growth in the coming years.

Competitive Landscape

The leading players in the Europe Electric Personal Car Market are Mercedes Benz Group AG, Stellantis N.V., Volkswagen AG, Groupe Renault, Hyundai Motor Company, Tesla Motors, BYD Company Ltd., Ford Motor, Alcraft Motor Company Ltd., Toyota Motor, and Bayerische Motoren Werke AG (BMW), among others.

Key Questions Answered in the Research Report

  1. What are the current & future trends in the Europe Electric Personal Car Market?
  2. How has the industry been evolving in terms of geography & product adoption?
  3. How has the competition been shaping across Europe, followed by their comparative factorial indexing?
  4. What are the key growth drivers & challenges for the Europe Electric Personal Car Market?
  5. What are the customer orientation, purchase behavior, & expectations from Electric Personal Car manufacturers across Europe?

Market Segmentation:

  1. By Type (Hatchback, Sedan, SUV)
  2. By Propulsion Type (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV), Fuel Cell Electric Vehicle (FCEV))
  3. By Battery Type (Lithium-Ion, Nickel-Metal Hydride Battery, Others (Lead-Acid Batteries, Nickel-Cadmium Battery, etc.))
  4. By Country (The UK, Germany, Italy, France, Spain, Sweden, Poland, & the Netherlands)

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