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Europe Electric Vehicle (EV) Market Trends

Report ID: GMI6498
Published Date: Aug 2023
Report Format: PDF

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Europe Electric Vehicle Market Trends

Increasing focus on sustainable materials and recycling is also playing a key role in defining the Europe market outlook. With the expansion of the market, there was an increasing emphasis on sustainability throughout the vehicle's lifecycle, including the materials used in manufacturing and the end-of-life disposal processes. Automakers and manufacturers were expected to explore and implement more sustainable materials for EV production, such as recycled materials, bio-based plastics, and renewable energy sources for manufacturing.

For instance, in July 2022, Volvo Cars announced that it would only use recycled or bio-based materials in the interiors of its all-electric vehicles by 2025. The company is currently using Nordico, a material made from recycled PET bottles, cork, and other materials. Additionally, the development of efficient and environmentally friendly methods for recycling EV batteries is anticipated to gain attention to minimize the environmental impact of EVs, which will favor electric vehicle market dynamics in the long run.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for EV in Europe was reached USD 303.6 billion in 2022 and will observe over 16% CAGR between 2023 and 2032.

The passenger vehicle type segment will grow at a commendable pace over 2023-2032, attributed to the stringent emissions regulations and ambitious climate goals that have prompted governments to offer attractive incentives, including subsidies and tax exemptions.

Norway electric vehicle (EV) industry forecast is expected to strengthen over 2023-2032 owing to the generous government incentives, such as tax exemptions and toll discounts, that have made EV ownership financially appealing.

Tesla, Renault, Hyundai Motor Company, Volkswagen AG, Kia Corporation, Mercedes-Benz, Ford, BYD Company Ltd., Solaris Bus & Coach sp. z o.o., Volvo, Ebusco, Diamler, Zero Motorcycles, Inc., Niu International, Evoke Electric Motorcycles (HK) Ltd., Horwinglobal, Harley-Davidson, Inc., VanMoof, Cowboy, Giant Bicycles, myStromer AG, Yamaha Motor.