According to TechSci Research report, “Europe Electric Passenger Car Market By Vehicle Type, By Technology Type, By Driving Range, By Country, Competition Forecast & Opportunities, 2013-2023”, Europe electric passenger car market is projected to cross $ 72 billion by 2023 on account of rising inclination of customers towards electric passenger cars due to their growing affordability and increasing concerns regarding high pollution levels. Moreover, expanding research and development activities by key leading companies, along with rising government support towards the use of electric vehicles, is further expected to complement the overall Europe electric passenger car market over the next five years.
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With an expanding volume share of over 45%, hatchback dominated the overall electric passenger car market, followed by the SUV and sedan segments, in 2017. The segment is likely to continue its dominance during forecast period as well. A large demand for electric passenger cars emanates from Norway owing to extensive charging infrastructure in the country along with favorable government policies towards electric vehicles. Norway is followed by Germany with the second largest share in the Europe electric passenger car market. Some of the prominent players operating in Europe electric passenger car market include Nissan, Tesla, Volkswagen, BMW, Renault, and Audi, among others. Increasing focus on research and development activities by the leading players to manufacture technologically advanced as well as more efficient electric passenger cars is anticipated to intensify competition in the Europe electric passenger car market over the course of the next five years.
“Demand for electric passenger cars is constantly increasing in Europe due to several advantages associated with them in comparison to the conventional automobiles. Electric vehicles are much cleaner than the combustible automobiles and help curb the alarmingly rising air pollution levels. Moreover, a rising number of governments are providing incentives to the buyers of electric vehicles in order to boost their sales, thereby further fuelling demand for electric passenger cars in the region. All these developments are expected to stimulate growth in the Europe electric passenger car market over the course of next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Browse 89 market data Figures spread through 124 Pages and an in-depth TOC on “Europe Electric Passenger Car Market”
“Europe Electric Passenger Car Market By Vehicle Type, By Technology Type, By Driving Range, By Country, Competition Forecast & Opportunities, 2013-2023” has analyzed the potential of electric passenger car market across the region, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Europe electric passenger car market.