Dublin, Sept. 03, 2024 (GLOBE NEWSWIRE) — The “Europe Electric Vehicle and Charging Infrastructure Market Databook – 75+ KPIs Covering EV Market Size by Value and Volume, Vehicle Type, Price Point, Propulsion Type, Component, Location – Q2 2024 Update” report has been added to ResearchAndMarkets.com’s offering.
Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 23.5% during 2024-2028. The electric vehicle market in Europe will increase from US$90.8 billion in 2023 to reach US$268.8 billion 2028.
The slowdown in the demand for electric vehicles has resulted in firms pausing their EV battery projects in Europe. ACC, for instance, has paused the construction of its EV battery factories in Germany and Italy in Q2 2024. The slowdown has been caused by high interest rates and reduced government subsidies, leading consumers to prefer hybrids or petrol cars. The trend is expected to continue over the short term.
However, governments are pushing for higher adoption through the enhancement of charging infrastructure. The United Kingdom Government launched an ambitious Plan for Drivers aimed at driving the adoption of electric vehicles. EV battery charging startups, on the other hand, are also raising capital to expand their infrastructure across Europe in 2024. This will support the growth of the regional market over the next three to four years.
The United Kingdom Government launched an ambitious Plan for Drivers aimed at driving the adoption of electric vehicles
The government, in February 2024, launched a major initiative aimed at promoting sustainable transportation with the release of its Plan for Drivers. This extensive plan aims to support and incentivize electric vehicle (EV) adoption by offering grants for schools, financial support for local councils, and new proposals to increase the number of charging points nationwide.
The initiative has introduced a new grant that covers up to 75% of the cost of purchasing and installing charge points at eco-friendly schools. Part of the Workplace Charging Scheme and funded by the Department for Transport, this grant has been increased to €2,500 per socket from the previous €350. Eligible institutions include state-funded schools, colleges, nurseries, and academies, which can also earn revenue by offering charging infrastructure to the public.
In addition, the government is enhancing EV infrastructure through the €381 million Local Electric Vehicle Infrastructure (LEVI) Fund. Recently, more than €14.2 million in funding for charging projects was approved by three local authorities, from East Sussex to North Yorkshire, and two London boroughs. This investment aims to install thousands of new chargers, ensuring widespread support for EV drivers across the United Kingdom.
Stellantis and Mercedes have paused their joint EV battery factory projects in the European region
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ACC, the joint venture between carmakers Stellantis and Mercedes, paused the construction of their EV battery factories in Germany and Italy in Q2 2024. The move comes at a time when the firm is moving to lower-cost batteries due to a slowdown in the demand for electric vehicles in Europe.
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ACC has been working on the construction of a factory in Termoli, Italy, and another in Kaiserslautern, Germany, while also increasing manufacturing at its factory in France. The growth of the EV market in Europe has slowed down considerably due to high interest rates and reduced government subsidies, leading consumers to prefer hybrid or petrol cars. European manufacturers are feeling the heat from increasing exports by Chinese companies, which primarily use more affordable lithium iron phosphate (LFP) batteries, lowering their production costs significantly.
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Stellantis, in collaboration with Chinese firm CATL, has been developing an LFP battery production plant in Europe. The firm has revealed that it will adjust its investment plans on EVs at a pace similar to the market growth in Europe. This is a clear indication that the European EV market is entering into a period of consolidation after attaining rapid growth over the last few years.
Across Europe, several new electric vehicle startups have emerged over the last few years, amid rising demand. These startups, focused on charging infrastructure, are now raising venture capital and private equity funding to expand their European network in 2024.
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Electra, the Paris-based startup, announced that the firm had raised €304 million as part of its Series B round in January 2024. The firm is planning to deploy the capital towards the expansion of its charging stations in Europe. Dutch pension fund PGGM led the Series B round, which also included participation from Bpifrance. With the Series B round, the firm had raised a total of €600 million, since its inception three years ago.
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Fastned, the Amsterdam-based startup, also revealed that the firm had raised €24 million in February 2024. Fastned is also planning to use the capital to further grow its charging infrastructure in Europe. At present, the startup offers 280 fast-charging stations across different European markets, including the Netherlands, Germany, Belgium, and France. The firm provides subscription as well as pay-on-the-go services in these markets.
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Powerdot, another EV charging startup, announced that the firm had raised €100 million in a funding round led by Antin Infrastructure Partners and Arie Group in February 2024. Alongside the expansion of its charging network, the firm also plans to use the capital infusion for developing new technologies and forging strategic partnerships throughout Europe in 2024.
This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.
This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Market opportunity for the electric vehicle segment has been further broken down by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components.
The electric vehicle charging infrastructure module provides market size data by number of charging stations, and number of charging points. Market opportunity is broken down by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.
Report Scope
This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in through 97 tables and 119 charts. Below is a summary of key market segments:
Overall Vehicle Market Size and Future Growth Dynamics
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Market size by value
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Market size by volume
Electric Vehicle Market Size and Forecast
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Market size by value
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Market size by volume
Electric Vehicle Market Volume By Drive Segment
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Front Wheel Drive
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Rear Wheel Drive
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All-Wheel Drive
Electric Vehicle Market Value and Volume By Car Segment
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Passenger Car
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Commercial Vehicle
Electric Vehicle Market Value and Volume By Passenger Car Segment
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Small Car
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Medium Car
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Crossover Car
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Large Car
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SUV
Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
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Light Duty Vehicle (Class 1-Class 3)
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Medium Duty Vehicle (Class 4-Class 6)
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Heavy Duty Vehicle (Class 7-Class 8)
Electric Vehicle Market Value By Vehicle Class
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Low-Priced
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Mid-Priced
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Luxury Class
Electric Vehicle Market Value By Powertrain
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Parallel Hybrid
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Series Hybrid
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Combined Hybrid
Electric Vehicle Market Value By Distance Range
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Up to 150 Miles
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151-300 Miles
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Above 300 Miles
Electric Vehicle Market Value By Charging Type
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Normal Charging
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Super Charging
Electric Vehicle Market Value By Propulsion Type
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Plug-In Hybrid Electric Vehicles (PHEVs)
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Battery Electric Vehicles (BEVs)
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Hybrid Electric Vehicles (HEVs)
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Fuel Cell Electric Vehicles (FCEVs)
Electric Vehicle Market Value and Volume By Vehicle Type
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Two Wheelers (e2W)
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Three-Wheeler (e3W)
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Four Wheelers (e4W)
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Electric Buses
Electric Vehicle Market Value By Cities
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Tier 1 Cities
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Tier 2 Cities
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Tier 3 Cities
Electric Vehicle Market Value By Components
Electric Vehicle Infrastructure Market Value
Electric Vehicle Infrastructure Market Volume
Electric Vehicle – Number of Charging Points By Charging Type
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Level 1 – 240 (V)
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Level 2 – 120 (V)
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Direct Current (DC)
Electric Vehicle – Number of Charging Stations By Charging Type
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Level 1 – 240 (V)
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Level 2 – 120 (V)
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Direct Current (DC)
Electric Vehicle – Number of Charging Points By Location
Electric Vehicle – Number of Charging Points By Charging Speed
Electric Vehicle – Number of Charging Stations By Charging Speed
Electric Vehicle – Number of Charging Points By Vehicle
Electric Vehicle – Number of Charging Points By Connection Phase
Electric Vehicle – Number of Charging Points By Infrastructure Type
Electric Vehicle – Number of Charging Points By Connectivity
Reasons to buy
The report provides a comprehensive overview of the Europe electric vehicle market and infrastructure in Europe, covering the following key aspects:
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Market size by value and volume: This report provides detailed market size and forecast data for electric vehicles in Europe, by value and volume. This data is essential for understanding the current and future potential of the market.
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Detailed EV market opportunity: This report segments the electric vehicle market by drive segment, car segment, commercial vehicle segment, passenger car segment, commercial vehicle segment, vehicle class, powertrain, distance range, charging type, propulsion type, vehicle type, and cities. This segmentation provides a granular view of the market and helps to identify key growth areas.
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EV infrastructure: This report also provides a comprehensive overview of the Europe electric vehicle infrastructure market, including market size and forecast data, along with detailed market segmentation. This information is essential for businesses that are looking to invest in the Europe electric vehicle infrastructure market.
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Assess risks: Granular segment level information helps in identifying new business opportunities and risks in the Europe electric vehicle and infrastructure market.
For more information about this report visit https://www.researchandmarkets.com/r/v8jjgu
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