Things to Know about the European Automotive High-performance Electric Vehicle Market

2 min read

Europe High performance Automotive Electric Vehicles

DEVELOPING CHARGING POINT INFRASTRUCTURE IN EUROPE EXPECTED TO DRIVE THE MARKET

The growth of the European automotive high-performance electric vehicle market mainly depends on the consistent development of charging infrastructure in the region. Ideally, both the charging infrastructure and the vehicle market should grow simultaneously. In 2016, the European Commission published a European strategy for low-emission mobility, which highlighted the significance of publicly available electric recharging points.

To achieve or attain mass acceptance and deployment of electric vehicles, the Commission recognizes that charging and maintenance infrastructure needs to become widely available throughout the continent.

According to European studies, in various scenarios, it is possible to ensure everyday mobility using only common electric vehicles charging overnight at homes. It focuses on everyday mobility in urban areas, and disregards long-distance trips.

Until 2014, the European government had issued grants for 50% of the cost of a new electric vehicle. The average price of an electric vehicle in Europe is around EUR 30,000. Under this scheme, it was possible for consumers to save up to EUR 18,000. Additionally, new electric vehicle owners could apply for a EUR 1,000 grant to cover the costs of installing a home charging station. The aim of the program is to speed-up the commissioning of electric cars in Europe and help the member countries achieve the goal of increasing the usage of renewable energy by 2020.

THE CURRENT SCENARIO OF CHARGING INFRASTRUCTURE IN EUROPE

In most European countries, there are only a few thousand public charging points, and they are for slow-charging purposes. Such public charging points are typically installed by public authorities, utilities, electric vehicle manufacturers, or other companies. In Europe, the Netherlands leads the way, with a network of over 23,000 public charging positions, as of 2016.

Other countries with a significant number of public charging points include Germany (more than 15,000), France (more than 12,000), the United Kingdom (around 12,000), and Norway (more than 7,000). Bulgaria, Iceland, Lithuania, and Cyprus are some of the countries that are slowing down the installation of new public slow-charging points, as they are shifting their focus towards the expansion of fast-charging infrastructure.

Contact us now to get more information including market segmentation by Opportunities, Drivers, and Restraints. 

GROWING AWARENESS OF VEHICLE EMISSIONS AND SUPPORTIVE GOVERNMENTS’ INITIATIVES

The rising awareness about vehicle emissions (especially, carbon emissions), lower operating and maintenance costs, along with increasing government initiatives to encourage the usage of electric vehicles, has been augmenting the growth of high-performance electric vehicles, significantly. The growing demand for these types of vehicles can be primarily attributed to the increasing popularity of racing events in Europe. For instance, the ELMOFO SREV is a high-performance electric race vehicle, based on a radical SR8 chassis. The company built the electric-powered SREV radical to mix it up on the racetrack, with the high-performance V8-powered Radical SR8s. The storage pack of this vehicle is recharged predominantly with solar generated energy. Therefore, this is a big leap toward zero-emission electric vehicle racing.

Speak to our analyst to know more about the market including market dynamics, market share, and Porter’s Five Forces Analysis

NUMBER OF ELECTRIC VEHICLES SOLD IN EUROPE EVERY YEAR

The sales of electric vehicles, both passenger cars, and light commercial vehicles, has been gradually increasing in the region. The market share of electric vehicles (both battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV)) has increased in 2017, reaching 0.64% and 0.8%, compared to 0.43% and 0.63% in 2016, respectively. However, conventional (non-plug-in) hybrid electric vehicles have been available in Europe for almost two decades now.

Additionally, the growing demand for recreational activities, such as mountain bike riding and trekking, is also increasing the demand for e-bikes, as the motor installed in the bike reduces the effort to ride uphill.

Further, the number of electric vehicles registrations (both BEV and PHEV) has increased significantly over the years. In 2017, BEV and PHEV registrations reached 96,349 and 121,112, respectively, when compared to the 2014 registrations of 37,711 and 33,399, respectively. Collectively, six member countries account for almost 90% of all electric vehicle sales, namely – the Netherlands, Finland, the United Kingdom, Germany, France, Sweden, and Denmark.

Europe high performance electric vehicle market

Source: EAFO / Mordor Intelligence Analysis

Access the Full Report to know more about each Key Player and their competition

About the market

The European automotive high-performance electric vehicle market is expected to register a robust CAGR, with Germany and France registering a CAGR of around 36% during the forecast period 2018-2023.

Get the FULL REPORT from Mordor Intelligence to know more about the European Automotive High-Performance Electric Vehicle Market – Growth, Trends, and Forecast (2018 – 2023)

Mordor Intelligence is a market intelligence and advisory firm operating in 14 industry segments, serving over 600 clients worldwide.

Sunil Kumar
Sunil Kumar Sunil is a Market Research professional with 1.5 years of experience in business research, market research, and client servicing in the automotive domain. He is extremely committed & an energetic individual, having always worked beyond the defined mark. He enjoys challenges & is driven by initiatives.
Sunil Kumar Sunil is a Market Research professional with 1.5 years of experience in business research, market research, and client servicing in the automotive domain. He is extremely committed & an energetic individual, having always worked beyond the defined mark. He enjoys challenges & is driven by initiatives.  

Enter your details..


Name error message


Email error message


Phone error message

Textarea error message