Market Size of Europe Automotive High Performance Electric Vehicles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 24.12 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Automotive High Performance EV Market Analysis
The European automotive high-performance electric vehicles market is valued at USD 160.14 billion in the current year. It is anticipated to reach USD 582.14 billion over the next five years, registering a CAGR of about 24.12% during the forecast period.
Over the long term, growing awareness of vehicle emissions, lower operating and maintenance costs, along increasing government initiatives to encourage the use of electric vehicles will drive the growth of high-performance electric vehicles. The growing demand for these types of vehicles is primarily due to the increasing popularity of racing events in Europe. An electric high-performance vehicle (EHPV) is propelled by electricity and is equipped with advanced electric vehicle powertrain components and Li-ion batteries with high energy density.
Europe set ambitious emission reduction targets to combat climate change. Tighter regulations, especially in urban areas, are aimed at reducing pollution and encouraging the introduction of electric vehicles (EVs). These regulations, such as low emission zones and stringent emission standards, are encouraging fleet managers to switch to electric commercial vehicles.
Governments across Europe offer various incentives to encourage the uptake of electric vehicles. These incentives include purchase subsidies, tax incentives, and subsidies for building charging infrastructure. It helps offset the high acquisition costs of electric vans, making them more economically attractive to fleet operators.
According to the ACEA, the new light commercial vehicle registrations in the EU fell by 14.4%, totaling 102,226 units as of October 2022. All the major EU markets posted declines last month, especially Germany (-16.6%), Italy (-7.3%), and France (-6.7%), while new van sales remained relatively stable in Spain (-0.5%).
Furthermore, in Europe, Germany includes an increasing number of electric car sales in the region, as well as an increase in charging stations, which will also play an important part in boosting the sale of High-Performance electric vehicles. In 2021, there were around 59,400 publicly accessible charge points for electric vehicles in Germany. Furthermore, technological progress and new developments in the high-performance electric car market may help the market's growth in Germany.
