Market Trends of europe electric vehicle Industry
Commercial Vehicles is the largest segment by Vehicle Type.
- Companies such as Ford Motor and General Motors, which are the high-performance truck market leaders, are introducing various electric high-performance electric trucks in the market. These electric trucks offer powerful electric powertrains and the best interiors, and other premium options like touch screens, leather seats, and panoramic glass.
- For instance, in July 2022, Ford presented the new F-150 Raptor R, which will be powered by a 5.2-liter V8 engine producing 700 horsepower. Its launch is the consequence of consumer demand for a Raptor with a V8 engine. Ford's new F-150 Raptor R has characteristics with previous versions, but it has a performance increase.
- A 45% reduction in CO2 emissions by 2030 requires more than 400,000 zero-emission vehicles on the road, with at least 100,000 new zero-emission trucks registered each year. Therefore, various government initiatives and regulations will also boost the growth of high-performance trucks in the market.
- In February 2023, The European Automobile Manufacturers' Association (French: L'Association des Constructeurs Européens d'Automobiles (ACEA)) responded to the European Commission's proposal for new truck and bus CO2 standards by calling for higher CO2 objectives, accompanied by a dramatic enhancement in infrastructure roll-out, as well as a stronger incentive and carbon price mechanism. Meanwhile, major players in the market are expanding their production facilities to accommodate their new electric models.
- For example, in September 2022, Radar Auto, a Geely sub-brand, officially introduced its debut product, the Radar RD6 new battery electric pickup truck which comes in four variants. The vehicle's engine features a 200 kW permanent-magnet synchronous motor and a choice of either a 63k Wh lithium iron phosphate battery or an 86kWh/100kWh ternary lithium battery.
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Germany is the largest segment by Country.
- According to the Federal Motor Transport Authority (FMTA), a quarter more electric cars were registered in Germany in the first half of 2022 than the previous year over the same period. During that time, the proportion of fully electric vehicles climbed to 13.5% of all new registrations.
- Overall, alternative-drive car registrations climbed by 14.2%, accounting for over half of all new car registrations (battery electric vehicles, hybrids, plug-in hybrids, hydrogen fuel cell vehicles, and gas vehicles). German brands accounted for 50.6% of new passenger car registrations with electric powertrains during the reporting period.
- By 2030, Germany hopes to have 15 million electric vehicles on the road. Furthermore, the German Federal Government is aggressively supporting the usage of plug-in electric vehicles. Furthermore, since the rise in BEV subsidies in June 2020, the market share of battery electric vehicles (BEVs) has steadily increased. Aside from the environmental benefits, the increasing availability of electric vehicles on the market is driving growth.
- However, there is evidence of the country's growing popularity of electric automobiles. As a result, the German government is anticipated to eliminate financial incentives for acquiring electric vehicles next year, as rising popularity renders government subsidies outdated. E-vehicles are getting more popular and will soon no longer require government subsidies.
- According to the plan, subsidies for solely electric vehicles priced under EUR 40,000 (USD 40,488) will be cut to EUR 4,500 (USD 4794.82) from EUR 6,000 (USD 6393.09) at the beginning of next year and to EUR 3,000 (USD 3196.55) by 2023. According to government sources, the incentives granted to electric car owners will expire once the next two years' budget of EUR 3.4 billion (USD 3.44 billion) is expended.
- Moreover, the government in Germany also took a few steps to grow EVs in the country. For instance, in October 2022, as part of its push toward net zero emissions, the German government approved a plan to spend EUR 6.3 billion (USD 6.1 billion) over three years to rapidly expand the number of charging stations for electric vehicles across the country. The plan aims to achieve a 14-fold increase in charging infrastructure, from the current 70,000 to 1 million by 2030.
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