Europe Electric Vehicle Market Size, Share, Growth, Trends, Analysis, & Forecast

Electric vehicle are run by utilizing clean electric energy. Instead of an internal combustion engine, electric vehicles were powered using an electric motor, whereas internal combustion engine is used to burn fossil products.

Increased number of EV model offering from automakers will accelerate the market growth. Large amount of investments from manufacturers for developing electric vehicle technologies to make it affordable are also expected to enhance the market growth. Government incentive scheme will further create new opportunities that impact this electric vehicle market growth in the forecast period to 2027. For instance, German government announced that they will provide USD 4,430.02 incentive for consumer who purchases purely electric car and USD 3,322.51 for plug-in hybrids consumers.