The Europe Electric Vehicle Market is expected to record a CAGR of 44.6% from 2022 to 2029 to reach USD 1,951.51 billion by 2029 from USD 147.56 billion in 2022. This market is projected to reach USD 1,951.51 billion by 2029 from an estimated USD 147.56 billion in 2022. By volume, this market is expected to reach 53.75 million units by 2029, at a CAGR of 27.0% during the forecast period. The high growth of this market is attributed to supportive government policies & regulations, rising environmental concerns, and increasing adoption of electric mobility in Europe. The rising adoption of autonomous driving vehicles, electric vans, and trucks for delivery and the increasing trend of shared mobility offer lucrative growth opportunities for this market. However, the range anxiety of EVs is expected to obstruct the growth of this market to some extent. The high cost of EVs poses a major challenge to the growth of this market.
Here are the top 10 companies operating in the Europe Electric Vehicle Market
Founded in 1927 and headquartered in Gothenburg, Sweden, AB Volvo is a Swedish multinational manufacturing company that offers transport and infrastructure solutions, trucks, buses, construction equipment, power solutions for marine and industrial applications, and financing and services. AB Volvo provides various services such as automation, electromobility, connectivity, and traffic safety. Volvo Group’s brand portfolio consists of 12 brands—Volvo (Sweden), Volvo Penta (Sweden), UD Trucks (Japan), Terex Trucks (U.S.), Renault Trucks (France), Prevost (Canada), Nova Bus (Canada), Mack (U.S.), Arquus (France), SDLG (China), Eicher (India) and Dongfeng Trucks (China). With its subsidiaries and a strong distribution network, the company has its presence across Europe, North America, South America, Asia, Africa, and Oceania.
The company operates through six reportable segments Trucks, Group Functions & Other, Financial Services, Volvo Penta, Buses, and Construction Equipment. AB Volvo has production units in 18 countries. In addition to vehicles and machines, AB Volvo offers insurance, rental services, spare parts, repairs, preventive maintenance, service agreements, and assistance services.
Alcraft Motor Company Ltd
Alcraft Motor Company Ltd is a private company that is focused on developing unique low-carbon vehicles and technologies. Alcraft Motor Company Ltd specializes in design, engineering, high-performance, low-carbon, handling dynamics, Lightweight luxury, and low-volume exclusivity. Alcraft Motor Company Ltd develops technologies to meet the growing demands of customers who want cars to be sustainable but exciting, bespoke yet affordable, cutting edge but traditionally crafted.
Founded in 1916 and headquartered in Munich, Germany, BMW is the world’s leading premium manufacturer of automobiles and motorcycles. BMW stands for Bayerische Motoren Werke, a German multinational corporation that produces luxury vehicles and motorcycles. BMW consists of four brands BMW (Germany), MINI (Germany), Rolls-Royce (U.K.), and BMW Motorrad (Germany). BMW is the world’s leading manufacturer of premium automobiles and motorcycles and a provider of premium financial and mobility services. BMW Group sets trends in production technology and sustainability as an innovation leader with an intelligent material mix, a technological shift towards digitalization, and resource-efficient production. With its subsidiaries and a strong distribution network, the company has its presence across Europe, Asia, the Americas, and other regions.
The company operates through four reportable segments Automotive, Motorcycles, Financial Services, and Other Entities. In 2020, the BMW Group delivered 2,325,179 automobiles which consisted of BMW, MINI, and Rolls-Royce Motor Cars and 169,272 motorcycles globally. Of this, 192,662 were electrified vehicles (BEVs + PHEVs). BMW has 31 production facilities and assembly facilities in 15 countries.
DAF Truck N.V.
Founded in 1928 and headquartered in Eindhoven, Netherlands, DAF Truck N.V. (DAF) is a commercial vehicle manufacturer. The company is a wholly-owned subsidiary of PACCAR Inc., the worldwide quality leader in the design and manufacturing of premium light, medium and heavy-duty commercial vehicles. The company operates through four major segments: Truck, Parts, Financial Services, and others. DAF offers a complete solution that includes efficient charging systems, robust electric motors, electric PTO options and many other. Currently, the company is improving and refining the diesel engine with in order to achieve greater reductions in emissions. Further improvements are expected as a result of the development of new types of fuel like Hydro-treated Vegetable Oil (HVO) and Power to Liquid. In August 2021, the company received a patent for the invention, a method for adaptive engine control, comprising an EGR valve and a VGT turbine. The company the company has its presence across South America, Europe, Asia, Middle East and Africa.
Founded in 1898 and headquartered in Boulogne-Billancourt, France, Groupe Renault is one of the leading automobile manufacturing companies. The company produces and sells electric vehicles, connected vehicles, autonomous vehicles, and developing new mobility services. Groupe Renault is at the forefront of mobility that is reinventing itself and it is further strengthened by its alliance with Nissan and Mitsubishi Motors, and its unique expertise in electrification. This group comprises 5 brands namely, Renault, Dacia, LADA, Alpine and Mobilize that offer sustainable and innovative mobility solutions to its customers across the globe.
In June 2021, the company launched Mobilize Power Solutions in the U.K., Belgium, and Luxembourg, and it currently offers commercial vehicle charging solutions in 11 countries across Europe. These Solutions provide companies with a simpler and optimized solution for EV and PHEV fleet charging infrastructure. With its subsidiaries and a strong distribution network, the company has its presence across Europe, Asia, the Americas, Africa, and Oceania. The company operates through three reportable segments—Automotive, Sales Financing, and Mobility services. Groupe Renault has sold 2.95 million vehicles worldwide.
Meticulous Research in its latest publication on Europe Electric Vehicle Market has predicted the growth of 44.6% during the forecast year 2022-2029.
Founded in 1975 and headquartered in Turin, Italy, Iveco s.p.A. (Iveco) is an Italian company that manufactures, designs and sells light, medium and heavy commercial vehicles, city and intercity buses and coaches. Furthermore, it manufactures fire fighting vehicles, defense vehicles and off-road vehicles for construction and mining work. Iveco has sales and service outlets in over 160 countries that ensure technical support while operating IVECO vehicle. Iveco s.p.A. is a wholly-owned subsidiary of CNH Industrial N.V. that operates in Agriculture, Construction, Commercial and Specialty Vehicles, Powertrain, and Financial Services. The company has its presence across Europe, Asia, Africa, Oceania and Latin America. As of December 2020, the company had a headcount of 64,016 employees worldwide.
Mercedes-Benz Group AG
Founded in 1998 and headquartered in Stuttgart, Germany, Mercedes-Benz Group AG is one of the leading global suppliers of premium and luxury cars. The company is also one of the world’s largest manufacturers of commercial vehicles. MercedesBenz Group AG manufactures passenger cars, trucks, vans, buses, and services. In services, the company provides financing, leasing, fleet management, investments, insurance brokerage, and innovative mobility options. Mercedes-Benz Group AG has its geographic presence across Europe, Asia, North America, and other regions through its subsidiaries and a strong distribution network. The company operates through two segments: Mercedes-Benz Cars & Vans and Mercedes-Benz Mobility. Mercedes-Benz Group AG has sold 2,528 million vehicles worldwide. As of December 2021, the company had a global headcount of 172,425 employees.
Founded in 2014 and headquartered in Lijnden, the Netherlands, Stellantis N.V. is a leading mobility player. The company’s mobility solutions comprise electrification, connectivity, autonomous driving, and shared ownership. It offers luxury, premium & mainstream passenger vehicles, pickup trucks, SUVs, light commercial vehicles, parts & service brands, dedicated mobility, and financial services. Stellantis operates through six major segments: North America, LATAM, APAC, EMEA, Maserati, and other activities.
The company has its geographic presence across the Americas, Europe, Asia, and the Middle East & Africa through its subsidiaries and a strong distribution network. Its major subsidiaries are FCA Canada Inc. (Canada), FCA México, S.A. de C.V. (Mexico), FCA Automobiles Argentina S.A. (Argentina), Alfa Romeo (Shanghai) Automobiles Sales Co. Ltd. (Shanghai), FCA France S.A.S. (France), Fiat Chrysler Automobiles Spain S.A. (Spain), and Maserati North America Inc. (U.S.). As of December 2021, the company had a global headcount of 281,595 employees.
Founded in 1937 and headquartered in Berlin, Germany, Volkswagen AG is a German multinational automotive manufacturing corporation and the largest carmaker in Europe. Volkswagen Group consists of twelve brands from seven European countries: Volkswagen (Germany), Audi (Germany), SEAT (Spain), ŠKODA (Czechia), Bentley (U.K.), Bugatti (France), Lamborghini (Italy), Porsche (Germany), Ducati (Italy), Volkswagen Commercial Vehicles (Germany), Scania (Sweden), and MAN (Germany). Volkswagen Group offers a wide range of financial services, including dealer and customer financing, leasing, banking and insurance activities, and fleet management. With its subsidiaries and a strong distribution network, the company has its presence across North America, Europe, South America, and Asia-Pacific.
The company operates through four reportable segments Passenger Cars and Light Commercial Vehicles, Commercial Vehicles, Power Engineering, and Financial Services. Volkswagen operates through 118 production plants in 20 European countries and an additional ten countries in the Americas, Asia, and Africa.
Volta Trucks AB
Founded in 2017 and headquartered in Stockholm, Sweden, Volta Trucks AB is a Swedish private company that specializes in building fully electric trucks and zero-emission powertrains and services. The company has optimized the load-carrying capacities of its trucks for operators, in order to deliver the maximum amount of goods with fewer vehicles. The company operates in Sweden, France and the U.K. Volta Trucks AB is partnering with industry-leading design and engineering companies for the development and production of the Volta Zero truck. In September 2020, the company launched its first purpose-built full-electric 16-tonne vehicle namely the Volta Zero for inner-city logistics. It is launched to reduce the environmental impact of freight deliveries in city centers.
Authoritative Research on the Europe Electric Vehicle Market – Opportunity Analysis and Industry Forecast (2022-2029)
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