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Europe Electric Vehicle (EV) Market Share

Report ID: GMI6498
Published Date: Oct 2024
Report Format: PDF

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Europe Electric Vehicle Market Share

Europe Electric Vehicle (EV) Company Market Share, 2023

Volkswagen, Tesla, and Stellantis collectively held a substantial market share of over 35% in the Europe electric vehicle (EV) industry in 2023. Volkswagen aims to lead the global electric vehicle (EV) market, targeting 50% of its sales to be electric by 2030. The "Accelerate" plan focuses on scaling EV production, investing in battery technology, and expanding its EV lineup, including models like the ID.3 and ID.4. VW is also investing in European charging infrastructure through its subsidiary, IONITY, and strategic partnerships.

Tesla's European strategy centers on localized production at its Gigafactory Berlin, which is essential for meeting demand and reducing costs. Local production helps Tesla avoid import tariffs, optimize supply chains, and reduce delivery times, thereby increasing its market share in the region.

Stellantis, formed by the merger of PSA Group and Fiat Chrysler Automobiles, has an electrification plan under its "Dare Forward 2030" strategy, targeting 100% electric sales in Europe by 2030. Stellantis is expanding its EV portfolio with brands like Peugeot, Fiat, and Opel launching new electric models. The company has developed flexible vehicle platforms, such as STLA Medium, STLA Large, and STLA Frame, that support multiple powertrains, including battery electric, ensuring cost-efficient EV production.

Europe Electric Vehicle Market Companies

Major players operating in the Europe electric vehicle (EV) industry are:

BMW
BYD
Daimler
Ford
Hyundai
Kia
Stellantis
Tesla
Volkswagen
Volvo

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size for electric vehicle in Europe reached USD 368.9 billion in 2023 and is projected to grow at a 29.1% CAGR from 2024 to 2032, driven by stringent EU carbon emissions policies and incentives for EVs.

The passenger vehicles segment accounted for over 75% of the market share in 2023 and is expected to exceed USD 2 trillion by 2032, as luxury automakers like Tesla, BMW, and Audi introduce high-end electric models.

The front-wheel drive segment is expected to exceed USD 1.2 trillion by 2032, led by the adoption of cost-effective and efficient FWD layouts in smaller and mid-sized EVs.

Germany's market accounted for 28% of the revenue share in 2023, with major investments from automotive giants like VW, BMW, and Mercedes in retrofitting factories for EV production.