The future of vehicular transport is undoubtedly electric. Several governments of countries in Europe, Asia and the Americas have pledged to replace a large percentage of the gas-powered vehicles on their roads with zero-emission electric vehicles (“EVs”) over the next few decades as the effects of human-induced climate change become more apparent. For most of the nascent EV sector’s life, Europe and China have competed for the top spot as the world’s largest EV market. According to a new market research report, Europe’s chances of cementing its position at the top by the end of the decade are quite high.
Published by Meticulous Research(R), the report projects that from 2021, the European electric vehicle market will grow at a compound annual growth rate (“CAGR”) of 40% to hit a whopping $855.17 billion by 2028. By electric vehicle volume, the European market is projected to grow at a CAGR of 29.6% from 2021 to 2028, reaching 11.9 million EV units by 2028.
Europe’s EV market is expected to see such explosive growth thanks to the confluence of a variety of factors including rising environmental concerns, strict carbon emission standards, supportive government regulations and policies, and increased adoption of electric vehicles by the public. However, authorities and industry players will have to find ways to address range anxiety as well as the super-high initial costs associated with purchasing an EV and installing private charging infrastructure.
The coronavirus pandemic had adverse effects on Europe’s EV market, with most car manufacturers forced to reduce or shut down production. Fortunately, governments across the continent, including Germany, Norway and the United Kingdom stepped in and increased subsidies and incentives for electric vehicle purchases. With battery prices on the decline, EV adoption in the region increased, culminating in a total of 1,176,000 battery electric vehicles (“BEVs”) and plug-in hybrids sold in 2020. This was double the number of EVs sold in 2019, and electric vehicle sales in Europe are poised to grow significantly in the next six years.
Based on volume and value, Germany had the largest share of EVs on the continent. France had the second-largest share based on value while the UK had the second-largest share by volume. As per the market research report, hybrids accounted for the largest percentage of EVs in Europe. EVs with less than 100kW batteries were the most abundant thanks in part to increased public demand for lightweight vehicles, reducing battery prices and increased investment by EV startups.
Furthermore, most of the EVs purchased on the continent were for private use. This is probably because of government initiatives supporting the manufacture and sale of EVs, increased consumer demand for fuel-efficient vehicles, rising fuel costs and declining battery prices. Still, the commercial electric vehicle segment is projected to enjoy the highest compound annual growth rate during the forecast period.
North America is unlikely to be left far behind, as various companies, including DSG Global Inc. (OTCQB: DSGT), are throwing their hats into the ring to play the role of distributor of EVs sourced from different places around the globe.
NOTE TO INVESTORS: The latest news and updates relating to DSG Global Inc. (OTCQB: DSGT) are available in the company’s newsroom at https://ibn.fm/DSGT
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