Latest Trends in the European Electric Vehicle segment for 2020

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Changing consumer preferences, strict government regulations on pollution, future energy demands, and rapid technological advancement have led to a wave of disruption in the world’s automobile industry. Europe saw a huge increase in the sales of the electric vehicle during the first half of 2020. It is predicted that the European EV market would grow at a phenomenal rate of about 35% annually between 2019 and 2024.

Electric Vehicles are preferred over conventional vehicles for their economic fuel consumption, lower carbon emissions, low cost of maintenance, and better performance. The key players in this market include the like of BMW, Tesla, Nissan, Volkswagen, Toyota, and General Motors. Let us look at some of the latest trends shaping the EV market in Europe.

#1 Increased availability of EVs in the market

According to Bloomberg, the year 2020 will see 10 million EVs being sold worldwide, with 800,000 sold in Europe. In Europe, 2020 is called the year for EVs. There is a huge demand for these vehicles, and the governments across Europe support the EV cause. Netherlands, Norway, Germany, and several other European nations would ban conventional (fossil fuel) cars by 2030. Moreover, strict regulations to control pollution level is driving up the demand for EVs. With 800,000 EVs on the road by 2020, the next thing that pops up is – infrastructure and charging stations!

#2 New trends with Charging Stations

We see a shift in trend concerning charging stations. The charging stations are seeing a rapid growth as well – instead of having charging stations at highways; it is now coming up at places where people spend most of their time – offices, gyms, malls, restaurants. More charging facilities are coming up in places where people go and spend time. Another trend that is becoming popular is the concept of charging hubs – where several vehicles can be parked and charged at the same time.

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#3 UK, France, and Germany take the lead

Considering a combined market for fully EVs and plug-in EVs, Germany stands at the top, followed by UK and France. But one cannot ignore those nations which are not in the top three, especially Norway, Italy, and Sweden. Those markets are as massive and progressive as the top three. It’s like the slot sites not listed on GameStop, yet come with immense winning potential and popularity.

#4 European EV market has surged past China

For the first time in five years, the European EV market has surpassed the Chinese market. During the first six months of 2020, Europe sold around 380,000 EVs, while China managed to sell 330,000 models (a 44% drop in sales compared to 2019). Strict government regulations, lucrative subsidy schemes, and the launch of several new models led to an increase in demand for EVs in the European market.

#5 Tesla eyes EV advantage over its competitors

Tesla has made a smart move – it is trying to win auto utility units and OEMs in Germany – the biggest EV market in Europe. Tesla has also secured permission to trade electricity across Western Europe. This could mean that the company is eying to establish complete supremacy over the biggest auto heartlands in Europe.