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How are the EV Trends Shaping Up in Europe?
Recent trends in the European EV market point to growing demands for both hybrid and pure electric vehicles.
FREMONT, CA: With EU placing carbon emission reduction targets, car manufacturers in European countries are now focused on advancing the case of Electric Vehicles (EVs). New rules mandate that average fleet emission should be within fixed limits and failing it will entail stiff fines for manufacturers. Prioritising EV production is the only viable way through which the automotive industry in Europe can comply with the rules. This, in addition to consumer expectations, is the major factor determining the growth of EVs in Europe’s automotive space.
According to reports, about 1.5 per cent of the passenger cars sold in Europe were EVs or hybrids. In 2019, the percentage share increased and is now steadily picking up pace. By the third quarter of 2019, 3.1 per cent new registrations already belonged to the EV and hybrid car category. These figures point to the increasing adoption of EVs in Europe. Currently, China might be the leader in EVs, but Europe has the potential to become the fastest-growing market for EVs as China begins withdrawing subsidies. Even the US will introduce a lot of EV models, but consumer adoption of EV is bound to take time.
In the case of Europe, most of the factors are favourable towards an uptick in EVs. In an article published in Forbes, it is mentioned that Europe will be offering 214 electric car models by 2021. These models will equip Europe to manage emissions and pave the way for environmental sustainability. A combination of incentives from the government, development of sufficient charging points, attractive taxation options, and enhanced battery technologies for vehicles will empower Europe's automotive sector to deliver the goods rapidly.
Within Europe, Western countries like Germany and France are expected to be the leading producers of electric cars. While Germany has the most hybrid cars, the UK leads when it comes to battery electric vehicles as per a report by the European Environment Agency. Thus, it is evident that EVs are penetrating the automotive sector, making it one of the most exciting hubs in the electric vehicle revolution.
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