Electric Vehicles - Germany

Germany

Germany is expected to witness a significant growth in the Electric Vehicles market.
By the year 2024, the projected revenue is estimated to reach €58.6bn.
Furthermore, the market is anticipated to exhibit a promising compound annual growth rate (CAGR 2024-2029) of 7.16%.
This growth trajectory is expected to propel the market volume to €82.8bn by 2029.
It is projected that unit sales of Electric Vehicles market in Germany will reach 1,035.00k vehicles by 2029.
In terms of pricing, the volume weighted average price of Electric Vehicles market in Germany is expected to be €79.2k in 2024.
When considering the global market, China is projected to generate the highest revenue, amounting to €349,100m in 2024.
Germany, known for its strong automotive industry, is experiencing a surge in demand for electric vehicles as consumers become more environmentally conscious.

Key regions: United States, Germany, Netherlands, China, United Kingdom

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Analyst Opinion

The Electric Vehicles market in Germany is experiencing significant growth and development. Customer preferences for environmentally friendly transportation options, government incentives, and advancements in technology are driving this trend.

Customer preferences: Customers in Germany are increasingly concerned about the environmental impact of traditional vehicles and are looking for more sustainable alternatives. Electric vehicles offer a clean and efficient mode of transportation, reducing carbon emissions and air pollution. The desire to contribute to a greener future is influencing customers to choose electric vehicles over conventional ones. Additionally, the availability of a wide range of electric vehicle models and the growing charging infrastructure in Germany are making it easier for customers to transition to electric vehicles.

Trends in the market: The Electric Vehicles market in Germany is witnessing several trends. Firstly, there is a growing demand for electric vehicles in the passenger car segment. As awareness about the benefits of electric vehicles increases, more individuals are opting for electric cars as their primary mode of transportation. This trend is also fueled by the expanding range of electric vehicle models available in the market. Secondly, there is a rise in the adoption of electric vehicles in the commercial sector. Businesses are recognizing the economic and environmental advantages of electric vehicles for their fleet operations. Electric delivery vans and trucks are becoming increasingly popular, as they offer lower operating costs and reduced emissions.

Local special circumstances: Germany has set ambitious targets to reduce greenhouse gas emissions and transition to a more sustainable transportation system. The government has implemented various policies and incentives to promote the adoption of electric vehicles. These include subsidies for electric vehicle purchases, tax incentives, and the expansion of charging infrastructure. These initiatives have created a favorable environment for the growth of the Electric Vehicles market in Germany.

Underlying macroeconomic factors: The Electric Vehicles market in Germany is also influenced by broader macroeconomic factors. The country's strong economy and high disposable income levels enable consumers to afford electric vehicles. Additionally, advancements in battery technology and the decreasing cost of electric vehicle production have made electric vehicles more affordable and accessible to a wider range of consumers. In conclusion, the Electric Vehicles market in Germany is experiencing significant growth due to customer preferences for environmentally friendly transportation options, government incentives, and advancements in technology. The increasing demand for electric vehicles in both the passenger and commercial sectors, along with the supportive government policies, are driving this trend. Germany's strong economy and technological advancements further contribute to the growth of the Electric Vehicles market in the country.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).