Europe’s EV Sector Will Likely Triple by 2021
Late last year, we reported how Europe manifested a 42-percent sales increase for the EV segment. Now, recent data indicates that the region’s EV market will triple within the next three years.
Positive signs of growth
The European Federation for Transport and Environment (T&E) recently analyzed data from IHS Markit. Their findings indicate that the automakers are ready to commit to producing electric vehicles for the European market.
According to the data, automakers will offer European consumers 214 EVs as early as 2021. That’s a drastic surplus of electric models, considering that just 60 EV models were available at the end of last year.
Context of the growth
A variety of factors have contributed to this predicted surge in EVs. For one thing, 16 new lithium-ion battery cell plants are projected to begin operations in Europe by 2023. (Per the BBC, the following four countries will boast the largest electric-model production plants as this sales trend unfolds: France, Germany, Italy, and Spain.) Additionally, the EU’s stringent CO2 standards are also to blame, as T&E transport and e-mobility analyst Lucien Mathieu, relates.
Well-Deserved Recognition: Ford Mustang achieves best-selling sports coupe in the world status for the fourth time in a row
Preparing for the EV sales surge
Offering more incentives and expanding the charging infrastructure are two essential objectives that Europe needs to achieve if it is to optimize the projected increase in EV sales. Some industry experts, such as Mathieu, are advocating for changes in vehicle taxation to make buying an EV more affordable for the average consumer.
Still, these recent stats are exciting news for the European auto industry. It’s also great news for environmentally-conscious consumers in this area since they’ll soon have many more EV models to choose from.
Ownership Perks: Advantages of going with Ford
News Source: BBC
The News Wheel is a digital auto magazine providing readers with a fresh perspective on the latest car news. We’re located in the heart of America (Dayton, Ohio) and our goal is to deliver an entertaining and informative perspective on what’s trending in the automotive world. See more articles from The News Wheel.