Germany Electric Car Market size was valued US$ XX Mn in 2019 and the total revenue is expected to grow at XX% through 2020 to 2027, reaching US$ XX Mn.
Germany Electric Car Market Drivers & Restraints:
The UK has the largest EV battery manufacturing plant in Europe. But, in 2017, Germany overtook the UK for the first time in EV sales & China manufactured half of all EVs globally. Germany has dragged ahead of Norway for sales of all electric cars since the start of the year, putting Europe’s biggest auto market in position to become the regional electric car leader on an annual basis for the first time.
Germany has dragged ahead of Norway for sales of electric cars since the start of the year 2019, putting Europe’s biggest auto market in position to become the regional leader on an annual basis for the first time. Through November, 57,533 new electric cars were registered in Germany, compared with 56,893 for Norway. The Nordic country has sold the most electric cars of any in Europe each year since at least 2010, when the Nissan Leaf, the first mass-market battery-powered car, made its debut.
The numbers show a sign that the technology is becoming more conventional in Europe’s car-making heartland, where Germany’s Volkswagen AG, BMW AG & Daimler AG are preparing for a main battery-car push. While Norway emerged as an early regional hot spot thanks to substantial government incentives, the country has about 6.4 Percent of the population of Germany, so development is limited. Across the region, governments are increasing subsidies. Norway & Germany have been neck-and-neck in electric-car sales this year. Norway held the upper hand for most of 2019, with Germany gaining momentum in recent months.
Germany is spending billions of euros on subsidies which will rip the value of electric cars as part of a huge economic incentive package which could help automakers like Volkswagen to sell vehicles .The German government will double current subsidies to €6,000 ($6,720) on electric vehicles that cost up to €40,000 ($44,800). The total incentive rises to as much as €9,000 ($10,080) when the current contribution from manufacturers is included.
Potential car consumers will also benefit from a temporary reduction in the country’s sales tax to 16% from 19%. The incentives are part of a sweeping €130 Bn ($145 Bn) package approved by the German government on 3rd June 2020. It is designed to help Europe’s largest economy recover from the effects of the coronavirus pandemic. The subsidies for electric cars are expected to cost €2.2 Bn ($2.5 Bn), while carmakers & their suppliers will receive another €2 Bn ($2.2 Bn) to aid R &D. The overall stimulus package amounts to 4 percent of the nation’s annual economic output. When combined with previous announced spending & tax breaks, the total amount of emergency stimulus in Germany has now reached a whopping 14 percent of GDP.
The incentives could jumpstart efforts by German carmakers with Volkswagen to manufacture & sell more electric cars. Volkswagen, which also owns Audi, Porsche, SEAT & Skoda, plans to spend €33 Bn ($37 Bn) on electric development by 2024, expanding into new business areas including charging infrastructure & battery production.
The global auto industry had already suffered two years of decreasing sales before the covid-19 pandemic struck, forcing factories & dealerships around the world to close. Sales have dropped this year, & there are few cyphers of a big rebound. The European market for electric vehicles and plug-in hybrids grew by 72 percent in the first quarter of 2020. The two vehicle categories now make up over 7 percent of all new cars delivered on the continent.
The objective of the report is to present a comprehensive analysis of the Germany Electric Car Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Germany Electric Car Market dynamics, structure by analyzing the market segments and project the Germany Electric Car Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Germany Electric Car Market make the report investor’s guide.
Germany Electric Car Market, By Technology
Germany Electric Car Market, By Product
Germany Electric Car Market, By Battery
Germany Electric Car Market, By Battery Capacity
• >201 Ah
• <201 Ah
Germany Electric Car Market, By End-User
• Shared mobility providers
• Government organizations
• Personal users
Germany Electric Car Market Key Players
• Mercedes Benz
• Delphi Automotive
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Name: Vikas Godage
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