Growing demand for commercial vehicles is driving the market growth
The Europe Electric Vehicles market CAGR is growing because the industry leaders in high-performance vehicles, Ford Motor and General Motors, are among the companies launching a range of electric high-performance trucks. In addition to having the greatest interiors and potent electric drivetrains, these electric trucks also come with upscale features like touch displays, leather upholstery, and panoramic windows.
For instance, Ford unveiled the new F-150 Raptor R in July 2022. It will have a 5.2-liter V8 engine that can generate 700 horsepower. Customers' desire for a V8-powered Raptor led to its release. Ford's new F-150 Raptor R shares features with its predecessors while delivering more power. More than 400,000 zero-emission cars and at least 100,000 new zero-emission trucks must be registered annually to achieve a reduction of 45 percent in CO2 emissions by 2030. Thus, several laws and policies from the government will encourage the market's expansion for high-performance vehicles.
The European Automobile Manufacturers' Association, also known as L'Association des Constructeurs Européens d'Automobiles (ACEA), responded to the European Commission's proposal for new CO2 standards for trucks and buses in February 2023 by requesting higher CO2 objectives along with significant expansion of infrastructure roll-out, a stronger incentive system, and a carbon price mechanism. Leading participants in the Europe Electric Vehicles market are already expanding their production facilities to accommodate their new electric models.
For instance, the Geely subbrand Radar Auto formally unveiled its first product, the Radar RD6 new battery electric pickup truck, which is available in four different configurations, in September 2022. A 200 kW permanent-magnet synchronous motor and an 86kWh/100kWh ternary lithium battery are available for the vehicle's powerplant.
The battery is a lithium-iron-phosphate battery. Additionally, EV consumers' range anxiety is reduced by a robust infrastructure for charging EVs. As charging stations proliferate, drivers can plan longer trips because they feel more certain about the availability of charging choices. The development of the infrastructure for charging is wider than in cities. By making electric vehicles more accessible to a larger population, ongoing initiatives to establish charging stations in suburban and rural locations encourage the adoption of EVs in the European region.
Fast-charging networks must be installed beside key thoroughfares and roads for long-distance travel. Fast-charging stations have the potential to drastically shorten charging periods, which increases the viability of EVs for consumers who require quick recharging choices while traveling. Thus driving the Europe Electric Vehicles market revenue.
