Insights on Electric Vehicle Growth in Europe by 2024

Electric Vehicle Market in Europe : A Comprehensive Analysis

The European Electric vehicle market saw a slowdown in May , with sales of new battery electric vehicles ( BEVs ) dropping by 12 % year - on - year to 114,308 units . This decline was primarily driven by major markets such as Germany . However , industry experts like Quentin Willson from FairCharge and James Frith from Volta Energy Technologies believe that this slowdown is just a temporary phase due to economic uncertainties and high interest rates affecting consumer sentiments . They predict a natural recovery in EV sales growth once the economic conditions stabilize.

Transport & Environment ( T&E ) , a campaign group based in Brussels , dismisses the notion of a slowdown in electric car demand as a myth . They argue that the current stagnation in the EV market has been anticipated for years . T&E points out that car manufacturers tend to focus on maximizing profits from internal combustion engine ( ICE ) vehicles before transitioning to EVs to comply with EU car CO2 targets . This stop - and - go momentum in the market leads to fluctuations in EV sales.

Another factor contributing to the current EV slowdown is the shift in incentives . Germany , for example , saw a 30.6 % decline in BEV sales after ending subsidies for electric vehicles . Additionally , misinformation about EVs across Europe is impacting the industry . Matt Adams from the Association for Renewable Energy and Clean Technology highlights the need to address misconceptions about EVs to encourage wider adoption among consumers.

Despite the current challenges , industry experts unanimously believe that the European EV sector will experience growth in 2025 . Tighter fleet - wide tailpipe emissions standards will push car manufacturers to increase the share of EVs in their sales mix to avoid fines . T&E predicts that affordable EV models launching between 2024 and 2027 will drive the next growth phase in the market . The International Energy Agency forecasts a significant increase in the EV sales share in Europe , with projections reaching 87 % by 2035.

As the industry evolves , a coordinated effort to combat misinformation and promote the benefits of EVs will be crucial for further growth . European carmakers and policymakers must commit to the 100 % zero - emission car target by 2035 and support the ramp - up of affordable electric car models . The next few years will be decisive in shaping the trajectory of the EV industry , with 2025 marking a pivotal moment in its development.