In 2020, the impact of COVID-19 differed from nation to nation across the European region. In the region, major countries which were affected by the pandemic of COVID-19 are the United Kingdom, Italy, Russia, France, Germany, and Spain. Due to increasing number of recorded cases, some of these nations had to impose stringent and longer lockdown along with social isolation in 2020. The lockdown affected electric car sales, but there were early signs of electric vehicle market resilience for two main reasons. First, policy support was strong – in particular in Europe as 2020 was an important target year for emissions standards. Purchase incentives increased, notably in Germany. Second, continued declines in battery costs, upgraded original equipment manufacturer (OEM) offers in both model choice and performance, fleet operators initiating their technology transition and the enthusiasm of electric car buyers (often affluent households less affected by the economic downturn) provided fertile ground for continued EV uptake. But somehow due to COVID-19 pandemic across the globe, the Europe electric vehicle market has been negatively affected as the electric vehicle manufacturing units have been shut down due to the imposed lockdown in major countries across the Europe. In addition, the unavailability of skilled labor has further affected the market growth. In Europe electric vehicles have witnessed a growing trend of acceptance in Europe as charging infrastructure is being improved, the production cost falls, and governments take efforts to bring down the carbon emission generated by the transportation sector. According to the International Council on Clean Transportation report, Europe is now the second-largest electric vehicle market in the world by volume, behind China and ahead of the U.S. This tremendous growth in demand for electric vehicles in Europe is expected to drive the growth of the Europe EV charging cable market over the forecast period.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the EV charging cables market. The Europe EV charging cables is expected to grow at a good CAGR during the forecast period.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 106.80 Million |
| Market Size by 2028 | US$ 963.95 Million |
| Global CAGR (2021 - 2028) | 36.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
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| Regions and Countries Covered | Europe
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| Market leaders and key company profiles |