Europe Electric Vehicle Market size is expected to reach US$ XXMn. by 2026 from US$ X XMn. in 2019, at a CAGR of 25.5% during the forecast period.
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Europe Electric Vehicle Market Introduction and Market sc enario: An electric vehicle is powered using an electric motor in place of a normal gasoline engine. E lectric vehicles or EVs use energy stored within rechargeable batteries for operating the elec tric motor that can rotate wheels. These electric vehicles are recharged using common hous ehold electricity. The electric vehicle has a higher advantage over normal vehicles as it prod uces no tailpipe emissions and also reduces dependency on oil thereby making it cheaper to operate. The process of producing electricity in these cars moves the emissions upstream to wards utility company’s smokestacks. Europe’s five largest automotive markets enclosed past China in electric vehicle registration s in the first quarter of 2020, as China battled the outbreak of the Covid-19 & imposed shutd owns countrywide. Germany, France, U.K., Italy, & Spain collectively registered 79,300 fully electric vehicles between January & March, narrowly edging past the 77,256 in China. Unit s ales more than doubled in Europe in that period, compared to the first quarter of 2019. In China, sales fell by more than half in the quarter as of the lockdown. Expectations for rea dy-to-use charging infrastructure are also Increasing. However, the rollout of EV chargers w as postponed in 11 European countries, amid production & manufacturing delays caused by the lockdown measures.