Europe Electric Two and Three Wheeler Market Industry Analysis, In-depth Research Study and Growth Drivers Analysis – Muleskinner

New York (USA) – Astute Analytica has published a new report on the European electric two-to-three-wheeler market. Global markets reports analysis of growth momentum and revenue inflows in this industry, including the impact of COVID-19. The Europe Electric Two Three-wheeler Market research report presents significant factors which positively and negatively affect the growth of this vertical to suggest stakeholders for making decisions. Additionally, the report offers data on the past, present and future scenarios of the businesses. The report also contains key segments and major players.

The Europe Electric Two Three-wheeler Market The market size was 94.3 million US$ in 2021. The market size of electric two-wheelers in Europe is expected to reach 233.3 million US$ by 2030, growing at a compound annual growth rate (CAGR ) by 10.6% over the forecast period from 2022 to 2030. .

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The automotive sector is constantly striving to develop an integrated approach for a cleaner environment and lower carbon emissions. To minimize fuel consumption, automakers are creating more efficient engines and transmissions, and a wide range of sophisticated emission control equipment is putting cleaner cars on roads around the world. It is expected that marked improvements in air quality may be noticed as more new automobiles with contemporary exhaust emissions performance hit the road. As older, more polluting cars replace new ones. Thus, this trend will continue to drive the growth of the automotive sector.

COVID-19 Impact Analysis:

The COVID-19 pandemic has wreaked havoc on the global automotive industry quickly and severely. Shipments of Chinese parts came to a halt, large-scale manufacturing disruptions were occurring across Europe, and assembly plants in the United States had to close. This has put a lot of pressure on a sector already facing falling global demand due to dwindling consumer needs. According to data from the International Organization of Motor Vehicle Manufacturers, the commercial vehicle industry in 40 major countries, 17 countries, including Belgium, Canada, Germany, Japan, etc., experienced negative growth of 67, 5% during the COVID-19 pandemic.

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Regional outlook:

China is one of the largest automotive markets in the world, both in terms of sales and production. According to Statista, global manufacturing of passenger vehicles will surpass 66 million units in 2020. China produced about a third of those automobiles that year. In 2020, Germany accounted for around 5% of global production.

By 2020, the Chinese government expects car production to reach 30 million units and 35 million by 2025. The China Association of Automobile Manufacturers estimated sales of 27 million vehicles in 2018 It includes 23.79 million passenger vehicles, down 4.08% from 2017, and 4.38 million utility vehicles, up 5.05%. This is the first annual decline in passenger vehicle sales in at least 20 years.

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SOURCE Clever Analytics