Electric Vehicles - France

France

The Electric Vehicles market in France is estimated to generate a revenue of US$31.4bn by 2024.
This projection indicates a steady annual growth rate (CAGR 2024-2029) of 8.50%.
As a result, the market volume is expected to reach US$47.2bn by 2029.
The unit sales of Electric Vehicles market in France are predicted to reach 704.10k vehicles by 2029.
In 2024, the volume weighted average price of Electric Vehicles market in France is expected to be US$67.2k.
It is interesting to note that China is projected to generate the highest revenue in the Electric Vehicles market globally, amounting to US$376,400m in 2024.
France is leading the way in electric vehicle adoption, with government incentives and a robust charging infrastructure driving consumer demand.

Key regions: United States, Germany, Netherlands, China, United Kingdom

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Analyst Opinion

The Electric Vehicles market in France is experiencing significant growth and development.

Customer preferences: Customers in France are increasingly opting for electric vehicles due to several reasons. Firstly, there is a growing concern about the environmental impact of traditional gasoline-powered vehicles. Electric vehicles offer a cleaner and more sustainable alternative, as they produce zero emissions and contribute to reducing air pollution. Secondly, the government in France has implemented various incentives and subsidies to encourage the adoption of electric vehicles. These incentives include tax credits, reduced parking fees, and access to bus lanes, making electric vehicles more attractive to consumers. Additionally, the advancements in technology have led to improved battery performance and longer driving ranges, addressing the issue of limited range anxiety that was previously a concern for potential buyers.

Trends in the market: The Electric Vehicles market in France is witnessing a surge in sales. This can be attributed to the increasing number of electric vehicle models available in the market, offering consumers a wider range of choices. Furthermore, the infrastructure for charging electric vehicles is expanding rapidly across the country. Charging stations are being installed in public spaces, parking lots, and even private residences, making it more convenient for electric vehicle owners to charge their vehicles. This infrastructure development is crucial in addressing the issue of range anxiety and increasing the overall adoption of electric vehicles in France.

Local special circumstances: France has set ambitious targets for reducing greenhouse gas emissions and transitioning to a more sustainable transportation system. As part of its commitment to the Paris Agreement, the French government aims to ban the sale of gasoline and diesel vehicles by 2040. This policy has created a sense of urgency among consumers and has acted as a catalyst for the growth of the electric vehicle market in the country. Additionally, France has a strong automotive industry, with several major manufacturers investing in the production of electric vehicles. This local industry support further boosts the availability and affordability of electric vehicles in the market.

Underlying macroeconomic factors: The development of the Electric Vehicles market in France is also influenced by macroeconomic factors. The increasing global awareness of climate change and the need for sustainable solutions has led to a shift in consumer behavior, with more individuals prioritizing environmentally friendly options. Moreover, advancements in technology and economies of scale have led to a decrease in the cost of electric vehicles, making them more accessible to a wider range of consumers. Additionally, the French government's commitment to reducing greenhouse gas emissions has created a favorable regulatory environment, providing stability and support for the electric vehicle market. In conclusion, the Electric Vehicles market in France is experiencing significant growth and development due to customer preferences for cleaner and more sustainable transportation options, a wider range of vehicle choices, expanding charging infrastructure, and government incentives. The local special circumstances, such as ambitious emission reduction targets and a strong automotive industry, further contribute to the growth of the market. These trends are supported by underlying macroeconomic factors, including global awareness of climate change and technological advancements.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).