Electric Vehicles - Germany | Statista Market Forecast

Germany is expected to witness a significant growth in the Electric Vehicles market.
By the year 2024, the projected revenue is estimated to reach US$63.2bn.
Furthermore, the market is anticipated to exhibit a promising compound annual growth rate (CAGR 2024-2029) of 6.93%.
This growth trajectory is expected to propel the market volume to US$88.4bn by 2029.
It is projected that unit sales of Electric Vehicles market in Germany will reach 1.03m vehicles by 2029.
In terms of pricing, the volume weighted average price of Electric Vehicles market in Germany is expected to be US$85.4k in 2024.
When considering the global market, China is projected to generate the highest revenue, amounting to US$376bn in 2024.
Germany, known for its strong automotive industry, is experiencing a surge in demand for electric vehicles as consumers become more environmentally conscious.

CO2 emissions exert a profound influence on climate and the environment, fueling the greenhouse effect and contributing significantly to global climate change. Nearly one-fourth of these emissions worldwide can be attributed to the transportation sector. Electric vehicles (EVs) emerge as a promising solution, potentially acting as a carbon-neutral alternative when powered by renewable energy sources. This underscores their pivotal role in mitigating the impact of traditional combustion engine vehicles on the environment.

The Electric Vehicles market includes information about electric vehicles in countries where, according to our sources, a public electric vehicle charging infrastructure is already available. In this context, “public” means that people have unrestricted access to the charging infrastructure. A vehicle can be defined as electric if it is self-contained with a battery or classified as a plug-in hybrid. All key figures shown represent the sales of new cars, and their basic configuration in the respective year. The figures do not include the sale of used vehicles nor adapted equipment for the new cars sold. The prices and revenues shown are accordingly based on the basic models.

The Electric Vehicle market is divided into distinct two distinct markets, namely Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). This categorization allows for a nuanced understanding of the market dynamics, considering the specific attributes and market penetration of each electric vehicle type. The emphasis on new car sales and their foundational configurations ensures clarity, while the exclusion of used vehicles and customizations maintains focus on the evolving landscape of electric vehicles.

Battery electric vehicles (BEVs)
Plug-in hybrid electric vehicles (PHEVs)
Road electric vehicles
Passenger Cars

Electric vehicles that are not self-contained and cannot be classified as BEVs or PHEVs
Rail electric vehicles
Surface and underwater vessels
Electric aircraft or spacecraft
Motorcycles, scooters, mopeds, buses, vans, and trucks

The Electric Vehicles market in Germany is experiencing significant growth and development. Customer preferences for environmentally friendly transportation options, government incentives, and advancements in technology are driving this trend.

Customer preferences: Customers in Germany are increasingly concerned about the environmental impact of traditional vehicles and are looking for more sustainable alternatives. Electric vehicles offer a clean and efficient mode of transportation, reducing carbon emissions and air pollution. The desire to contribute to a greener future is influencing customers to choose electric vehicles over conventional ones. Additionally, the availability of a wide range of electric vehicle models and the growing charging infrastructure in Germany are making it easier for customers to transition to electric vehicles.

Trends in the market: The Electric Vehicles market in Germany is witnessing several trends. Firstly, there is a growing demand for electric vehicles in the passenger car segment. As awareness about the benefits of electric vehicles increases, more individuals are opting for electric cars as their primary mode of transportation. This trend is also fueled by the expanding range of electric vehicle models available in the market. Secondly, there is a rise in the adoption of electric vehicles in the commercial sector. Businesses are recognizing the economic and environmental advantages of electric vehicles for their fleet operations. Electric delivery vans and trucks are becoming increasingly popular, as they offer lower operating costs and reduced emissions.

Local special circumstances: Germany has set ambitious targets to reduce greenhouse gas emissions and transition to a more sustainable transportation system. The government has implemented various policies and incentives to promote the adoption of electric vehicles. These include subsidies for electric vehicle purchases, tax incentives, and the expansion of charging infrastructure. These initiatives have created a favorable environment for the growth of the Electric Vehicles market in Germany.

Underlying macroeconomic factors: The Electric Vehicles market in Germany is also influenced by broader macroeconomic factors. The country's strong economy and high disposable income levels enable consumers to afford electric vehicles. Additionally, advancements in battery technology and the decreasing cost of electric vehicle production have made electric vehicles more affordable and accessible to a wider range of consumers. In conclusion, the Electric Vehicles market in Germany is experiencing significant growth due to customer preferences for environmentally friendly transportation options, government incentives, and advancements in technology. The increasing demand for electric vehicles in both the passenger and commercial sectors, along with the supportive government policies, are driving this trend. Germany's strong economy and technological advancements further contribute to the growth of the Electric Vehicles market in the country.

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).

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For the first time in the past decade, lithium-ion battery pack costs increased in 2022 due to the raw material and battery component soaring price inflation. However, this increase in production cost has not slowed down the global electric vehicle (EV)market. Electric vehicle sales have increased tremendously over the past decade.