Amping Up: Taking Stock of the Electric Vehicle Market in the EU
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Amping Up: Taking Stock of the Electric Vehicle Market in the EU

07 November 2024 / Article

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Despite expectations of rapid growth, the European Union’s (EU) electric vehicle (EV) market expanded by just 2% in the first half of 2024, potentially slowing the EV sector’s contribution toward the EU’s decarbonization goals. This article explores the key challenges hindering progress, including the removal of purchase incentives, rising battery costs, and insufficient charging infrastructure.

Key Insights

  • The slowdown in EU EV sales growth threatens automakers’ ability to meet stricter CO2 emission targets and reduces the sector’s ability to meet climate policy goals; however, regulatory pressures and disincentives might reverse this trend.
  • Despite their global presence and substantial R&D investments, EU EV manufacturers are losing ground in their home markets, mainly to Chinese EV manufacturers.
  • High battery costs, battery technology limitations, and an uneven geographical distribution of EU charging infrastructures are the largest barriers to quicker EV adoption in the EU.

Despite expectations of rapid growth, the European Union’s (EU) electric vehicle (EV) market expanded by just 2% in the first half of 2024, potentially slowing the EV sector’s contribution toward the EU’s decarbonization goals. This article explores the key challenges hindering progress, including the removal of purchase incentives, rising battery costs, and insufficient charging infrastructure.

Key Insights

  • The slowdown in EU EV sales growth threatens automakers’ ability to meet stricter CO2 emission targets and reduces the sector’s ability to meet climate policy goals; however, regulatory pressures and disincentives might reverse this trend.
  • Despite their global presence and substantial R&D investments, EU EV manufacturers are losing ground in their home markets, mainly to Chinese EV manufacturers.
  • High battery costs, battery technology limitations, and an uneven geographical distribution of EU charging infrastructures are the largest barriers to quicker EV adoption in the EU.
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Authors

Alexander Heil, PhD

Alexander Heil, PhD Alexander Heil, PhD

Senior Economist, ESF Center
The Conference Board

Read Bio

Ioannis Siskos

Ioannis Siskos Ioannis Siskos

Senior Research Fellow, Environmental, Social & Go…
The Conference Board

Read Bio

Minji Xie

Minji Xie Minji Xie

Senior Researcher, China Center for Economics and …
The Conference Board

Read Bio

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