Europe Automotive High-performance Electric Vehicles Market - Growth, Trends, and Forecast (2018 - 2023)
The European automotive high-performance electric vehicles market is expected to register a high CAGR, with Germany and France registering close to a CAGR of 36%, during 2018 to 2023 (the forecast period). Electric high-performance vehicles can be differentiated from other EVs on aspects, including longer range of distance i.e., over 150 miles in a single charge, high acceleration, and their ability to attain a speed of over 90 miles per hour with faster acceleration of 0 to 60 miles per hour, unlike that of EV, which can range at speeds varying from 40-65 miles per hour. While purely electric cars do have some limitations, usually including lower range and higher weight, unlike normal gasoline powered cars, they do hold the advantage of having all of their torque available from a standstill. An electric high-performance vehicle (EHPV) is propelled by electricity and is equipped with advance electric vehicle powertrain components and Li-ion batteries with high energy density.
Factor Propelling the Growth of the market .
Growing awareness of vehicle emissions, lower operating and maintenance costs, along with increasing government initiatives to encourage the use of electric vehicles, will also help in driving the growth of high-performance electric vehicles significantly. The growing demand for these type of vehicles is primarily due to the increasing popularity of racing events in Europe. Spanish engineering company Applus+ unveiled its Volar-e supercar prototype at the Circuit de Catalunya in Barcelona. Developed as per European Commission guidelines and based on the Rimac Concept One, the all-electric Volar-e is primarily built to strike the market, for the F1 circuit to be held there. Also, the government and companies in the private sector are jointly focusing on battery electric vehicles and using eco-friendly transport. Germany has set itself the ambitious target of achieving a 40% reduction on 1990 CO2 emission levels by 2020. As a result, Germany unveiled a plan to increase electric vehicle production to 1 million units by the end of 2020, which is expected to increase the demand for EHPV.
Tesla pioneered the concept of EHPV, supporting and encouraging their development. They are developing cost-effective but high-performance electric vehicles to leverage the adoption of electric vehicles in the region. The company hopes that the initiative will spur consumer acceptance and create a network of supporting businesses, such as EV charging stations and service centers. The high cost of ownership, coupled with lack of adequate charging infrastructure in many countries, is one of the challenges that the market can face in the forecast period.
Key Developments in the Market
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