European Automotive Market Set to Reach USD 29.55 Billion by 2030, Driven by Electrification and Innovation

The European Automotive Market Size is on a robust growth trajectory, projected to expand from USD 16.26 billion in 2023 to USD 29.55 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 8.9% during the forecast period. This growth is fueled by advancements in electric vehicle (EV) technology, stringent environmental regulations, and evolving consumer preferences towards sustainable mobility solutions.

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 Competitive Landscape

The European automotive sector is characterized by a mix of established manufacturers and emerging players focusing on innovation and sustainability. Key industry participants include Volkswagen, BMW, Mercedes-Benz, Renault, Stellantis, and Volvo. These companies are investing heavily in electrification, autonomous driving technologies, and digital transformation to maintain their competitive edge.

Notably, Volkswagen aims to produce 70% of its vehicles as electric by 2030, investing €60 billion over the next five years in electrification and digital transformation. In March 2025, BMW expanded its Munich manufacturing facility to increase EV production capacity, aligning with the growing demand for sustainable mobility in Europe.

 Regional Demand Highlights

Germany leads the European automotive market, with EV sales increasing by 50% in 2023. The country's strong manufacturing base and consumer inclination towards premium vehicles contribute to its dominance.

France is witnessing a significant shift towards hybrid vehicles, with sales increasing by 40% in 2023, accounting for about 25% of the country's total automobile market.

The United Kingdom is accelerating its transition to electric vehicles, supported by government investments in EV infrastructure and charging stations.

 Country-Specific Insights

Growth Opportunities in Vietnam

Vietnam's automotive industry is expanding, with local manufacturers like VinFast making significant strides. In 2024, VinFast acquired Apex Motors, a company specializing in autonomous driving technology, strengthening its position in the EV market.

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Trends in Thailand's Automotive Sector

Thailand is enhancing its EV production capabilities. Thai Automotive Industries recently acquired a stake in EV Tech Co., focusing on the development of electric vehicle batteries, indicating a strategic move towards sustainable mobility.  

Consolidation in Japan's Automotive Industry

Japanese automakers are consolidating their efforts to advance EV technologies. In April 2024, Toyota introduced the bZ3X, developed jointly with GAC Group and GAC Toyota, showcasing Japan's commitment to EV innovation.

Updates from South Korea's Automotive Market

South Korea is focusing on co-developing electrified vehicles for global markets. In October 2024, KG Mobility signed an agreement with Chery to develop EVs based on the T2X platform, reflecting South Korea's proactive approach to EV advancement.

Opportunities in Singapore's EV Infrastructure

Singapore is expanding its EV infrastructure to meet growing demand. ComfortDelGro, a leading transport company, acquired EV Charging Solutions to enhance its electric vehicle infrastructure, catering to the city's sustainable mobility goals.

Trends in the United States Automotive Market

The U.S. automotive market is experiencing shifts due to trade tensions and tariffs. In 2024, President Trump imposed a 25% tariff on auto imports, affecting global economic outlooks and influencing European carmakers' strategies.

Consolidation in China's Automotive Industry

Chinese automakers are adjusting their European strategies in response to EU tariffs on EVs. Companies like BYD and Geely are pivoting to hybrid vehicles to maintain competitiveness in the European market.

 Updates from Europe's Automotive Sector

Europe's automotive industry is undergoing significant transformations. In Q2 2024, there were 33 MA deals announced, totaling $1 billion, with the largest being Meridiam's $394.2 million minority acquisition of Allego. This indicates a strategic focus on EV infrastructure and sustainable mobility solutions.

 Key Recent Developments

• Volkswagen announced the release of a new electric vehicle model in March 2025, offering a 500-mile range, aiming to increase its market share in Europe's growing EV sector.
• Renault unveiled plans in February 2025 to build a state-of-the-art EV battery manufacturing plant in France, aiming to bolster local EV production and reduce reliance on foreign suppliers.
• Stellantis formed a strategic partnership with Chinese carmaker Leapmotor to introduce affordable EVs in Europe, planning to distribute 500,000 vehicles annually by 2030.

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Market Segmentation: In-Depth Analysis:

by Vehicle Type

Commercial Vehicles
Electric Cars
Passenger Cars
Three Wheelers
Two-Wheelers
Utility Vehicles

Due to their extensive usage for personal transportation, passenger cars continue to dominate the European automotive industry based on vehicle type. The dominance of conventional internal combustion engine passenger cars is being challenged by the growing popularity of electric vehicles, which will also make the European automotive market more ecologically friendly. For family and personal usage, traditional passenger automobiles are still quite popular.

by Fuel Type

Petrol
Diesel
Electric
CNG/LPG

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Market Key Players : In-Depth Analysis:

1. Honda
2. Volkswagen
3. Toyota
4. Nissan
5. Mazda
6. Mitsubishi
7. Mercedes-Benz
8. BMW
9. Porsche
10. Skoda

Note:

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