Dublin, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The "Germany Electric Vehicle and Charging Infrastructure Market Databook - 75+ KPIs Covering EV Market Size by Value and Volume, Vehicle Type, Price Point, Propulsion Type, Component, Location - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The electric vehicle market in Germany is expected to grow by 28.9% on an annual basis to reach US$44.6 billion by end of 2024. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 24.2% during 2024-2028. The electric vehicle market in Germany will increase from US$34.6 billion in 2023 to reach US$106.1 billion in 2028.
The electric vehicle industry is expected to record steady growth in Germany. However, a slowdown in EV sales is expected to occur, due to the government ending the subsidy program. In mid-December 2023, the government abruptly ended the consumer support scheme, after allowing corporate subsidies for fully electric vehicles to expire at the start of September 2023.
EV-focused innovative startups are raising venture capital and private equity funding in Germany. Enapi, a platform designed to enhance collaboration within the electric vehicle (EV) charging industry, announced that the firm had raised €2.5 million in its pre-seed funding round in March 2024.
Electric vehicle sales are expected to decline in the German market in 2024
In 2023, Germany reported a strong growth in electric vehicle sales. According to a report from the KBA Federal Transport Authority, a total of 2.8 million new cars hit the German market in 2023, representing an increase of 7.3% compared to 2022. The report also revealed that battery-powered vehicle sales increased by 11.4%, reaching 524,000 units in 2023 in Germany.
The electric vehicle market, however, has hit a roadblock as the government has put an end to the subsidy program. In mid-December 2023, the government abruptly ended the consumer support scheme, after allowing corporate subsidies for fully electric vehicles to expire at the start of September 2023. The end of the subsidy program has resulted in a decline in battery-powered cars in the German market, and this trend is projected to continue further over the short term in 2024. This will, therefore, have an impact on the growth of the electric vehicle industry in Germany over the medium term.
EV-focused innovative startups are raising venture capital and private equity funding in Germany
Enapi, a platform designed to enhance collaboration within the electric vehicle (EV) charging industry, announced that the firm had raised €2.5 million in its pre-seed funding round in March 2024. This pre-seed round was led by Project A Ventures and included participation from Seed camp and HelloWorld. With the capital infusion, Enapi plans to grow its network, improve data quality on the platform, and develop clearinghouse functionalities to scale charge point connectivity.
Enapi's platform connects Charge Point Operators (CPOs) with entities that develop and provide digital charging solutions for both consumers and businesses. CPOs need connectivity to achieve their usage targets, while eMobility Service Providers (eMSPs) strive to offer EV drivers access to a wide range of charge points. However, the industry faces significant challenges with technical interoperability between CPOs and eMSPs. Available solutions are not only costly and difficult to scale but also often result in poor data quality. This negatively impacts EV drivers, who receive inaccurate information about charge point availability and lack transparency regarding public charging fees.
Enapi, as a startup focused on infrastructure, is dedicated to creating a secure, reliable, and scalable platform for stakeholders in the EV industry to collaborate. Their Enapi Transaction Broker uses the OCPI standard to facilitate smooth connections between charging stations. By promoting the adoption and expansion of open protocols, Enapi seeks to improve community collaboration and data quality.
German car makers are investing in EV infrastructure in global markets, including in regions like Africa and Asia
Mercedes-Benz, in November 2023, announced that the firm is set to expand its charging network throughout South Africa with an R40 million investment. The investment will be used to establish 127 charging stations. This move is part of their broader strategy to support full electrification and enhance sustainability in major global markets and developing regions, including South Africa.
The firm has developed a two-phase plan for this expansion. In the first phase, by the end of Q1 2024, Mercedes-Benz will invest R15 million to set up 67 Mercedes-Benz EQ-branded charging stations. The second phase will see an additional R25 million allocated to install 60 more charging stations across the nation. These installations will be carried out in collaboration with Chargify, a charging point operator (CPO) specializing in both AC and fast-charging DC stations. The charging stations will also be compatible with other brands of electric vehicles.
The firm, in September 2023, also announced that it is expanding its electric vehicle charging network to customers of other brands in India. These strategic initiatives are part of the firm's strategy to accelerate the shift towards clean energy vehicles in the global market over the medium term.
This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.
Report Scope
This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in Germany through 97 tables and 119 charts.
Below is a summary of key market segments:
- Germany Overall Vehicle Market Size and Future Growth Dynamics
- Germany Electric Vehicle Market Size and Forecast
- Germany Electric Vehicle Market Volume By Drive Segment
- Germany Electric Vehicle Market Value and Volume By Car Segment
- Germany Electric Vehicle Market Value and Volume By Passenger Car Segment
- Germany Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
- Germany Electric Vehicle Market Value By Vehicle Class
- Germany Electric Vehicle Market Value By Powertrain
- Germany Electric Vehicle Market Value By Distance Range
- Germany Electric Vehicle Market Value By Charging Type
- Germany Electric Vehicle Market Value By Propulsion Type
- Germany Electric Vehicle Market Value and Volume By Vehicle Type
- Germany Electric Vehicle Market Value By Cities
- Germany Electric Vehicle Market Value By Components
- Germany Electric Vehicle Infrastructure Market Value
- Germany Electric Vehicle Infrastructure Market Volume
- Germany Electric Vehicle - Number of Charging Points By Charging Type
- Germany Electric Vehicle - Number of Charging Stations By Charging Type
- Germany Electric Vehicle - Number of Charging Points By Location
- Germany Electric Vehicle - Number of Charging Points By Charging Speed
- Germany Electric Vehicle - Number of Charging Stations By Charging Speed
- Germany Electric Vehicle - Number of Charging Points By Vehicle
- Germany Electric Vehicle - Number of Charging Points By Connection Phase
- Germany Electric Vehicle - Number of Charging Points By Infrastructure Type
- Germany Electric Vehicle - Number of Charging Points By Connectivity
For more information about this report visit https://www.researchandmarkets.com/r/72i9yu
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