The Registrations of electric/fuel cell vehicles in Germany attained a value of 194,474 Units in 2020
The indicator recorded a historical growth (CAGR) of 98% between 2017 to 2020, and is expected to grow by...
GlobalData projects the indicator to grow at a CAGR of...
Automotive Industry in Germany
Electric vehicles are becoming more prominent as many countries attempt to tackle climate change. As electrification becomes mainstream, there are several ground-breaking changes all happening at once. These changes are not just technological, as electric vehicles move to replace internal combustion engines, but also impact ownership models as car ownership becomes less aspirational and fully autonomous vehicles move closer to becoming a reality. The widespread adoption of electric vehicles is not only providing challenges for existing automakers but is also creating lanes for new companies to enter the market.
A huge drop in demand occurred in 2020 amid the COVID-19 pandemic. There has been a severe disruption in the export of Chinese parts and widespread manufacturing plant closures around the world. This has meant that the manufacturing of new cars has been impacted, while dealerships have also been forced to enforce temporary closures.
The production of electric vehicles is relatively easier than fuel-based engines, giving rise to a few new entrants, although the capital requirements are still vast, and incumbents are already diversifying into this segment. Players such as Volvo, General Motors, Aston Martin, and Jaguar Land Rover have all announced plans to switch over to manufacturing only electric or hybrid cars at some point within the coming decade.
These changes in the automotive sector mean that new parts and materials are in demand, not just when it comes to batteries to power the next generation of vehicles, but right across the vehicle manufacturing process.
Demand for hybrid and electric cars has been surging at double-digit rates in recent years, whereas sales of diesel cars have plunged following emission scandals and the introduction of circulation bans in large German cities such as Hamburg, Munich, and Stuttgart as an anti-pollution measure.
The shift to electrified cars has been a forced choice rather than an option given tighter regulations in Europe and its competitive weakness in producing fuel-efficient cars that could put its future as a leading automaker at risk.
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