Electric Control Panel Market Share

Europe Market Forecast

The Europe industry is poised to hold largest revenue share of 30% by 2037. The growth of the market can be attributed majorly to the surging demand for electricity and the higher sales of electric vehicles. Nearly 1,730,000 electric vehicle registrations were made during the year, up from 1,061,000 in 2020. In only a single year, this reflects an increase in the share of all new car registrations from 11% to 17%. Electric van adoption also grew, rising from around 2% of all new registrations in 2020 to nearly 3% in 2021. Furthermore, the rising consumption of power is also expected to augment the market growth in Europe. For instance, Germany consumed more than 560 terawatt-hours of electricity in 2021, making it the greatest electricity consumer in the European Union (EU). With a demand of over 504 terawatt-hours, France stood in second place.