High Performance Electric Vehicles market in France is expected to grow at a CAGR of 36.88% during the forecast period. The cost efficiency derived from the electric vehicles, would help to significantly drive the demand of EHPV. Though these type of vehicles have been introduced recently and their technology is yet at its development stage, the electric vehicle market is expected to gain significant momentum, which would in turn, propel the growth of the high performance electric vehicle market in France during the forecasted period. The growing awareness of vehicle emissions like that of CO2, lower operating and maintenance cost along with increase in EC's initiative to encourage the use of electric vehicles would help to drive the growth of high performance electric vehicles considerably. Consumer perception and willingness to purchase the new vehicle technologies lies at the heart of the successful large scale diffusion of electric vehicles in France.
France is one of the major market in Europe for electric high performance vehicle. The growing popularity in this type of vehicles is primarily due to the increasing popularity of racing events in Europe. Spanish engineering company Applus+ had unveiled its Volar-e supercar prototype at the Circuit de Catalunya in Barcelona. Developed as per European Commission guidelines and apparently 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. In addition, the government and companies in the private sector are jointly focusing on battery electric vehicles and using eco-friendly transport, resulting in increased demand for EHPV. All teams in the first season of Formula E racing, meant for electric vehicles were supplied an electric racing car built by Spark Racing Technology, in partnership with Renault (named as the Spark-Renault SRT 01E). The chassis was designed by Dallara, a leading chassis manufacturer in the country. These developments prove the fact that France has always been the home ground for the development of electric vehicles in Europe as well as in the global arena.
The implementation of an environmentally feasible public policy at the national and local level and the supply of technologically advanced vehicles produced by French manufacturers have enabled France to become the largest electric vehicle market in Europe. The introduction of various incentives is part of this approach, with in particular the environmental bonus created in 2008 that was aimed at rewarding those who purchase new cars with the lowest CO2 emissions. The bonus currently amounts to €6,300, irrespective of the purchaser, company, community or individual. In addition many French cities have introduced an electric vehicle sharing service (car sharing system). For instance, "Autolib" in Paris, introduced on the initiative of Mayor Bertrand Delanoë, and "l'Auto bleue" in Nice, "Sunmoove" in Lyon and "Bluecub" in Bordeaux, etc. Significant involvement of city councils and local authorities in the electro mobility field also plays a critical role in the development of the electric vehicle infrastructure In addition French manufacturer, Renault had sold the largest number of electric vehicles in Europe (ahead of Nissan and Smart). The French market for electric and hybrid passenger vehicles represented 4.8% of the global passenger car market in France in 2014, validating the importance of electric vehicles in the country. Thereby, in the context of favorable electric vehicle infrastructure, the high performance electric vehicle market would surely continue to growth in the forecast period.
The market is segmented by electric vehicle type, and by power range. The demand of pure electric vehicles, would continue to dominate the high performance electric vehicle type market in the forecast period. Some of the key players in this market like Alpine, Renault, Bugatti, BMW, Daimler.
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