To reach this goal the German market for EVs would need to grow at a Compound Annual Growth Rate (CAGR) of 35% to 2030, according to GlobalData, the leading data and analytics company. Germany has set a target to become carbon neutral by 2045 with preliminary targets for cutting emissions by at least 65% by 2030 compared to 1990 levels, and 88% by 2040.
Mohit Prasad, Practice Head of Power at GlobalData, comments: “The transportation sector in Germany accounts for 20% of total emissions and so increasing the number of electric cars on the roads is vital for the country to achieve its emissions targets. With this in mind the German government’s recent announcement that plug in hybrid electric vehicles (PHEVs) will now be counted in the country’s EV target of 15 million electric cars by 2030. Earlier the target was limited to only BEVs."
BEVs, as their name suggests, operate completely on batteries however PHEVs combine internal combustion (IC) engines with batteries.