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While fleet renewal schemes (vehicle scrappage) have helped segments of the passenger car market in some countries, overall vehicle demand in Europe went further down as well. Fleet renewal incentives are now in place in 13 Member States of the EU to stimulate demand and replace older vehicles with cleaner and safer ones.
Assuming normal scrappage rates, EV Volumes forecasts it will take until 2042 for half the global fleet to be electric. Although Italy introduced a new incentive scheme in May 2024, the total funds dedicated to BEVs were fully depleted within a day. billion light vehicles on the road today. share of the EV mix in 2024.
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