In October, new car sales saw a surge of 14.6% in the European Union, driven by a significant rise in the sales of fully electric vehicles (EVs). However, increasing sales still don’t paint a clear picture of the EV market in the EU.Following years of rapid growth, Europe’s electric car sales seem to be slowing down as consumers anticipate improved and more affordable models to arrive in the market within the next two to three years. More Into Sales DataAccording to the European Automobile Manufacturers Association (ACEA), as per Reuters, sales of fully electric cars surged by 36.3% from the previous year, while full hybrid sales witnessed an increase of almost 39%. This contributed to the EU’s 15th successive month of sales growth.Per the ACEA, in October, fully electric cars constituted 14.2% of sales, surpassing diesel car sales for the third time. Diesel cars accounted for more than 50% of EU auto sales in 2015, but in October 2023, that percentage had dropped to only 12%.During the 10 months leading up to October, sales of fully electric cars surged by 53.1%Tesla (TSLA) reported an increase of around 150% in sales, constituting about 12% of EV sales in the single currency bloc. Increasing EV Registrations Hint at Future GrowthAccording to the Reuters article, between January and October, EVs represented over 47% of all new passenger car registrations in the EU. This figure marks an increase from the 42% recorded in the previous year.However, rising concerns among automakers and analysts regarding the headwinds present in the EV market paint a dull picture. Headwinds in the MarketAccording to Reuters, consumer skepticism regarding present EV models meeting their safety, range and price needs indicates a slower adoption of EVs. The absence of affordable EV options could potentially halt the steep sales growth that was initially propelled by early adopters and corporate fleets.However, these factors are expected to create volatility only in the short term, being cyclical in nature. ETFs in FocusInvestors are reacting to the shifting landscape, causing substantial declines in EV-related ETFs. However, a global shift toward EVs is inevitable, boosting the long-term prospects of the market. As per Statista, revenues are forecast to witness at a CAGR of 11.99%, reaching a valuation of $288.9 billion by 2028.Investors can keep a watch on the below-mentioned funds, and those with a comparatively longer investment horizon can be optimistic about the long-term outlook of the EV market. 
iShares Self-driving EV & Tech ETF (IDRV)iShares Self-driving EV & Tech ETF seeks to track the performance of the NYSE FactSet Global Autonomous Driving and Electric Vehicle Index with a basket of 52 securities. IDRV has gathered an asset base of $349.3 million and charges an annual fee of 0.47%.iShares Self-driving EV & Tech ETF has an exposure of 24.29% in Europe and has allocated around 59.16% of its assets in large-cap securities. The fund has gained about 4.18% over the past month. 
Global X Autonomous & Electric Vehicles ETF (DRIV)Global X Autonomous & Electric Vehicles ETF seeks to track the performance of the Solactive Autonomous & Electric Vehicles Index with a basket of 76 securities. The fund has amassed an asset base of $699.9 million and charges an annual fee of 0.68%.Global X Autonomous & Electric Vehicles ETF has an exposure of 12.56% in Europe and has allocated around 61.91% in large-cap assets. DRIV has gained about 6.16% over the past month. 
KraneShares Electric Vehicles & Future Mobility Index ETF (KARS)KraneShares Electric Vehicles & Future Mobility Index ETF seeks to track the performance of the Bloomberg Electric Vehicles Index with a basket of 69 securities. KARS has gathered an asset base of about $34.99 million and charges an annual fee of 0.72%.KraneShares Electric Vehicles & Future Mobility Index ETF has an exposure of 9.38% in Europe and has allocated about 62.32% to large-cap assets. The fund has gained about 1.79% over the past monthMore By This Author:3 Stocks To Watch After Impressive Earnings Beats This Week3 Real Estate Funds To Buy On Surging Building Permit Buy These 3 Energy Mutual Funds For Attractive Returns