Electric Vehicles - Austria | Statista Market Forecast

The Electric Vehicles market in Austria is expected to generate a revenue of US$4.1bn in 2024.
It is projected to experience a compound annual growth rate (CAGR 2024-2029) of 15.99%, resulting in a market volume of US$8.5bn by 2029.
The unit sales of Electric Vehicles market are anticipated to reach 143.20k vehicles in 2029.
The volume weighted average price of Electric Vehicles market in Austria is expected to be US$59.3k in 2024.
In terms of international comparison, China is expected to generate the highest revenue in the Electric Vehicles market with US$376bn in 2024.
In Austria, the market for electric vehicles is steadily growing, driven by government incentives and a strong commitment to sustainability.

CO2 emissions exert a profound influence on climate and the environment, fueling the greenhouse effect and contributing significantly to global climate change. Nearly one-fourth of these emissions worldwide can be attributed to the transportation sector. Electric vehicles (EVs) emerge as a promising solution, potentially acting as a carbon-neutral alternative when powered by renewable energy sources. This underscores their pivotal role in mitigating the impact of traditional combustion engine vehicles on the environment.

The Electric Vehicles market includes information about electric vehicles in countries where, according to our sources, a public electric vehicle charging infrastructure is already available. In this context, “public” means that people have unrestricted access to the charging infrastructure. A vehicle can be defined as electric if it is self-contained with a battery or classified as a plug-in hybrid. All key figures shown represent the sales of new cars, and their basic configuration in the respective year. The figures do not include the sale of used vehicles nor adapted equipment for the new cars sold. The prices and revenues shown are accordingly based on the basic models.

The Electric Vehicle market is divided into distinct two distinct markets, namely Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). This categorization allows for a nuanced understanding of the market dynamics, considering the specific attributes and market penetration of each electric vehicle type. The emphasis on new car sales and their foundational configurations ensures clarity, while the exclusion of used vehicles and customizations maintains focus on the evolving landscape of electric vehicles.

Battery electric vehicles (BEVs)
Plug-in hybrid electric vehicles (PHEVs)
Road electric vehicles
Passenger Cars

Electric vehicles that are not self-contained and cannot be classified as BEVs or PHEVs
Rail electric vehicles
Surface and underwater vessels
Electric aircraft or spacecraft
Motorcycles, scooters, mopeds, buses, vans, and trucks

The Electric Vehicles market in Austria has been experiencing significant growth in recent years. Customer preferences for environmentally friendly transportation options, coupled with government incentives and favorable regulations, have contributed to the increasing adoption of electric vehicles in the country.

Customer preferences: Austrian customers are increasingly opting for electric vehicles due to their lower environmental impact compared to traditional gasoline-powered cars. The growing awareness about climate change and the need to reduce carbon emissions has led to a shift in consumer preferences towards more sustainable transportation options. Electric vehicles offer a cleaner and greener alternative, as they produce zero emissions during operation. Additionally, the lower operating costs and potential savings on fuel expenses make electric vehicles an attractive choice for cost-conscious consumers.

Trends in the market: The Austrian government has implemented several measures to promote the adoption of electric vehicles. These include financial incentives such as tax credits and subsidies for the purchase of electric vehicles, as well as the development of a comprehensive charging infrastructure across the country. These initiatives have played a significant role in driving the growth of the electric vehicles market in Austria. Furthermore, advancements in battery technology have made electric vehicles more practical and convenient for everyday use. The range of electric vehicles has increased, allowing drivers to travel longer distances without the need for frequent charging. This has addressed one of the major concerns of potential electric vehicle buyers – range anxiety.

Local special circumstances: Austria's geographical location and infrastructure make it well-suited for the adoption of electric vehicles. The country has a relatively small land area, which makes it easier to establish a comprehensive charging network. Additionally, the well-developed public transportation system in Austria, particularly in major cities like Vienna and Graz, provides ample opportunities for the integration of electric vehicles into existing infrastructure.

Underlying macroeconomic factors: The Austrian government's commitment to reducing carbon emissions and transitioning to a more sustainable economy has played a significant role in driving the growth of the electric vehicles market. The country has set ambitious targets for the reduction of greenhouse gas emissions, which has prompted the implementation of policies and incentives to encourage the adoption of electric vehicles. Furthermore, advancements in technology and decreasing costs of electric vehicle production have made these vehicles more affordable and accessible to a wider range of consumers. As the technology continues to improve and economies of scale are achieved, the cost of electric vehicles is expected to decrease further, making them even more attractive to potential buyers. In conclusion, the Electric Vehicles market in Austria is experiencing significant growth due to customer preferences for environmentally friendly transportation options, government incentives, and favorable regulations. The increasing adoption of electric vehicles in the country can be attributed to a combination of factors, including growing awareness about climate change, advancements in battery technology, and the government's commitment to reducing carbon emissions. These trends, coupled with Austria's geographical location and infrastructure, make it an ideal market for the continued growth of the electric vehicles industry.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

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For the first time in the past decade, lithium-ion battery pack costs increased in 2022 due to the raw material and battery component soaring price inflation. However, this increase in production cost has not slowed down the global electric vehicle (EV)market. Electric vehicle sales have increased tremendously over the past decade.