Battery Electric Vehicles - Austria

Austria

Highlights

In Austria, the revenue in the Battery Electric Vehicles market is projected to reach US$2.8bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 14.61%, resulting in a projected market volume of US$5.4bn by 2029.
The unit sales of Battery Electric Vehicles market in Austria are expected to reach 100.10k vehicles in 2029.
The volume weighted average price of Battery Electric Vehicles market in Austria in 2024 is expected to amount to US$54.6k.
From an international perspective, it is shown that the most revenue will be generated China, with US$211bn in 2024.
Austria's Battery Electric Vehicle market is thriving, driven by government incentives and a strong commitment to sustainability.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Battery Electric Vehicles market in Austria is experiencing significant growth and development.

Customer preferences: Austrian customers are increasingly showing a preference for Battery Electric Vehicles due to their environmental benefits and lower operating costs. The country has a strong commitment to sustainability and reducing carbon emissions, which has led to a growing demand for electric vehicles. Additionally, the availability of government incentives and subsidies for purchasing electric vehicles has further fueled customer interest.

Trends in the market: One of the key trends in the Battery Electric Vehicles market in Austria is the expansion of charging infrastructure. As more customers opt for electric vehicles, there is a growing need for a reliable and accessible charging network. To address this, the government and private companies are investing in the installation of charging stations across the country. This trend is expected to continue as the market for electric vehicles expands. Another trend in the market is the introduction of new and improved electric vehicle models. Automakers are increasingly focusing on developing electric vehicles that offer longer range, faster charging times, and improved performance. This is attracting more customers to consider electric vehicles as a viable alternative to traditional gasoline-powered cars.

Local special circumstances: Austria has a well-developed public transportation system, with an extensive network of trains and buses. This has led to a higher adoption rate of electric buses in the country. Many cities in Austria have already started replacing their diesel-powered buses with electric ones, contributing to the overall growth of the Battery Electric Vehicles market.

Underlying macroeconomic factors: Austria has a strong economy with a high GDP per capita, which allows for higher purchasing power among consumers. This, coupled with the availability of government incentives and subsidies, has made electric vehicles more affordable and attractive to a wider range of customers. Additionally, the country's commitment to sustainability and reducing carbon emissions has created a favorable environment for the growth of the Battery Electric Vehicles market. In conclusion, the Battery Electric Vehicles market in Austria is experiencing significant growth and development due to customer preferences for environmentally-friendly and cost-effective transportation options. The expansion of charging infrastructure, the introduction of new and improved electric vehicle models, the adoption of electric buses, and the underlying macroeconomic factors contribute to the overall growth of the market.

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).