Battery Electric Vehicles - Croatia

Croatia

Highlights

In 2024, the projected revenue in the Battery Electric Vehicles market in Croatia is estimated to reach US$109.4m.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 19.43%, resulting in a projected market volume of US$265.9m by 2029.
By that time, the unit sales in the Battery Electric Vehicles market in Croatia are predicted to reach 4.44k vehicles.
The volume weighted average price of Battery Electric Vehicles market in Croatia in 2024 is expected to be US$60.0k.
When considering the international perspective, it is evident that China will generate the highest revenue of US$211bn in 2024.
Croatia's battery electric vehicle market is experiencing steady growth, driven by government incentives and a growing awareness of environmental sustainability.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Battery Electric Vehicles market in Croatia is experiencing significant growth and development. Customer preferences for environmentally friendly transportation options, along with global trends towards electric vehicles, are driving this expansion.

Additionally, local special circumstances and underlying macroeconomic factors are contributing to the market's growth. Customer preferences in Croatia are shifting towards more sustainable and eco-friendly transportation options. As awareness of climate change and environmental issues increases, consumers are seeking alternatives to traditional gasoline-powered vehicles.

Battery Electric Vehicles offer a clean and efficient solution, as they produce zero emissions and have lower operating costs compared to conventional vehicles. The demand for electric vehicles is further fueled by the desire for innovative and advanced technologies, as well as the potential for government incentives and subsidies. Trends in the Battery Electric Vehicles market in Croatia mirror global patterns.

Worldwide, there is a growing emphasis on reducing carbon emissions and transitioning to a greener future. This trend is evident in the increasing adoption of electric vehicles, as governments and individuals strive to meet sustainability goals. The availability of a wide range of electric vehicle models, including sedans, SUVs, and even electric motorcycles, is contributing to the market's growth.

Additionally, advancements in battery technology are improving the driving range and charging times of electric vehicles, addressing one of the key concerns for potential buyers. Local special circumstances in Croatia also play a role in the development of the Battery Electric Vehicles market. The country's commitment to renewable energy and sustainability is reflected in its infrastructure and policies.

Croatia has been investing in the development of charging stations and infrastructure to support electric vehicles. This investment is crucial for the widespread adoption of electric vehicles, as it addresses the issue of range anxiety and provides convenience for electric vehicle owners. Furthermore, government incentives and subsidies, such as tax credits and reduced registration fees, are encouraging consumers to choose electric vehicles over traditional cars.

Underlying macroeconomic factors are also contributing to the growth of the Battery Electric Vehicles market in Croatia. The country's strong economic performance and increasing disposable income levels enable more consumers to afford electric vehicles. Additionally, the rising cost of gasoline and the volatility of oil prices make electric vehicles an attractive alternative for cost-conscious consumers.

The potential for long-term savings on fuel and maintenance costs further incentivizes the adoption of electric vehicles. In conclusion, the Battery Electric Vehicles market in Croatia is experiencing significant growth and development due to customer preferences for eco-friendly transportation options, global trends towards electric vehicles, local special circumstances, and underlying macroeconomic factors. As the market continues to expand, it is expected that the adoption of electric vehicles will become more widespread, contributing to a greener and more sustainable future for Croatia.

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).