Battery Electric Vehicles - Greece

Greece

Highlights

The projected revenue in the Battery Electric Vehicles market in Greece is expected to reach US$156.5m in 2024.
This market is anticipated to show a Compound Annual Growth Rate (CAGR 2024-2029) of 15.87%, resulting in a projected market volume of US$326.9m by 2029.
The unit sales of Battery Electric Vehicles market in Greece are expected to reach 14.57k vehicles by 2029.
The volume weighted average price of Battery Electric Vehicles market in Greece in 2024 is projected to be US$22.5k.
In terms of international perspective, it is indicated that China will generate the most revenue with US$211bn in 2024.
Greece is experiencing a growing demand for Battery Electric Vehicles, as the government implements incentives to promote sustainable transportation.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Battery Electric Vehicles market in Greece has been steadily growing in recent years, driven by increasing customer preferences for more sustainable transportation options.

Customer preferences: Customers in Greece are increasingly opting for Battery Electric Vehicles due to their environmental benefits and lower operating costs. Battery Electric Vehicles produce zero tailpipe emissions, making them a more sustainable choice compared to traditional gasoline-powered vehicles. Additionally, the lower operating costs of Battery Electric Vehicles, including lower fuel and maintenance costs, are appealing to cost-conscious consumers.

Trends in the market: One of the key trends in the Battery Electric Vehicles market in Greece is the increasing availability of charging infrastructure. As more charging stations are being installed across the country, range anxiety, which is a common concern among potential electric vehicle buyers, is being alleviated. The growing charging infrastructure network is making it more convenient for consumers to own and operate Battery Electric Vehicles. Another trend in the market is the expansion of the Battery Electric Vehicles product lineup. Many major automakers are introducing new models of Battery Electric Vehicles, offering consumers a wider range of options to choose from. This increased variety of models is attracting more customers to consider Battery Electric Vehicles as a viable alternative to traditional gasoline-powered vehicles.

Local special circumstances: Greece has set ambitious targets for reducing greenhouse gas emissions and increasing the share of renewable energy in the country's energy mix. The government has implemented various incentives and subsidies to promote the adoption of Battery Electric Vehicles. These measures include tax incentives, grants, and subsidies for the purchase of Battery Electric Vehicles, as well as incentives for the installation of charging infrastructure. These local special circumstances are creating a favorable environment for the growth of the Battery Electric Vehicles market in Greece.

Underlying macroeconomic factors: The growth of the Battery Electric Vehicles market in Greece is also influenced by underlying macroeconomic factors. The country's economic stability and improving purchasing power of consumers are contributing to the increasing demand for Battery Electric Vehicles. Additionally, the availability of government incentives and subsidies is further encouraging consumers to choose Battery Electric Vehicles over traditional gasoline-powered vehicles. In conclusion, the Battery Electric Vehicles market in Greece is experiencing steady growth due to increasing customer preferences for more sustainable transportation options, the expansion of charging infrastructure, local special circumstances such as government incentives, and favorable macroeconomic factors. As these trends continue to drive the market, the adoption of Battery Electric Vehicles is expected to further increase in the coming years.

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).