Battery Electric Vehicles - Israel

Israel

Highlights

In 2024, the projected revenue in the Battery Electric Vehicles market in Israel is expected to reach US$3.3bn.
This segment is expected to show an annual growth rate of 6.88% from 2024 to 2029, resulting in a projected market volume of US$4.6bn by 2029.
By 2029, the unit sales in the Battery Electric Vehicles market in Israel are expected to reach 68.29k vehicles.
The volume weighted average price of the Battery Electric Vehicles market in 2024 in Israel is projected to amount to US$68.1k.
When looking at the international perspective, it is shown that the most revenue will be generated China, with US$211bn in 2024.
Israel is experiencing a surge in the adoption of Battery Electric Vehicles, driven by government incentives and a growing public awareness of environmental issues.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

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

Customer preferences: Customers in Israel are increasingly opting for Battery Electric Vehicles due to their numerous benefits. These vehicles are environmentally friendly, producing zero emissions and reducing pollution levels. Additionally, Battery Electric Vehicles offer lower operating costs compared to traditional gasoline-powered vehicles, as they require less maintenance and have lower fuel costs. Furthermore, the government of Israel has implemented various incentives and subsidies to encourage the adoption of Battery Electric Vehicles, making them more affordable for consumers.

Trends in the market: The Battery Electric Vehicles market in Israel is witnessing a steady increase in sales and adoption. This can be attributed to several factors. Firstly, there is a growing awareness and concern about climate change and environmental sustainability among the general population. As a result, more consumers are choosing Battery Electric Vehicles as a greener alternative to traditional vehicles. Secondly, advancements in battery technology have led to improved performance and longer driving ranges, addressing one of the initial concerns of potential buyers. This has further boosted the demand for Battery Electric Vehicles in the market. Lastly, the establishment of a robust charging infrastructure across the country has alleviated range anxiety and increased the convenience of owning a Battery Electric Vehicle.

Local special circumstances: Israel has a unique set of circumstances that contribute to the development of the Battery Electric Vehicles market. Firstly, the country has a relatively small geographical size, which makes Battery Electric Vehicles a practical choice for daily commuting and short-distance travel. Additionally, Israel has a high population density, particularly in urban areas, which increases the demand for environmentally friendly transportation options. Furthermore, the government of Israel has set ambitious targets to reduce greenhouse gas emissions and promote clean energy. This commitment has translated into policies and incentives that support the growth of the Battery Electric Vehicles market.

Underlying macroeconomic factors: Several macroeconomic factors are driving the development of the Battery Electric Vehicles market in Israel. The government's focus on reducing dependence on fossil fuels and promoting sustainable transportation aligns with global efforts to combat climate change. This creates a favorable environment for the adoption of Battery Electric Vehicles. Additionally, advancements in battery technology have made Battery Electric Vehicles more cost-effective and practical for consumers. The increasing availability of charging stations and the development of smart grid infrastructure further support the growth of the Battery Electric Vehicles market. Overall, these macroeconomic factors contribute to the positive trajectory of the Battery Electric Vehicles market in Israel.

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).