Battery Electric Vehicles - Kazakhstan

Kazakhstan

Highlights

In 2024, the projected revenue in the Battery Electric Vehicles market in Kazakhstan is expected to reach US$5.3m.
It is anticipated that this revenue will show an annual growth rate of 6.91% from 2024 to 2029, resulting in a projected market volume of US$7.4m by 2029.
Furthermore, it is estimated that the unit sales of Battery Electric Vehicles market in Kazakhstan will reach 122.00vehicles by 2029.
Additionally, the volume weighted average price of Battery Electric Vehicles market in Kazakhstan is expected to amount to US$60.7k in 2024.
It is worth noting that from an international perspective, the country that is projected to generate the most revenue in the Battery Electric Vehicles market in 2024 is China, with a staggering amount of US$211bn.
Kazakhstan is experiencing a gradual shift towards Battery Electric Vehicles, driven by increasing government support and a growing awareness of environmental sustainability.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Battery Electric Vehicles (BEV) market in Kazakhstan is experiencing significant growth and development.

Customer preferences: Kazakhstan, like many other countries worldwide, is witnessing a shift in customer preferences towards more sustainable and environmentally friendly transportation options. As concerns about climate change and air pollution continue to rise, consumers are increasingly opting for electric vehicles as a greener alternative to traditional gasoline-powered cars. The demand for BEVs is driven by customers who value reduced emissions, lower fuel costs, and the overall sustainability of electric vehicles.

Trends in the market: One of the key trends in the BEV market in Kazakhstan is the increasing availability and variety of electric vehicle models. As global automakers focus on expanding their electric vehicle offerings, more options are becoming available to Kazakhstani consumers. This trend is further supported by government initiatives and incentives to promote the adoption of electric vehicles, such as tax incentives, subsidies, and infrastructure development. As a result, the market for BEVs is experiencing a steady increase in sales and market share. Another trend in the market is the growing investment in charging infrastructure. To address the range anxiety concerns of potential electric vehicle buyers, both the government and private sector are investing in the development of charging stations across the country. This infrastructure expansion is crucial to support the growing number of electric vehicles on the road and to encourage more consumers to make the switch to electric.

Local special circumstances: Kazakhstan, as a resource-rich country, is particularly interested in reducing its dependence on imported fossil fuels. The government has recognized the potential of electric vehicles to contribute to energy security and has therefore implemented policies to support the growth of the BEV market. Additionally, the country has significant renewable energy potential, particularly in wind and solar power, which can be harnessed to charge electric vehicles. This local circumstance further reinforces the push for the adoption of electric vehicles in Kazakhstan.

Underlying macroeconomic factors: The growth of the BEV market in Kazakhstan is also influenced by macroeconomic factors. The country's growing middle class and increasing disposable incomes have made electric vehicles more affordable and accessible to a larger segment of the population. Additionally, the government's commitment to sustainable development and reducing greenhouse gas emissions aligns with the global trend towards electrification of transportation. These factors, combined with the availability of financial incentives and supportive policies, create a favorable environment for the growth of the BEV market in Kazakhstan. In conclusion, the Battery Electric Vehicles market in Kazakhstan is experiencing significant growth and development driven by customer preferences for sustainable transportation, the availability of electric vehicle models, investment in charging infrastructure, local special circumstances, and underlying macroeconomic factors. As the market continues to mature and expand, the adoption of electric vehicles is expected to increase, contributing to a greener and more sustainable transportation sector in Kazakhstan.

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).