Battery Electric Vehicles - Morocco

Morocco

Highlights

In the year 2024, the projected revenue in the Battery Electric Vehicles market in Morocco is expected to reach US$63.0m.
Looking ahead, this market is expected to grow at an annual growth rate (CAGR 2024-2029) of 11.72%, resulting in a projected market volume of US$109.7m by 2029.
By that time, the unit sales in the Battery Electric Vehicles market are expected to reach 1.60k vehicles.
Furthermore, it is anticipated that the volume weighted average price of Battery Electric Vehicles market in Morocco in the year 2024 will amount to US$68.5k.
From an international perspective, it is worth noting that China is forecasted to generate the highest revenue in the Battery Electric Vehicles market, with a projected revenue of US$211bn in 2024.
Morocco is experiencing a surge in demand for Battery Electric Vehicles due to government incentives and a growing awareness of environmental sustainability.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Battery Electric Vehicles market in Morocco is experiencing significant growth due to several factors.

Customer preferences: Customers in Morocco are increasingly opting for Battery Electric Vehicles (BEVs) due to their environmental benefits. BEVs produce zero emissions, which helps to reduce air pollution and combat climate change. Additionally, BEVs are quieter and provide a smoother driving experience compared to traditional internal combustion engine vehicles.

Trends in the market: One of the key trends in the BEV market in Morocco is the increasing availability and variety of electric vehicle models. Major automakers are expanding their electric vehicle offerings and introducing new models specifically designed for the Moroccan market. This trend is driven by the increasing demand for electric vehicles and the government's efforts to promote the adoption of clean transportation. Another trend in the market is the development of charging infrastructure. To support the growing number of electric vehicles on the road, the Moroccan government and private companies are investing in the installation of charging stations across the country. This infrastructure development is crucial to alleviate range anxiety and provide convenience for BEV owners.

Local special circumstances: Morocco has set ambitious goals to reduce its carbon footprint and promote sustainable development. The government has implemented various initiatives and policies to encourage the adoption of electric vehicles, including tax incentives and subsidies for electric vehicle purchases. These measures have significantly contributed to the growth of the BEV market in the country. Furthermore, Morocco is strategically located and has access to abundant renewable energy resources, such as solar and wind power. This enables the country to generate clean energy to power electric vehicles, further enhancing the environmental benefits of BEVs.

Underlying macroeconomic factors: Morocco's strong economic growth and increasing middle-class population are driving the demand for electric vehicles. As disposable incomes rise, more individuals are able to afford electric vehicles and are willing to invest in sustainable transportation options. Additionally, the government's focus on attracting foreign investment and developing the automotive industry has led to the establishment of local electric vehicle manufacturing facilities. This has created job opportunities and stimulated economic growth in the country. In conclusion, the Battery Electric Vehicles market in Morocco is growing rapidly due to customer preferences for environmentally friendly transportation, the availability of electric vehicle models, the development of charging infrastructure, government support through incentives and subsidies, and favorable macroeconomic factors such as strong economic growth and a rising middle-class population.

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).