Battery Electric Vehicles - Romania

Romania

Highlights

In 2024, the projected revenue in the Battery Electric Vehicles market in Romania is expected to reach US$970.7m.
Looking ahead, this market is anticipated to display a compound annual growth rate (CAGR 2024-2029) of 15.63%, resulting in a projected market volume of US$2.0bn by 2029.
By then, it is estimated that the unit sales of Battery Electric Vehicles market in Romania will reach 33.73k vehicles.
Furthermore, the volume weighted average price of Battery Electric Vehicles market in Romania is expected to be around US$59.6k in 2024.
Taking an international perspective, it is noteworthy that China is expected to generate the highest revenue in this segment, amounting to US$211bn in 2024.
Romania is experiencing a growing demand for Battery Electric Vehicles as the government incentivizes their adoption through subsidies and tax benefits.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

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

Customer preferences: Customers in Romania are increasingly opting for Battery Electric Vehicles (BEVs) due to their numerous benefits. BEVs are known for their environmental friendliness, as they produce zero emissions and help reduce air pollution. Additionally, BEVs offer lower operating costs compared to traditional combustion engine vehicles, as they require less maintenance and have lower fuel costs. Furthermore, the availability of government incentives and subsidies for BEV purchases has also contributed to the growing customer preference for these vehicles.

Trends in the market: One of the key trends in the BEV market in Romania is the increasing availability of charging infrastructure. As the demand for BEVs rises, there is a growing need for a reliable and accessible charging network. To meet this demand, both public and private entities have been investing in the development of charging stations across the country. This infrastructure expansion has further fueled the adoption of BEVs, as it addresses the concern of range anxiety among potential buyers. Another trend in the market is the introduction of new and improved BEV models by automakers. As technology advances, BEVs are becoming more efficient and affordable. Automakers are investing in research and development to enhance battery capabilities, increase driving range, and reduce charging times. This has resulted in a wider range of options for consumers, catering to different needs and preferences.

Local special circumstances: Romania has a strong automotive manufacturing industry, which has played a significant role in the development of the BEV market. The presence of major automakers and local production facilities has made BEVs more accessible and affordable for Romanian consumers. Additionally, the government has implemented policies to support the growth of the automotive sector, including incentives for the production and purchase of electric vehicles.

Underlying macroeconomic factors: The growth of the BEV market in Romania can also be attributed to several underlying macroeconomic factors. Firstly, there is a growing awareness and concern about environmental issues, leading to a shift towards sustainable transportation solutions. Additionally, the government's commitment to reducing carbon emissions and meeting renewable energy targets has created a favorable environment for the adoption of BEVs. Furthermore, the availability of financial incentives, such as tax breaks and subsidies, has made BEVs more affordable for consumers. In conclusion, the Battery Electric Vehicles market in Romania is experiencing significant growth and development due to customer preferences for environmentally friendly and cost-effective transportation options. The increasing availability of charging infrastructure and the introduction of new and improved BEV models have further fueled this growth. The strong automotive manufacturing industry and government support for the automotive sector have also played a significant role in the development of the BEV market. Overall, the underlying macroeconomic factors, including environmental awareness and financial incentives, have created a favorable environment for the adoption of BEVs in Romania.

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).