Key regions: United States, Germany, Netherlands, China, United Kingdom
The Electric Vehicles market in BRICS is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this growth.
Customer preferences in the BRICS countries are shifting towards more sustainable and environmentally friendly transportation options. As awareness about climate change and the need to reduce carbon emissions increases, consumers are increasingly opting for electric vehicles. The lower operating costs and potential government incentives also make electric vehicles an attractive option for many customers in BRICS.
Trends in the market show that electric vehicle sales are on the rise in BRICS countries. China, for example, is the largest market for electric vehicles globally, with a high demand for electric cars and buses. The government's support for the electric vehicle industry, including subsidies and infrastructure development, has played a significant role in driving this trend.
Similarly, Brazil and India are also experiencing a surge in electric vehicle sales, driven by government initiatives and increasing consumer awareness. Local special circumstances in BRICS countries also contribute to the growth of the electric vehicle market. For example, China has a large population and urban centers with high levels of air pollution, making electric vehicles an attractive solution for reducing emissions.
In Brazil, the availability of renewable energy sources, such as hydropower, makes electric vehicles a more sustainable option. India, on the other hand, has a growing middle class and increasing urbanization, creating a demand for electric vehicles as a status symbol and a way to combat pollution. Underlying macroeconomic factors play a crucial role in the development of the electric vehicle market in BRICS.
Economic growth in these countries has led to an increase in disposable income and purchasing power, making electric vehicles more affordable for consumers. Additionally, government policies and incentives, such as tax breaks and subsidies, have encouraged the adoption of electric vehicles. The development of charging infrastructure is also a key factor driving the growth of the electric vehicle market in BRICS.
In conclusion, the Electric Vehicles market in BRICS is growing rapidly due to customer preferences for sustainable transportation options, trends in the market, local special circumstances, and underlying macroeconomic factors. As awareness about environmental issues increases and government support for the electric vehicle industry continues, the market is expected to further expand 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).
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