Electric Vehicles - Eastern Europe

Eastern Europe

In 2024, the projected revenue in the Electric Vehicles market for Eastern Europe is estimated to reach US$4.0bn.
It is also expected that the revenue will demonstrate an annual growth rate (CAGR 2024-2029) of 17.88%, resulting in a projected market volume of US$9.2bn by 2029.
Furthermore, the unit sales of Electric Vehicles market in Eastern Europe are anticipated to reach 111.60k vehicles by 2029.
Moreover, the volume weighted average price of Electric Vehicles market in Eastern Europe is projected to be US$79.9k in 2024.
From an international standpoint, it is evident that the highest revenue will be generated China, amounting to US$376,400m in 2024.
In Eastern Europe, the adoption of electric vehicles is steadily increasing as governments implement supportive policies and infrastructure development.

Key regions: United States, Germany, Netherlands, China, United Kingdom

Market

Region

Region comparison

Currency

Analyst Opinion

The Electric Vehicles market in Eastern Europe is experiencing significant growth and development in recent years.

Customer preferences: Customers in Eastern Europe are increasingly showing interest in electric vehicles due to several factors. Firstly, there is a growing concern for the environment and a desire to reduce carbon emissions. Electric vehicles offer a cleaner and more sustainable mode of transportation, which aligns with the increasing awareness of environmental issues among consumers. Additionally, rising fuel prices and the desire for cost-saving measures are also driving the demand for electric vehicles. The lower operating costs of electric vehicles, compared to traditional gasoline-powered vehicles, make them an attractive option for budget-conscious consumers.

Trends in the market: One of the key trends in the Electric Vehicles market in Eastern Europe is the increasing availability and variety of electric vehicle models. Major automakers are expanding their electric vehicle offerings in the region, providing consumers with more options to choose from. This trend is driven by the growing demand for electric vehicles and the need for automakers to stay competitive in the market. Furthermore, the development of charging infrastructure is another important trend in the market. Governments and private companies are investing in the installation of charging stations across Eastern Europe to support the growing number of electric vehicles on the roads. This infrastructure development is crucial in addressing the range anxiety concerns of potential electric vehicle buyers.

Local special circumstances: Eastern Europe has its own unique set of circumstances that contribute to the development of the Electric Vehicles market. Firstly, the region has a well-established automotive industry, with several countries being major producers of vehicles. This existing infrastructure and expertise in the automotive sector provide a solid foundation for the growth of the electric vehicle market. Additionally, Eastern European countries have implemented various incentives and subsidies to promote the adoption of electric vehicles. These incentives include tax breaks, purchase subsidies, and free parking or access to restricted areas. Such measures encourage consumers to switch to electric vehicles and help overcome the initial cost barrier.

Underlying macroeconomic factors: Several macroeconomic factors are driving the development of the Electric Vehicles market in Eastern Europe. Firstly, there is a global shift towards renewable energy and sustainable practices, which includes the transportation sector. Eastern European countries are aligning themselves with this global trend and are investing in the development of electric vehicles and charging infrastructure. Additionally, the European Union has set ambitious targets for reducing carbon emissions, and Eastern European countries are working towards meeting these targets. This commitment to sustainability and environmental responsibility is driving the growth of the electric vehicle market in the region. Furthermore, advancements in battery technology and decreasing costs of electric vehicle components are making electric vehicles more affordable and accessible to a wider range of consumers in Eastern Europe.

Methodology

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).