Electric Vehicles - Jordan

Jordan

In 2024, the projected revenue in the Electric Vehicles market in Jordan is expected to reach US$110.4m.
Looking ahead, there is an anticipated annual growth rate of 5.22% (CAGR 2024-2029), which would result in a projected market volume of US$142.4m by 2029.
By that time, the unit sales of Electric Vehicles market in Jordan are expected to reach 1.96k vehicles.
The volume weighted average price of Electric Vehicles market in Jordan in 2024 is projected to amount to US$76.6k.
When examining the international perspective, it is evident that China is forecasted to generate the highest revenue in the Electric Vehicles market, with an estimated amount of US$376,400m in 2024.
The market segment of Electric Vehicles market is a significant and evolving sector, both globally and in Jordan.
Jordan is experiencing a growing demand for electric vehicles as the government implements policies to promote sustainable transportation.

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

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Analyst Opinion

The Electric Vehicles market in Jordan has been experiencing significant growth in recent years.

Customer preferences: Customers in Jordan are increasingly choosing electric vehicles due to their environmental benefits and cost savings. Electric vehicles produce zero emissions, which helps to reduce air pollution and combat climate change. Additionally, electric vehicles have lower operating costs compared to traditional gasoline-powered vehicles, as they require less maintenance and electricity is generally cheaper than gasoline in Jordan.

Trends in the market: One of the key trends in the Electric Vehicles market in Jordan is the increasing availability of charging infrastructure. The government has been actively promoting the installation of charging stations across the country to support the growing number of electric vehicles. This has made it more convenient for customers to charge their vehicles, alleviating range anxiety and encouraging more people to switch to electric vehicles. Another trend in the market is the introduction of incentives and subsidies by the government to promote the adoption of electric vehicles. These incentives include tax exemptions, reduced registration fees, and financial incentives for purchasing electric vehicles. These measures have made electric vehicles more affordable and attractive to customers, further driving the growth of the market.

Local special circumstances: Jordan has a high dependence on imported oil, which makes it vulnerable to fluctuations in oil prices. By promoting the use of electric vehicles, the government aims to reduce the country's reliance on imported oil and enhance energy security. This strategic objective has created a favorable environment for the growth of the Electric Vehicles market in Jordan.

Underlying macroeconomic factors: The development of the Electric Vehicles market in Jordan is also influenced by macroeconomic factors. Jordan has been experiencing economic growth in recent years, which has led to an increase in disposable income and purchasing power. As a result, more people are able to afford electric vehicles and are willing to invest in sustainable transportation options. Furthermore, the government's commitment to renewable energy and sustainability has created a supportive policy environment for the Electric Vehicles market. Jordan has set ambitious targets for renewable energy generation, including a goal of generating 20% of its electricity from renewable sources by 2020. This commitment to clean energy aligns with the environmental benefits of electric vehicles and has contributed to the growth of the market. In conclusion, the Electric Vehicles market in Jordan is growing rapidly due to customer preferences for environmentally friendly and cost-effective transportation options. The availability of charging infrastructure, government incentives, local special circumstances, and underlying macroeconomic factors have all played a role in driving the growth of the market. As the market continues to develop, it is expected that the adoption of electric vehicles will increase further in the coming years.

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).