Electric Vehicles - Kazakhstan | Statista Market Forecast

The Electric Vehicles market in Kazakhstan is projected to reach a revenue of US$14.2m in 2024.
It is expected to experience a steady annual growth rate (CAGR 2024-2029) of -0.01%, resulting in a projected market volume of US$14.2m by 2029.
The unit sales of Electric Vehicles market in the country are expected to reach 177.00vehicles in 2029.
In 2024, the volume weighted average price of Electric Vehicles market in Kazakhstan is expected to amount to US$89.1k.
From an international perspective, it is evident that the highest revenue in the Electric Vehicles market will be generated China, reaching US$376bn in 2024.
Kazakhstan is experiencing a surge in electric vehicle adoption, driven by government incentives and a growing charging infrastructure.

CO2 emissions exert a profound influence on climate and the environment, fueling the greenhouse effect and contributing significantly to global climate change. Nearly one-fourth of these emissions worldwide can be attributed to the transportation sector. Electric vehicles (EVs) emerge as a promising solution, potentially acting as a carbon-neutral alternative when powered by renewable energy sources. This underscores their pivotal role in mitigating the impact of traditional combustion engine vehicles on the environment.

The Electric Vehicles market includes information about electric vehicles in countries where, according to our sources, a public electric vehicle charging infrastructure is already available. In this context, “public” means that people have unrestricted access to the charging infrastructure. A vehicle can be defined as electric if it is self-contained with a battery or classified as a plug-in hybrid. All key figures shown represent the sales of new cars, and their basic configuration in the respective year. The figures do not include the sale of used vehicles nor adapted equipment for the new cars sold. The prices and revenues shown are accordingly based on the basic models.

The Electric Vehicle market is divided into distinct two distinct markets, namely Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). This categorization allows for a nuanced understanding of the market dynamics, considering the specific attributes and market penetration of each electric vehicle type. The emphasis on new car sales and their foundational configurations ensures clarity, while the exclusion of used vehicles and customizations maintains focus on the evolving landscape of electric vehicles.

Battery electric vehicles (BEVs)
Plug-in hybrid electric vehicles (PHEVs)
Road electric vehicles
Passenger Cars

Electric vehicles that are not self-contained and cannot be classified as BEVs or PHEVs
Rail electric vehicles
Surface and underwater vessels
Electric aircraft or spacecraft
Motorcycles, scooters, mopeds, buses, vans, and trucks

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

Customer preferences: One of the main reasons for the development of the Electric Vehicles market in Kazakhstan is the increasing awareness and concern about environmental issues. Customers are becoming more conscious of the impact of traditional vehicles on air pollution and are seeking greener alternatives. Electric Vehicles offer a cleaner and more sustainable mode of transportation, which appeals to environmentally-conscious consumers. Additionally, the rising cost of fuel and the desire for energy efficiency have also contributed to the growing demand for Electric Vehicles in Kazakhstan.

Trends in the market: The Electric Vehicles market in Kazakhstan has seen a surge in demand, with an increasing number of consumers opting for electric cars. This trend can be attributed to several factors. Firstly, the government has implemented various initiatives to promote the adoption of Electric Vehicles, such as tax incentives and subsidies. These incentives have made Electric Vehicles more affordable and attractive to consumers. Secondly, the availability of charging infrastructure has improved significantly in recent years. This has alleviated one of the main concerns of potential Electric Vehicle buyers - the fear of running out of battery power. As a result, more consumers are now willing to switch to Electric Vehicles.

Local special circumstances: Kazakhstan has a unique set of circumstances that make it an ideal market for Electric Vehicles. The country is rich in natural resources, particularly in terms of renewable energy sources such as wind and solar power. This abundance of renewable energy makes it easier for consumers to charge their Electric Vehicles without relying on fossil fuels. Additionally, the vast size of the country and the long distances between cities make Electric Vehicles a practical choice for many Kazakhstani consumers. The extended range of Electric Vehicles allows them to travel long distances without the need for frequent refueling.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Electric Vehicles market in Kazakhstan. The government has recognized the potential economic benefits of transitioning to Electric Vehicles, such as reduced dependence on imported fossil fuels and the creation of new job opportunities in the renewable energy sector. Furthermore, the global trend towards decarbonization and the transition to clean energy has influenced Kazakhstan's decision to promote Electric Vehicles. By embracing Electric Vehicles, Kazakhstan can position itself as a leader in sustainable transportation and attract foreign investment in the renewable energy sector. In conclusion, the Electric Vehicles market in Kazakhstan is developing rapidly due to increasing customer preferences for greener transportation options, government incentives and improved charging infrastructure. The local special circumstances, such as the availability of renewable energy sources and the vast size of the country, further contribute to the growth of the Electric Vehicles market. Additionally, underlying macroeconomic factors, such as the desire to reduce dependence on imported fossil fuels and the global trend towards decarbonization, have also played a role in driving the development of the Electric Vehicles market in Kazakhstan.

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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For the first time in the past decade, lithium-ion battery pack costs increased in 2022 due to the raw material and battery component soaring price inflation. However, this increase in production cost has not slowed down the global electric vehicle (EV)market. Electric vehicle sales have increased tremendously over the past decade.