Electric Vehicles - Malta | Statista Market Forecast

The Electric Vehicles market in Malta is projected to reach a revenue of US$145.5m by 2024.
This market segment is expected to show an annual growth rate (CAGR 2024-2029) of 18.45%, resulting in a projected market volume of US$339.2m by 2029.
The unit sales of Electric Vehicles market in Malta are expected to reach 4.82k vehicles by 2029.
The volume weighted average price of Electric Vehicles market in Malta in 2024 is expected to amount to US$69.5k.
From an international perspective, it is shown that the most revenue will be generated China, with a projected revenue of US$376bn by 2024.
The market for electric vehicles in Malta is experiencing a surge in demand due to government incentives and a growing awareness of environmental sustainability.

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 Malta is experiencing significant growth and development. Customer preferences for electric vehicles are shifting, leading to an increased demand for these vehicles. This trend is driven by several factors, including environmental concerns, government incentives, and advancements in technology.

Customer preferences: Customers in Malta are increasingly concerned about the environmental impact of traditional vehicles. They are looking for more sustainable transportation options, and electric vehicles provide a viable solution. The lower carbon emissions and reduced dependence on fossil fuels make electric vehicles an attractive choice for environmentally-conscious consumers.

Trends in the market: One of the key trends in the Electric Vehicles market in Malta is the increasing availability and variety of electric vehicle models. Major automakers are expanding their electric vehicle offerings, providing customers with more options to choose from. This trend is driven by the growing demand for electric vehicles and the need for manufacturers to stay competitive in the market. Another trend in the market is the development of charging infrastructure. As more customers opt for electric vehicles, the need for charging stations becomes crucial. The Maltese government and private companies are investing in the installation of charging stations across the country, making it more convenient for electric vehicle owners to charge their vehicles.

Local special circumstances: Malta's small size and limited driving distances make it an ideal market for electric vehicles. The average daily commute in Malta is relatively short, making electric vehicles a practical choice for many residents. Additionally, the island's compact size allows for easy access to charging infrastructure, further supporting the adoption of electric vehicles.

Underlying macroeconomic factors: Government incentives play a significant role in the growth of the Electric Vehicles market in Malta. The Maltese government offers various incentives to encourage the purchase and use of electric vehicles, including tax breaks, grants, and subsidies. These incentives make electric vehicles more affordable and attractive to customers. Advancements in technology are also driving the development of the Electric Vehicles market in Malta. The range and performance of electric vehicles have improved significantly in recent years, making them a viable alternative to traditional vehicles. Additionally, the cost of electric vehicle batteries has been decreasing, making electric vehicles more affordable for consumers. In conclusion, the Electric Vehicles market in Malta is experiencing significant growth and development. Customer preferences for electric vehicles are driven by environmental concerns, government incentives, and advancements in technology. The increasing availability of electric vehicle models and the development of charging infrastructure are key trends in the market. Malta's small size and limited driving distances, along with government incentives, make it an ideal market for electric vehicles.

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.