Electric Vehicles - Morocco | Statista Market Forecast

In 2024, the Electric Vehicles market in Morocco is projected to reach a revenue of US$107.3m.
This market is expected to grow at an annual growth rate of 8.97% (CAGR 2024-2029), resulting in a projected market volume of US$164.9m by 2029.
By that year, the unit sales of Electric Vehicles market in Morocco are expected to reach 1.82k vehicles.
The volume weighted average price of Electric Vehicles market in Morocco in 2024 is expected to be US$98.1k.
It is worth noting that, from an international perspective, the country generating the highest revenue in the Electric Vehicles market in 2024 is China, with a staggering amount of US$376bn.
Morocco is experiencing a surge in the adoption of electric vehicles, driven by government incentives and the country's commitment to reducing carbon emissions.

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 Morocco has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth in the Electric Vehicles market in Morocco is the increasing customer preference for environmentally friendly and sustainable transportation options. As awareness about climate change and the need to reduce carbon emissions grows, more and more consumers are opting for electric vehicles as a greener alternative to traditional gasoline-powered cars. Additionally, the rising fuel prices and the desire for cost-effective transportation have also contributed to the increasing demand for electric vehicles in the country.

Trends in the market: Morocco has made significant investments in renewable energy, particularly in solar power. This has led to a decrease in the cost of electricity, making it more affordable for consumers to charge their electric vehicles. The government has also implemented various policies and incentives to promote the adoption of electric vehicles, such as tax breaks, subsidies, and the installation of charging infrastructure across the country. These initiatives have helped to create a favorable environment for the growth of the Electric Vehicles market in Morocco.

Local special circumstances: Morocco has a unique advantage when it comes to the Electric Vehicles market. The country is strategically located between Europe and Africa, making it an ideal hub for electric vehicle manufacturing and exports. The Moroccan government has recognized this opportunity and has actively encouraged foreign investment in the electric vehicle industry. As a result, several international automakers have set up manufacturing plants in Morocco, leading to the creation of jobs and the development of a local electric vehicle ecosystem.

Underlying macroeconomic factors: Morocco has been experiencing steady economic growth in recent years, which has contributed to the increasing purchasing power of consumers. This, coupled with a growing middle class, has led to a rise in disposable income and consumer spending. As a result, more people are able to afford electric vehicles, which were previously seen as a luxury item. Additionally, the government's focus on renewable energy and sustainable development has created a positive business environment for electric vehicle manufacturers and suppliers. In conclusion, the Electric Vehicles market in Morocco is growing rapidly due to customer preferences for environmentally friendly transportation options, government incentives and policies, strategic location for manufacturing and exports, and favorable macroeconomic factors. As the country continues to invest in renewable energy and sustainability, the Electric Vehicles 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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