Electric Vehicles - Portugal

Portugal

The Electric Vehicles market in Portugal is projected to reach a revenue of US$4.5bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 16.50%, resulting in a projected market volume of US$9.7bn by 2029.
The unit sales of Electric Vehicles market in Portugal are expected to reach 144.00k vehicles in 2029.
The volume weighted average price of Electric Vehicles market in Portugal in 2024 is expected to amount to US$67.0k.
From an international perspective, it is shown that the most revenue will be generated China, with US$376,400m in 2024.
Portugal is experiencing a surge in the adoption of electric vehicles as the government offers generous incentives and builds a robust charging infrastructure.

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

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Analyst Opinion

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

Customer preferences: Customers in Portugal are increasingly opting for electric vehicles due to their environmental benefits and cost-efficiency. Electric vehicles produce zero emissions, which aligns with the country's commitment to reducing carbon emissions and promoting sustainable transportation. Additionally, the availability of government incentives and subsidies for electric vehicle purchases has further encouraged customers to choose electric vehicles over traditional combustion engine cars.

Trends in the market: One of the key trends in the electric vehicle market in Portugal is the increasing variety and availability of electric vehicle models. Major automobile manufacturers have been introducing a wide range of electric vehicle options to cater to the growing demand in the country. This trend has made electric vehicles more accessible and appealing to a larger customer base. Another trend in the market is the development of charging infrastructure. The Portuguese government has been investing in the installation of public charging stations across the country, making it more convenient for electric vehicle owners to charge their vehicles. This expansion of charging infrastructure has addressed one of the main concerns of potential electric vehicle buyers, which is the availability of charging facilities.

Local special circumstances: Portugal has a favorable climate for electric vehicles due to its mild weather and relatively short distances between cities. The country's small size and well-connected road network make electric vehicles a practical and efficient mode of transportation. Additionally, the government's commitment to renewable energy has led to an increased focus on electric vehicles as a means to reduce reliance on fossil fuels.

Underlying macroeconomic factors: The growth of the electric vehicle market in Portugal can also be attributed to various macroeconomic factors. The country has seen steady economic growth in recent years, which has increased the purchasing power of consumers. This has made electric vehicles more affordable and attractive to a larger segment of the population. Furthermore, Portugal has been actively promoting the use of renewable energy sources, including solar and wind power. This has led to a decrease in the cost of electricity, making electric vehicles more cost-effective to operate. The availability of affordable and clean energy has further incentivized consumers to switch to electric vehicles. In conclusion, the Electric Vehicles market in Portugal is experiencing significant growth and development due to customer preferences for environmentally friendly and cost-efficient transportation options. The increasing variety of electric vehicle models, the development of charging infrastructure, and the favorable local circumstances have contributed to the market's expansion. Additionally, underlying macroeconomic factors such as economic growth and the promotion of renewable energy have further supported the growth of the electric vehicle market in Portugal.

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).