Electric Vehicles - Serbia

Serbia

In 2025, the projected revenue in the Electric Vehicles market in Serbia is expected to reach US$38.7m.
This market segment is anticipated to demonstrate a compound annual growth rate (CAGR 2025-2029) of 19.10%, resulting in a projected market volume of US$77.8m by 2029.
Furthermore, it is estimated that unit sales of Electric Vehicles market in Serbia will reach 737.00vehicles by 2029.
The volume weighted average price of Electric Vehicles market in Serbia is expected to be US$103.1k in 2025.
It is worth noting that, from an international perspective, China is projected to generate the highest revenue in the Electric Vehicles market with US$377,900m in 2025.
Serbia has seen a significant increase in the adoption of electric vehicles, driven by government incentives and a growing charging infrastructure.

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

Market

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Analyst Opinion

Serbia, like many other countries, is experiencing a growing interest in electric vehicles. As the global push for sustainable transportation gains momentum, Serbian consumers are increasingly considering electric vehicles as a viable alternative to traditional gasoline-powered cars.

Customer preferences: One of the main reasons for the growing popularity of electric vehicles in Serbia is the increasing concern for the environment. Serbian consumers are becoming more conscious of the impact of traditional vehicles on air pollution and climate change, and they are actively seeking greener alternatives. Electric vehicles offer a cleaner and more sustainable mode of transportation, which aligns with the values of many Serbian consumers.

Trends in the market: The electric vehicle market in Serbia is still in its early stages, but it is showing promising signs of growth. The number of electric vehicles on the roads is steadily increasing, and this trend is expected to continue in the coming years. As the technology improves and the infrastructure for charging stations becomes more widespread, the barriers to entry for electric vehicles are gradually being overcome.

Local special circumstances: Serbia has a relatively small market for electric vehicles compared to some other European countries. However, the government is actively promoting the adoption of electric vehicles through various incentives and subsidies. These measures include tax exemptions, grants for purchasing electric vehicles, and the development of charging infrastructure. These initiatives are aimed at encouraging Serbian consumers to make the switch to electric vehicles and contribute to a greener future.

Underlying macroeconomic factors: The Serbian economy is experiencing steady growth, which is positively impacting the electric vehicle market. As the economy improves, more consumers have the financial means to invest in electric vehicles. Additionally, the government's focus on sustainable development and reducing carbon emissions is driving the demand for electric vehicles. This combination of economic growth and environmental consciousness is creating a favorable environment for the growth of the electric vehicle market in Serbia. In conclusion, the electric vehicle market in Serbia is developing as a result of increasing customer preferences for sustainable transportation, supported by government incentives and a growing economy. As the market continues to mature and the infrastructure for electric vehicles improves, we can expect to see further growth in the adoption of electric vehicles in Serbia.

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).