Electric Vehicles - Slovakia | Statista Market Forecast

The Electric Vehicles market in Slovakia is expected to generate a revenue of US$497.7m by 2024.
It is projected to experience an annual growth rate (CAGR 2024-2029) of 18.67%, resulting in a market volume of US$1.2bn by 2029.
By 2029, the unit sales of Electric Vehicles market in Slovakia are expected to reach 14.05k vehicles.
The volume weighted average price of Electric Vehicles market in Slovakia is projected to be US$81.9k in 2024.
When looking at the international perspective, it is evident that China will generate the highest revenue, amounting to US$376bn in 2024.
Slovakia's electric vehicle market is rapidly growing, fueled by the country's strong automotive manufacturing industry.

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 Slovakia has been experiencing significant growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: One of the key customer preferences driving the growth of the Electric Vehicles market in Slovakia is the increasing concern for the environment. As awareness about climate change and air pollution grows, more consumers are looking for greener transportation options. Electric vehicles offer a sustainable and eco-friendly alternative to traditional gasoline-powered cars, making them an attractive choice for environmentally conscious consumers.

Trends in the market: A major trend in the Electric Vehicles market in Slovakia is the government support and incentives for electric vehicle adoption. The Slovakian government has implemented various measures to promote the use of electric vehicles, including tax breaks, subsidies, and infrastructure development. These initiatives have not only made electric vehicles more affordable for consumers but have also improved the charging infrastructure across the country, making it more convenient for electric vehicle owners to charge their vehicles. Another trend in the market is the increasing availability of electric vehicle models. As more automakers invest in electric vehicle technology, the variety of electric vehicle models available in the market has expanded. This has given consumers in Slovakia a wider range of options to choose from, catering to different needs and preferences.

Local special circumstances: Slovakia is one of the leading automotive manufacturing hubs in Europe, with several major automakers having production facilities in the country. This has created a favorable environment for the development and adoption of electric vehicles. The presence of established automotive companies in Slovakia has led to the availability of skilled labor, advanced manufacturing infrastructure, and a strong supply chain, all of which contribute to the growth of the electric vehicle market.

Underlying macroeconomic factors: The growth of the Electric Vehicles market in Slovakia is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has increased consumer purchasing power. This, coupled with the government incentives and support for electric vehicle adoption, has made electric vehicles more affordable and accessible to a larger segment of the population. In conclusion, the Electric Vehicles market in Slovakia is experiencing significant growth due to customer preferences for environmentally friendly transportation options, government support and incentives, the availability of a wide range of electric vehicle models, the presence of a strong automotive manufacturing industry, and favorable macroeconomic conditions. As these factors continue to drive the market, we can expect further expansion and development of the Electric Vehicles market in Slovakia 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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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.