Electric Vehicles - Sri Lanka | Statista Market Forecast

In 2024, the projected revenue in the Electric Vehicles market in Sri Lanka is expected to reach US$22.1m.
This market segment is anticipated to show a compounded annual growth rate (CAGR 2024-2029) of 2.88%, resulting in a projected market volume of US$25.5m by 2029.
Furthermore, it is estimated that the unit sales of Electric Vehicles market will reach 359.00vehicles in 2029.
Additionally, the volume weighted average price of Electric Vehicles market in Sri Lanka is expected to be US$78.7k in 2024.
When looking at the international perspective, it is evident that China is expected to generate the highest revenue in the Electric Vehicles market, with an estimated amount of US$376bn in 2024.
Sri Lanka's electric vehicle market is gaining momentum with increasing government incentives and growing consumer awareness.

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 Sri Lanka has been experiencing significant growth in recent years.

Customer preferences: Customers in Sri Lanka are increasingly opting for electric vehicles due to their numerous advantages. One of the main customer preferences driving the growth of the market is the rising awareness about environmental sustainability. Electric vehicles produce zero tailpipe emissions, reducing air pollution and contributing to a cleaner environment. Additionally, customers are attracted to the lower operating costs of electric vehicles compared to traditional gasoline-powered vehicles. The lower fuel and maintenance costs make electric vehicles a more economical choice for many consumers.

Trends in the market: One of the key trends in the Electric Vehicles market in Sri Lanka is the increasing availability and variety of electric vehicle models. As more manufacturers introduce electric vehicles into the market, customers have a wider range of options to choose from. This trend is driven by the global shift towards electric mobility and the increasing demand for electric vehicles worldwide. Furthermore, the government of Sri Lanka has implemented policies and incentives to encourage the adoption of electric vehicles, such as tax exemptions and subsidies. These measures have contributed to the growth of the market and attracted more customers to consider purchasing electric vehicles.

Local special circumstances: Sri Lanka has a relatively small land area, which makes electric vehicles a practical choice for commuting within cities and towns. The shorter distances traveled in urban areas make electric vehicles suitable for daily transportation needs. Additionally, Sri Lanka has a well-developed charging infrastructure, with charging stations available in major cities and along highways. This infrastructure development has further facilitated the adoption of electric vehicles in the country.

Underlying macroeconomic factors: The Electric Vehicles market in Sri Lanka is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth, which has increased the purchasing power of consumers. As a result, more individuals are able to afford electric vehicles, leading to an increase in demand. Moreover, the government's focus on promoting sustainable development and reducing dependence on fossil fuels aligns with the global push towards electric mobility. This commitment is reflected in the policies and incentives implemented to support the growth of the Electric Vehicles market in Sri Lanka. In conclusion, the Electric Vehicles market in Sri Lanka is experiencing growth due to customer preferences for environmentally friendly and cost-effective transportation options. The availability of electric vehicle models, government incentives, and the well-developed charging infrastructure are contributing to the increasing adoption of electric vehicles in the country. Additionally, the underlying macroeconomic factors, including steady economic growth and the government's focus on sustainability, are driving the development of the market.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

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.