Electric Vehicles - Israel

Israel

The Electric Vehicles market in Israel is projected to achieve a revenue of US$2,214.0m in 2024.
It is expected that the revenue will experience an annual growth rate (CAGR 2024-2028) of 7.09%, resulting in a projected market volume of US$2,912.0m by 2028.
In 2028, the unit sales of Electric Vehicles market in Israel are expected to reach 51.38k vehicles.
The volume weighted average price of Electric Vehicles market in Israel in 2024 is expected to be US$57.0k.
When looking at the global perspective, in China is anticipated to generate the highest revenue in the Electric Vehicles market, amounting to US$319,000m in 2024.
Israel is emerging as a global leader in the electric vehicle market, with its advanced technology and strong government support.

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

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Analyst Opinion

The Electric Vehicles market in Israel has been experiencing significant growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: One of the key customer preferences driving the growth of the Electric Vehicles market in Israel is the increasing concern for environmental sustainability. As awareness about climate change and pollution grows, more consumers are opting for electric vehicles as a greener alternative to traditional gasoline-powered cars. Additionally, the rising cost of fuel and the desire for cost-effective transportation solutions have also contributed to the growing demand for electric vehicles.

Trends in the market: The Israeli government has been actively promoting the adoption of electric vehicles through various incentives and initiatives. For example, there are significant tax benefits and exemptions for electric vehicle owners, making them more affordable compared to conventional cars. The government has also invested in the development of charging infrastructure, making it more convenient for electric vehicle owners to recharge their vehicles.

Local special circumstances: Israel faces unique challenges when it comes to transportation, such as limited natural resources and a high dependence on imported oil. As a result, the government has placed a strong emphasis on reducing oil consumption and diversifying the energy mix. Electric vehicles play a crucial role in achieving these goals, as they can be powered by locally-produced renewable energy sources such as solar power.

Underlying macroeconomic factors: Israel has a strong technology sector and is known for its innovation and entrepreneurship. This has led to the emergence of several Israeli companies that specialize in electric vehicle technology and infrastructure. The presence of these companies has not only fueled the growth of the domestic electric vehicle market but has also positioned Israel as a global hub for electric vehicle innovation. In conclusion, the Electric Vehicles market in Israel is experiencing significant growth due to customer preferences for sustainable and cost-effective transportation solutions, government initiatives and incentives, local special circumstances, and the presence of a thriving technology sector. With ongoing advancements in electric vehicle technology and infrastructure, the market is expected to continue its upward trajectory in the coming years.

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).