Electric Vehicles - Italy

Italy

In 2024, the projected revenue in the Electric Vehicles market in Italy is expected to reach €4.7bn.
It is anticipated that the market will demonstrate an annual growth rate of 14.48% (CAGR 2024-2029), resulting in a projected market volume of €9.2bn by 2029.
By 2029, the unit sales of Electric Vehicles market in Italy are expected to reach 280.30k vehicles.
The volume weighted average price of Electric Vehicles market in Italy is projected to be €32.9k in 2024.
When considering the international perspective, it is evident that China will generate the highest revenue of €349,100m in 2024.
Italy is experiencing a surge in demand for electric vehicles as the government implements policies to incentivize their adoption.

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

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Analyst Opinion

Italy has seen a significant growth in the Electric Vehicles market in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this market.

Customer preferences: Italian consumers have shown a growing interest in Electric Vehicles due to their environmental benefits. As awareness of climate change and air pollution increases, more people are looking for greener alternatives to traditional gasoline-powered vehicles. Electric Vehicles offer lower emissions and reduced dependence on fossil fuels, making them an attractive option for environmentally-conscious consumers.

Trends in the market: One of the key trends in the Electric Vehicles market in Italy is the increasing availability of charging infrastructure. The government has been actively promoting the installation of charging stations across the country, making it easier for Electric Vehicle owners to charge their vehicles. This has helped to alleviate concerns about range anxiety and has encouraged more people to consider purchasing Electric Vehicles. Another trend in the market is the expanding range of Electric Vehicle models available in Italy. In recent years, major automakers have been introducing new Electric Vehicle models to the Italian market, offering consumers more options to choose from. This increased variety has made Electric Vehicles more appealing to a wider range of consumers, further driving the growth of the market.

Local special circumstances: Italy has a strong automotive industry, with several major car manufacturers based in the country. This has created a favorable environment for the development of the Electric Vehicles market. Italian automakers have been investing in the research and development of Electric Vehicles, leading to the production of high-quality and technologically advanced models. This has helped to build consumer confidence in Electric Vehicles and has contributed to the growth of the market.

Underlying macroeconomic factors: Italy has implemented various policies and incentives to promote the adoption of Electric Vehicles. These include tax breaks, subsidies, and grants for Electric Vehicle purchases. These measures have made Electric Vehicles more affordable for consumers and have incentivized their adoption. Additionally, the government has set ambitious targets for reducing greenhouse gas emissions, which has further encouraged the growth of the Electric Vehicles market. In conclusion, the Electric Vehicles market in Italy has been developing rapidly due to customer preferences for environmentally-friendly vehicles, the availability of charging infrastructure, the expanding range of Electric Vehicle models, the presence of a strong automotive industry, and government policies and incentives. As these factors continue to drive the growth of the market, it is expected that the Electric Vehicles market in Italy will continue to expand 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).