Electric Vehicles - Morocco

Morocco

In 2024, the Electric Vehicles market in Morocco is projected to reach a revenue of €98.5m.
This market is expected to grow at an annual growth rate of 8.80% (CAGR 2024-2029), resulting in a projected market volume of €150.2m by 2029.
By that year, the unit sales of Electric Vehicles market in Morocco are expected to reach 1,821.00vehicles.
The volume weighted average price of Electric Vehicles market in Morocco in 2024 is expected to be €90.0k.
It is worth noting that, from an international perspective, the country generating the highest revenue in the Electric Vehicles market in 2024 is China, with a staggering amount of €345,400m.
Morocco is experiencing a surge in the adoption of electric vehicles, driven by government incentives and the country's commitment to reducing carbon emissions.

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

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Electric Vehicles market in Morocco has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth in the Electric Vehicles market in Morocco is the increasing customer preference for environmentally friendly and sustainable transportation options. As awareness about climate change and the need to reduce carbon emissions grows, more and more consumers are opting for electric vehicles as a greener alternative to traditional gasoline-powered cars. Additionally, the rising fuel prices and the desire for cost-effective transportation have also contributed to the increasing demand for electric vehicles in the country.

Trends in the market: Morocco has made significant investments in renewable energy, particularly in solar power. This has led to a decrease in the cost of electricity, making it more affordable for consumers to charge their electric vehicles. The government has also implemented various policies and incentives to promote the adoption of electric vehicles, such as tax breaks, subsidies, and the installation of charging infrastructure across the country. These initiatives have helped to create a favorable environment for the growth of the Electric Vehicles market in Morocco.

Local special circumstances: Morocco has a unique advantage when it comes to the Electric Vehicles market. The country is strategically located between Europe and Africa, making it an ideal hub for electric vehicle manufacturing and exports. The Moroccan government has recognized this opportunity and has actively encouraged foreign investment in the electric vehicle industry. As a result, several international automakers have set up manufacturing plants in Morocco, leading to the creation of jobs and the development of a local electric vehicle ecosystem.

Underlying macroeconomic factors: Morocco has been experiencing steady economic growth in recent years, which has contributed to the increasing purchasing power of consumers. This, coupled with a growing middle class, has led to a rise in disposable income and consumer spending. As a result, more people are able to afford electric vehicles, which were previously seen as a luxury item. Additionally, the government's focus on renewable energy and sustainable development has created a positive business environment for electric vehicle manufacturers and suppliers. In conclusion, the Electric Vehicles market in Morocco is growing rapidly due to customer preferences for environmentally friendly transportation options, government incentives and policies, strategic location for manufacturing and exports, and favorable macroeconomic factors. As the country continues to invest in renewable energy and sustainability, the Electric Vehicles market is expected to further 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).