Market Insights Mobility Electric Vehicles

Battery Electric Vehicles - Italy

Italy

In Italy, the projected revenue in the Battery Electric Vehicles market is expected to reach US$3.4bn in 2024.
It is anticipated that the revenue will demonstrate an annual growth rate (CAGR 2024-2028) of 16.47%, resulting in a projected market volume of US$6.2bn by 2028.
By 2028, it is estimated that the unit sales in the Battery Electric Vehicles market will reach 114.90k vehicles.
The volume weighted average price of Battery Electric Vehicles market in Italy is expected to amount to US$54.3k in 2024.
Taking an international perspective, it is evident that in China will generate the highest revenue in the Battery Electric Vehicles market, with US$208,800m in 2024.
Italy is seeing a surge in demand for battery electric vehicles, driven by the country's commitment to sustainable transportation and government incentives.

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

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Analyst Opinion

The Battery Electric Vehicles market in Italy is experiencing significant growth and development.

Customer preferences: Customers in Italy are increasingly opting for Battery Electric Vehicles due to their environmental benefits. The growing concern for climate change and air pollution is driving the demand for electric vehicles as a more sustainable and eco-friendly transportation option. Additionally, the rising cost of fuel and the availability of government incentives and subsidies for electric vehicles are also influencing customer preferences in Italy.

Trends in the market: One of the key trends in the Battery Electric Vehicles market in Italy is the increasing availability and variety of electric vehicle models. Major automotive manufacturers are expanding their electric vehicle portfolios and introducing new models to cater to the growing demand. This trend is not only providing customers with more options but also driving competition in the market, leading to improved technology and lower prices. Another trend in the market is the development of charging infrastructure. As the adoption of electric vehicles increases, the need for a reliable and accessible charging network becomes crucial. In response to this, Italy has been investing in the expansion of charging stations across the country. This infrastructure development is expected to further promote the adoption of electric vehicles by addressing the issue of range anxiety and providing convenience to customers.

Local special circumstances: Italy has a unique geographical landscape with a high population density in urban areas. This presents both opportunities and challenges for the Battery Electric Vehicles market. The compact nature of cities and shorter average driving distances make electric vehicles a practical choice for urban dwellers. Furthermore, the Italian government has implemented policies to restrict the access of combustion engine vehicles in city centers, further encouraging the adoption of electric vehicles. However, the limited availability of parking spaces and the need for charging infrastructure in residential areas pose challenges for the widespread adoption of electric vehicles. Overcoming these challenges will require continued investment in charging infrastructure and innovative solutions to address the specific needs of urban environments.

Underlying macroeconomic factors: The Battery Electric Vehicles market in Italy is also influenced by macroeconomic factors such as government policies, economic conditions, and technological advancements. The Italian government has set ambitious targets to reduce greenhouse gas emissions and promote the transition to electric vehicles. This includes offering financial incentives and tax benefits for electric vehicle buyers. Furthermore, the declining costs of battery technology and the increasing efficiency of electric vehicles are making them more affordable and attractive to customers. As technology continues to advance, the range and performance of electric vehicles are improving, addressing concerns about their practicality and reliability. In conclusion, the Battery Electric Vehicles market in Italy is experiencing growth and development due to customer preferences for sustainable transportation, the availability of electric vehicle models, the expansion of charging infrastructure, and government policies promoting the adoption of electric vehicles. The unique characteristics of Italy's urban landscape and the underlying macroeconomic factors also contribute to the market's growth potential.

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).