Electric Vehicles - Croatia

Croatia

The Electric Vehicles market in Croatia is projected to reach a revenue of US$179.2m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2028) of 24.53%, resulting in a projected market volume of US$430.9m by 2028.
The unit sales of Electric Vehicles market in Croatia are expected to reach 7,853.00vehicles in 2028.
In 2024, the volume weighted average price of Electric Vehicles market in Croatia is expected to amount to US$54.5k.
From an international perspective, it is shown that in China will generate the most revenue in the Electric Vehicles market, with US$319,000m in 2024.
Croatia's electric vehicle market is rapidly growing, with an increasing number of charging stations and government incentives for EV adoption.

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

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Analyst Opinion

The Electric Vehicles market in Croatia has been experiencing steady growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: One of the key customer preferences driving the growth of the Electric Vehicles market in Croatia is the increasing concern for the environment. As awareness about climate change and air 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 to reduce dependence on fossil fuels are also motivating factors for consumers to choose electric vehicles.

Trends in the market: The Electric Vehicles market in Croatia is also influenced by global trends in the automotive industry. The advancements in technology and the increasing availability of electric vehicle models have made them more appealing to consumers. The development of more efficient batteries and the expansion of charging infrastructure have addressed the concerns of limited range and accessibility, further boosting the adoption of electric vehicles in the country.

Local special circumstances: Croatia has a unique geographical advantage that contributes to the growth of the Electric Vehicles market. The country is known for its beautiful coastline and natural landscapes, attracting a significant number of tourists each year. As a result, there is a growing demand for eco-friendly transportation options, such as electric vehicles, to explore and preserve the country's natural beauty. The government has also been supportive of electric mobility initiatives, offering incentives and subsidies to promote the adoption of electric vehicles.

Underlying macroeconomic factors: The Electric Vehicles market in Croatia is also influenced by macroeconomic factors such as government policies and economic conditions. The government has implemented measures to reduce carbon emissions and promote sustainable transportation, including tax incentives and grants for electric vehicle purchases. Additionally, the country's stable economy and increasing disposable income levels have made electric vehicles more affordable and accessible to a wider range of consumers. In conclusion, the Electric Vehicles market in Croatia is experiencing growth due to customer preferences for environmentally friendly transportation, global trends in the automotive industry, local special circumstances such as tourism, and underlying macroeconomic factors such as government policies and economic conditions. As these factors continue to drive the market, we can expect further expansion and development of the Electric Vehicles market in Croatia 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).