Electric Vehicles - Cyprus

Cyprus

In 2024, the revenue in the Electric Vehicles market in Cyprus is projected to reach US$37.8m.
It is expected to show an annual growth rate (CAGR 2024-2028) of 14.75%, resulting in a projected market volume of US$65.5m by 2028.
The unit sales of Electric Vehicles market in Cyprus are expected to reach 1,214.00vehicles by 2028.
The volume weighted average price of the Electric Vehicles market in Cyprus in 2024 is expected to amount to US$55.0k.
From an international perspective, it is shown that the most revenue will be generated in China (US$319,000m in 2024).
Cyprus is experiencing a growing demand for electric vehicles as the government implements incentives to promote sustainable transportation.

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

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Analyst Opinion

Cyprus, a small island nation in the Eastern Mediterranean, has seen a significant growth in the Electric Vehicles (EVs) market in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

Customer preferences in Cyprus have shifted towards more sustainable and environmentally friendly modes of transportation. The increasing awareness about climate change and the need to reduce carbon emissions has led many consumers to consider EVs as a viable alternative to traditional gasoline-powered vehicles. Additionally, the lower operating costs and potential government incentives for EV owners have further incentivized consumers to choose electric vehicles.

Trends in the market have also played a role in the growth of the EV market in Cyprus. The global trend towards electrification of transportation has influenced the local market as well. Major automakers are investing heavily in the development of electric vehicles, resulting in a wider range of EV models available to consumers in Cyprus.

This increased availability and variety of EVs have made them more appealing to a larger segment of the population. Local special circumstances have also contributed to the growth of the EV market in Cyprus. The country has a relatively small size, which makes it well-suited for EVs with their limited range.

The average daily commute distance in Cyprus is relatively short, making EVs a practical choice for many residents. Additionally, the country has a well-developed charging infrastructure, with an increasing number of charging stations being installed across the island. This infrastructure development has alleviated concerns about the availability of charging facilities and range anxiety, further boosting the adoption of EVs.

Underlying macroeconomic factors have also played a role in the development of the EV market in Cyprus. The government has implemented policies and incentives to promote the adoption of EVs, such as tax breaks and subsidies for EV purchases. These initiatives have made EVs more affordable and attractive to consumers.

Additionally, Cyprus has a high dependence on imported fossil fuels, making the transition to electric vehicles a strategic move towards energy independence and sustainability. In conclusion, the Electric Vehicles market in Cyprus has experienced significant growth due to customer preferences for sustainable transportation, global trends towards electrification, local special circumstances such as short commuting distances and a well-developed charging infrastructure, and underlying macroeconomic factors including government incentives and the need for energy independence.

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).