Electric Vehicles - Ireland

Ireland

In 2024, the Electric Vehicles market in Ireland is projected to reach a revenue of US$1,672.0m.
It is expected to grow at an annual rate of 14.59% (CAGR 2024-2028), resulting in a projected market volume of US$2,883.0m by 2028.
The unit sales of Electric Vehicles market in Ireland are expected to reach 50.25k vehicles by 2028.
The volume weighted average price of Electric Vehicles market in Ireland in 2024 is projected to be US$58.1k.
From an international perspective, it is evident that in China will generate the highest revenue in the Electric Vehicles market, amounting to US$319,000m in 2024.
Ireland's electric vehicle market is thriving, with government incentives and an expanding charging infrastructure driving adoption among consumers.

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

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Analyst Opinion

The Electric Vehicles market in Ireland has been experiencing significant 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 main reasons for the growth of the Electric Vehicles market in Ireland is the increasing preference for environmentally-friendly transportation options. With growing concerns about climate change and air pollution, many consumers are looking for alternatives to traditional gasoline-powered vehicles. Electric vehicles offer a cleaner and more sustainable mode of transportation, which aligns with the values and preferences of environmentally-conscious consumers.

Trends in the market: The market for Electric Vehicles in Ireland is also being influenced by global market trends. The advancement of technology, particularly in battery technology, has made electric vehicles more practical and accessible for consumers. The range and charging infrastructure for electric vehicles have improved significantly, addressing one of the main concerns of potential buyers. Additionally, government initiatives and incentives, such as grants and tax benefits, have encouraged the adoption of electric vehicles in Ireland.

Local special circumstances: Ireland has a unique set of circumstances that contribute to the development of the Electric Vehicles market. Firstly, the country has a relatively small land area, which makes electric vehicles a practical choice for many commuters. The average daily commute distance in Ireland is well within the range of most electric vehicles, making them a viable option for daily transportation. Additionally, Ireland has a high proportion of renewable energy sources in its electricity generation mix, which further enhances the environmental benefits of electric vehicles.

Underlying macroeconomic factors: The growth of the Electric Vehicles market in Ireland is also influenced by underlying macroeconomic factors. The Irish government has set ambitious targets for reducing greenhouse gas emissions, and the adoption of electric vehicles plays a significant role in achieving these targets. The government has implemented various measures to support the development of the electric vehicle market, including the installation of charging infrastructure and financial incentives for buyers. Furthermore, the Irish economy has been performing well in recent years, with strong GDP growth and low unemployment rates. This favorable economic environment provides consumers with the confidence and purchasing power to invest in electric vehicles. In conclusion, the Electric Vehicles market in Ireland is experiencing significant growth due to customer preferences for environmentally-friendly transportation options, global market trends in technology and government initiatives, local special circumstances such as the country's small land area and high proportion of renewable energy sources, and underlying macroeconomic factors including government targets for reducing greenhouse gas emissions and a favorable economic environment.

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).