Electric Vehicles - Kazakhstan

Kazakhstan

The Electric Vehicles market in Kazakhstan is projected to reach a revenue of US$8.3m in 2024.
It is expected to experience a steady annual growth rate (CAGR 2024-2028) of 5.57%, resulting in a projected market volume of US$10.3m by 2028.
The unit sales of Electric Vehicles market in the country are expected to reach 202.00vehicles in 2028.
In 2024, the volume weighted average price of Electric Vehicles market in Kazakhstan is expected to amount to US$52.0k.
From an international perspective, it is evident that the highest revenue in the Electric Vehicles market will be generated in China, reaching US$319,000m in 2024.
Kazakhstan is experiencing a surge in electric vehicle adoption, driven by government incentives and a growing charging infrastructure.

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

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Analyst Opinion

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

Customer preferences: One of the main reasons for the development of the Electric Vehicles market in Kazakhstan is the increasing awareness and concern about environmental issues. Customers are becoming more conscious of the impact of traditional vehicles on air pollution and are seeking greener alternatives. Electric Vehicles offer a cleaner and more sustainable mode of transportation, which appeals to environmentally-conscious consumers. Additionally, the rising cost of fuel and the desire for energy efficiency have also contributed to the growing demand for Electric Vehicles in Kazakhstan.

Trends in the market: The Electric Vehicles market in Kazakhstan has seen a surge in demand, with an increasing number of consumers opting for electric cars. This trend can be attributed to several factors. Firstly, the government has implemented various initiatives to promote the adoption of Electric Vehicles, such as tax incentives and subsidies. These incentives have made Electric Vehicles more affordable and attractive to consumers. Secondly, the availability of charging infrastructure has improved significantly in recent years. This has alleviated one of the main concerns of potential Electric Vehicle buyers - the fear of running out of battery power. As a result, more consumers are now willing to switch to Electric Vehicles.

Local special circumstances: Kazakhstan has a unique set of circumstances that make it an ideal market for Electric Vehicles. The country is rich in natural resources, particularly in terms of renewable energy sources such as wind and solar power. This abundance of renewable energy makes it easier for consumers to charge their Electric Vehicles without relying on fossil fuels. Additionally, the vast size of the country and the long distances between cities make Electric Vehicles a practical choice for many Kazakhstani consumers. The extended range of Electric Vehicles allows them to travel long distances without the need for frequent refueling.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Electric Vehicles market in Kazakhstan. The government has recognized the potential economic benefits of transitioning to Electric Vehicles, such as reduced dependence on imported fossil fuels and the creation of new job opportunities in the renewable energy sector. Furthermore, the global trend towards decarbonization and the transition to clean energy has influenced Kazakhstan's decision to promote Electric Vehicles. By embracing Electric Vehicles, Kazakhstan can position itself as a leader in sustainable transportation and attract foreign investment in the renewable energy sector. In conclusion, the Electric Vehicles market in Kazakhstan is developing rapidly due to increasing customer preferences for greener transportation options, government incentives and improved charging infrastructure. The local special circumstances, such as the availability of renewable energy sources and the vast size of the country, further contribute to the growth of the Electric Vehicles market. Additionally, underlying macroeconomic factors, such as the desire to reduce dependence on imported fossil fuels and the global trend towards decarbonization, have also played a role in driving the development of the Electric Vehicles market in Kazakhstan.

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).