Electric Vehicles - Romania

Romania

In 2024, the revenue in the Electric Vehicles market in Romania is projected to reach US$920.1m.
It is expected to show an annual growth rate (CAGR 2024-2028) of 15.46%, resulting in a projected market volume of US$1,635.0m by 2028.
By 2028, the unit sales of Electric Vehicles market in Romania are expected to reach 33.72k vehicles.
The volume weighted average price of Electric Vehicles market in Romania in 2024 is expected to amount to US$49.5k.
From an international perspective, it is shown that the most revenue will be generated in China, with US$319,000m in 2024.
Despite the growing interest in electric vehicles globally, Romania lags behind in adopting this sustainable transportation solution.

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

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Analyst Opinion

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

Customer preferences: Customers in Romania are increasingly opting for electric vehicles due to their numerous advantages. Electric vehicles are known for their environmental friendliness, as they produce zero emissions and help reduce air pollution. Additionally, the lower operating costs of electric vehicles, including lower fuel and maintenance costs, make them an attractive option for cost-conscious consumers. Furthermore, the availability of government incentives, such as tax breaks and subsidies, has also contributed to the increasing demand for electric vehicles in Romania.

Trends in the market: One of the major trends in the Electric Vehicles market in Romania is the expansion of charging infrastructure. As the number of electric vehicles on the roads increases, there is a growing need for a reliable and accessible charging network. To meet this demand, both public and private entities are investing in the development of charging stations throughout the country. This infrastructure expansion is expected to further boost the adoption of electric vehicles in Romania. Another trend in the market is the introduction of new electric vehicle models. As technology advances and manufacturers invest in research and development, there is a continuous stream of new electric vehicle models entering the market. These new models offer improved range, performance, and features, which attract a wider range of customers. The availability of more options in the market is likely to drive the growth of the Electric Vehicles market in Romania.

Local special circumstances: Romania has a strong automotive industry, with several major manufacturers operating in the country. This has created a favorable environment for the development and adoption of electric vehicles. The presence of local manufacturing facilities allows for easier access to electric vehicle components and parts, reducing costs and increasing the availability of electric vehicles in the market. Additionally, the automotive industry in Romania has the expertise and infrastructure to support the production and maintenance of electric vehicles, further contributing to their growth.

Underlying macroeconomic factors: The government of Romania has set ambitious targets for reducing greenhouse gas emissions and increasing the share of renewable energy in the country's energy mix. The promotion of electric vehicles aligns with these goals, and the government has implemented various policies and incentives to encourage their adoption. These include tax breaks, subsidies, and exemption from certain fees and charges. The supportive regulatory environment, combined with the increasing awareness of environmental issues, is driving the growth of the Electric Vehicles market in Romania. In conclusion, the Electric Vehicles market in Romania is experiencing significant growth and development due to customer preferences for environmentally friendly and cost-effective transportation options. The expansion of charging infrastructure, the introduction of new electric vehicle models, the presence of a strong automotive industry, and the government's supportive policies and incentives are all contributing to the growth of the market. As these trends continue, the Electric Vehicles market in Romania is expected to further expand 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).