Africa Electric Vehicle Market (2020-2026) | Size, Share, Trends, Growth, Analysis, Forecast, Revenue, Outlook & COVID-19 IMPACT

Africa electric vehicle market report comprehensively covers the market by vehicle types and countries including Kenya, Egypt, Morocco, Tanzania, Ethiopia, Nigeria, South Africa, and the rest of Africa. The Africa electric vehicle market outlook provides an unbiased and detailed analysis of the Africa Electric vehicle market trends, opportunities, high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Latest 2023 Development of the Africa Electric Vehicle Market

Africa Electric Vehicle Market is undergoing steady growth with escalating demand for electric vehicles and charging infrastructure in Africa. To support the market for EV’s, several charging stations are being installed in various parts of the continent. To achieve this goal, the African Development Bank has launched a program to build as many charging stations in Africa. The government is offering incentives and subsidies to encourage the adoption of EVs. Africa countries are also investing in vehicle manufacturing facilities to produce EVs. The increasing effects of climate change, such as rising temperatures and poor air quality are driving demand for more environmentally friendly transportation solutions. Thus, the market for electric vehicles is proliferating in recent years. 

To ensure a sustainable future for EVs, renewable energy sources such as wind, solar, and hydropower are being integrated into charging infrastructure. Moreover, ride-hailing services such as Uber and Bolt are also promoting the use of EVs by integrating them into their fleets which is turn out to be a major development in the Africa Electric Vehicle Industry. The market for electric vehicles is expected to grow in the coming years as private companies, governments, and financial institutions are investing in the development of charging infrastructure and vehicle manufacturing across Africa.

Africa electric vehicle market Synopsis

Africa electric vehicle market is expected to register moderate growth over the coming years owing to rising environmental awareness, favourable government policies, and growing urbanization. Moreover, high fuel prices and high taxes & duties on oil would urge people to shift towards electric vehicle commutation and adoption. Also, several countries in Africa have introduced many campaigns to promote electric vehicle adoption in the region by providing incentives and lucrative offers to people. All these bode well for the higher adoption of electric vehicles in the Africa region during the forecast period.

According to 6Wresearch, the Africa Electric Vehicle Market size is anticipated to register growth during 2020-2026. Although the electric vehicle market is at a very premature stage in Africa, government initiatives and offers would shift the demand for a cost-effective and eco-friendly electric transport system. The region is also witnessing a rising trend for used electric vehicles. However, the overall market growth is anticipated to slow down in 2020 on account of the COVID-19 outbreak leading to economic lockdowns across several African countries.

Increasing disposable income coupled with rising penetration towards reducing carbon emission is driving the Africa Electric Vehicle Market Growth. Additionally, rising pollution and increasing environmental concerns are proliferating the Africa Electric Vehicle Market Share. Increasing government initiatives such as providing incentives in order to promote electric vehicles are propelling the growth of the industry. 

Africa electric vehicle market is anticipated to register sound revenues during the forecast period 2020-26F on the back of the substantial growth of the automotive industry. Additionally, rising environmental concerns are leading to an increased need to switch over to vehicles that tend to be embedded with zero carbon emission engines along with low maintenance costs and electric vehicles are turning out to be a lucrative deal product here. Moreover, an increase in technological up-gradation in the development of lithium-ion batteries is leading to the increasing adoption of electric vehicles and would accelerate Africa electric vehicle market growth in the upcoming six years.

Market Analysis by Country

On the basis of the country, Kenya electric vehicle market is estimated to generate high sales revenues in the region owing to the electric vehicle market is still young with limited electric vehicles registration but is expected to gain traction in the years ahead owing to rising government efforts in developing vehicles charging stations in a public building to ease the charging access which is likely to act as a growth proliferating factor for the electric vehicle adoption, as a result, is estimated to bolster the growth of the Africa electric vehicle market in the upcoming six years. At present, South Africa is the leading revenue-generating country in the Africa electric vehicle market and is expected to register the highest market growth during the forecast period as well. The country is one of the major regional automotive markets thus, it has huge potential to shift towards electric vehicles in the near future.

Market Analysis by vehicle types

In Africa, the passenger vehicle segment is expected to dominate the overall Africa electric vehicle market during the forecast period on account of the high consumption and adoption of a new generation of vehicles and infrastructure. Moreover, the manufacturers are also working to improve the technology and infrastructure required for the adoption of electric vehicles, which would result in significant growth in other electric vehicle types as well in the near future.

Key Highlights of the Report:

• Africa Electric Vehicle Market Overview
• Africa Electric Vehicle Market Outlook
• Africa Electric Vehicle Market Forecast
• Historical Data of Africa Electric Vehicle Market Revenues for the Period 2016-2019
• Africa Electric Vehicle Market Size and Africa Electric Vehicle Market Forecast Until 2026
• Historical Data and Forecast of Kenya, Egypt, Morocco, Tanzania, Ethiopia, Nigeria, and South Africa Electric Vehicle Market Revenues for the period 2016-2026
• Historical Data and Forecast of Kenya, Egypt, Morocco, Tanzania, Ethiopia, Nigeria, and South Africa Electric Vehicle Market Revenues, By Vehicle Types, for the period 2016-2026
• Market Drivers and Restraints
• Africa Electric Vehicle Market Trends
• Africa Electric Vehicle Industry Life Cycle
• Porter’s Five Force Analysis
• Africa Electric Vehicle Market Opportunity Assessment
• Africa Electric Vehicle Market Revenue Share, By Company
• Africa Electric Vehicle Market Revenue Share, By Country
• Africa Electric Vehicle Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

 Markets Covered

The Africa electric vehicle market report provides a detailed analysis of the following market segments:

By Vehicle Types

• Passenger Vehicle
• Two-Wheelers
• Bus
• Truck

By Regions

• Kenya
• Egypt
• Morocco
• Tanzania
• Ethiopia
• Nigeria
• South Africa
• Rest of Africa