Morocco Electric Vehicle Market (2022-2028) | Analysis, Forecast, Outlook, Trends, Value, Revenue, Growth, Industry, Size, Share, Segmentation & COVID-19 IMPACT

Latest 2023 Development of the Morocco Electric Vehicle Market

Morocco Electric Vehicle Market has been growing gradually in recent years, with several developments to promote the adoption of EVs in the country. For instance, the establishment of an EV industry in Morocco and in response to this, it has been working towards building a local EV industry. Apart from this, the investment in charging infrastructure to support the growing number of EVs in the country is one of the major developments to build the country’s Electric Vehicle industry. Additionally, Morocco has been working on electrifying its public transportation system, with plans to introduce electric buses in big cities.

The government has implemented various initiatives such as tax exemptions, subsidies, and investments in charging infrastructure to promote electric vehicles. The cost of batteries for electric vehicles has been decreasing. Consequently, proliferates the demand for electric cars as they are more affordable for consumers in Morocco. Moreover, consumers are becoming more aware of the environmental impact of transportation and continuously looking for more sustainable options. Furthermore, international car manufacturers are partnering with local companies in Morocco to produce electric vehicles, which is driving the demand for Morocco Electric Vehicle Industry. 

Morocco Electric Vehicle Market Synopsis

Morocco Electric Vehicle Market is anticipated to register significant growth in the coming years owing to the government incentives to encourage the uptake of electric vehicles. Additionally, the growing awareness of the environmental benefits of electric vehicles and their potential to reduce running costs are further propelling the Morocco Electric Vehicle Market growth over the forecast period. However, the major restraint factors for the Morocco electric vehicle market are high initial cost, the lack of charging infrastructure and battery swapping stations.

According to 6Wresearch, Morocco Electric Vehicle Market is expected to grow during 2022-2028. The key reasons for the growth include government efforts to encourage the use of electric vehicles through a range of incentives, including tax breaks and subsidies. The country has ample resources of renewable energy, making it an ideal place to develop and manufacture electric vehicles which in turn drives the Morocco Electric Vehicle Industry development. Further, the growing awareness among consumers about the benefits of EVs such as environmental friendliness and lower running costs. The Morocco Electric Vehicle Market size is projected to expand at snowballing rate in the impending years. The growth in the market will be driven by favourable government policies, the availability of raw materials, and increasing consumer awareness.

Impact of COVID-19 on the Morocco Electric Vehicle Market

The Morocco Electric Vehicle Market which is a part of the Africa Electric Vehicle Market was greatly influenced by the pandemic as the sales of electric vehicles are forecast to decline due to the economic downturn caused by the pandemic. The Morocco Electric Vehicle Market was adversely impacted by a number of factors including lower oil prices, reduced purchasing power of individuals, and supply chain disruptions. However, Morocco remains an attractive market for EVs due to its strong economic growth prospects and supportive government policies and it is expected to rebound after the gradual easing of the pandemic restrictions.

Market dynamics

The Morocco Electric Vehicle Market is expected to grow at a compound annual growth rate (CAGR) of XX%  in the coming years. The passenger car segment is anticipated to be the largest contributor to the market growth during the forecast period. Additionally, the government plans to increase the adoption of electric vehicles and supportive policies are some of the key factors swashbuckling the industry growth in Morocco.

Market analysis based on Vehicle Types

Based on Vehicle Types, the market is bifurcated into two-wheelers, Passenger vehicles, buses, and Trucks. The passenger vehicle holds the major revenue of the market due to the growing adoption of zero-emissions strategies.

Competitive Landscape

The Morocco Electric Vehicle Industry has a few large companies competing for dominance which are having a strong presence in the country and are competing for market share. The competition among the leading players is intense in terms of price, quality, after-sales service, technology, and customer satisfaction.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2018 to 2021.
• Base Year: 2021.
• Forecast Data until 2028.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Morocco Electric Vehicle Market Overview
• Morocco Electric Vehicle Market Outlook
• Morocco Electric Vehicle Market Forecast
• Historical Data of Morocco Electric Vehicle Market Revenues and Volume, for the Period 2016-2019
• Morocco Electric Vehicle Market Size and Morocco Electric Vehicle Market Forecast of Revenues and Volume, Until 2026.
• Historical Data of Morocco Electric Vehicle Market Revenues and Volume, By Vehicle Types, for the Period 2016-2019
• Market Size & Forecast of Morocco Electric Vehicle Market Revenues and Volume, By Vehicle Types, Until 2026
• Historical Data of Morocco Electric Vehicle Market Revenues and Volume, By Regions, for the Period 2016-2019
• Market Size & Forecast of Morocco Electric Vehicle Market Revenues and Volume, By Regions, Until 2026
• Morocco Electric Vehicle Market Drivers and Restraints
• Morocco Electric Vehicle Market Trends and Industry Life Cycle
• Morocco Electric Vehicle Market Porter’s Five Force Analysis
• Morocco Electric Vehicle Market Opportunity Assessment
• Morocco Electric Vehicle Market Share, By Players
• Morocco Electric Vehicle Market Share, By Regions
• Morocco Electric Vehicle Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Vehicle Types

• Two-Wheeler
• Passenger Vehicle
• Bus
• Trucks

By Regions

• Northern Region
• Central Region
• Southern Region