Market Insights Mobility Electric Vehicles

Battery Electric Vehicles - Ireland

Ireland

In Ireland, the projected revenue in the Battery Electric Vehicles market is expected to reach €1,336.0m in 2024.
This market is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 15.19%, resulting in a projected market volume of €2,710.0m by 2029.
By that year, it is estimated that unit sales in the Battery Electric Vehicles market will reach 50.04k vehicles.
The volume weighted average price of Battery Electric Vehicles market in 2024 is projected to be €54.8k.
When looking at the global perspective, it is evident that China is expected to generate the highest revenue in this market segment, amounting to €193,400m in 2024.
Ireland's battery electric vehicle market is experiencing a significant growth due to government incentives and a growing public awareness of environmental concerns.

Key regions: United Kingdom, Japan, Netherlands, France, United States

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Analyst Opinion

The Battery Electric Vehicles market in Ireland is experiencing significant growth, driven by customer preferences for sustainable and environmentally friendly transportation options.

Customer preferences: Customers in Ireland are increasingly prioritizing sustainability and are looking for alternatives to traditional gasoline-powered vehicles. Battery Electric Vehicles (BEVs) offer a clean and efficient mode of transportation, with zero tailpipe emissions. Additionally, the government has implemented various incentives and subsidies to promote the adoption of BEVs, further driving customer preferences towards these vehicles.

Trends in the market: The BEV market in Ireland has witnessed a surge in demand in recent years. This can be attributed to several factors. Firstly, advancements in battery technology have led to increased driving ranges and improved performance of BEVs, addressing the range anxiety concerns of potential buyers. Secondly, the availability of a wider range of BEV models from different manufacturers has provided customers with more options to choose from. This has resulted in increased competition among manufacturers, leading to lower prices and improved affordability of BEVs. Lastly, the establishment of a robust charging infrastructure across the country has alleviated concerns about the availability of charging stations, making BEVs a more viable option for customers.

Local special circumstances: Ireland has set ambitious targets to reduce greenhouse gas emissions and transition to a low-carbon economy. As part of this effort, the government has implemented various policies and initiatives to promote the adoption of electric vehicles. These include grants and tax incentives for purchasing BEVs, as well as investments in expanding the charging infrastructure. The government has also set a target to ban the sale of new petrol and diesel cars by 2030, further driving the demand for BEVs.

Underlying macroeconomic factors: Ireland's strong economic growth and rising disposable incomes have contributed to the growing demand for BEVs. As the economy continues to expand, more individuals and businesses are able to afford electric vehicles. Additionally, the government's commitment to sustainability and the transition to a low-carbon economy has created a favorable environment for the growth of the BEV market. The increasing availability of charging infrastructure and the support of major automobile manufacturers have also played a role in the market's development. In conclusion, the Battery Electric Vehicles market in Ireland is experiencing significant growth due to customer preferences for sustainable transportation options, advancements in battery technology, the availability of a wider range of BEV models, and the establishment of a robust charging infrastructure. The government's commitment to sustainability and the transition to a low-carbon economy, along with the country's strong economic growth, have further fueled the market's development.

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).