Market Insights Mobility Electric Vehicles

Battery Electric Vehicles - Portugal

Portugal

In 2024, the revenue in the Battery Electric Vehicles market in Portugal is projected to reach €2.1bn.
It is expected that this revenue will show an annual growth rate (CAGR 2024-2029) of 15.20%.
This growth rate will result in a projected market volume of €4.2bn by 2029.
Furthermore, it is estimated that the unit sales of Battery Electric Vehicles market in Portugal will reach 77.81k vehicles by 2029.
Additionally, the volume weighted average price of Battery Electric Vehicles market in Portugal in 2024 is expected to be €53.8k.
However, from an international perspective, it is evident that the country generating the most revenue in the Battery Electric Vehicles market in 2024 will be China, with a projected revenue of €195,400m.
Portugal is embracing the shift towards Battery Electric Vehicles, with an increasing number of charging stations and incentives for electric vehicle adoption.

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

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Analyst Opinion

The Battery Electric Vehicles market in Portugal is experiencing significant growth and development, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Portuguese customers are increasingly interested in Battery Electric Vehicles due to their environmental benefits and cost savings. As awareness of climate change and air pollution grows, more consumers are seeking eco-friendly transportation options. Battery Electric Vehicles offer zero-emission driving, reducing carbon footprint and improving air quality. Additionally, the lower operating costs of Battery Electric Vehicles, such as lower fuel and maintenance expenses, make them an attractive choice for cost-conscious consumers.

Trends in the market: The Portuguese government has implemented several initiatives to promote the adoption of Battery Electric Vehicles. These include tax incentives, subsidies, and the development of charging infrastructure. These measures have created a favorable environment for Battery Electric Vehicles in the country. As a result, the market has seen an increase in the availability of Battery Electric Vehicle models and a growing number of charging stations across the country.

Local special circumstances: Portugal has a unique geographical advantage that contributes to the growth of the Battery Electric Vehicles market. The country has a relatively small size, making it well-suited for Battery Electric Vehicles with their limited range. The average daily commute distance in Portugal is also relatively short, making Battery Electric Vehicles a practical choice for many consumers. Furthermore, Portugal has a high penetration of renewable energy sources, such as wind and solar power. This renewable energy availability supports the charging infrastructure for Battery Electric Vehicles and further enhances their environmental benefits.

Underlying macroeconomic factors: The Battery Electric Vehicles market in Portugal is also influenced by underlying macroeconomic factors. The country has experienced stable economic growth in recent years, leading to an increase in disposable income and consumer purchasing power. This economic prosperity has made Battery Electric Vehicles more affordable and accessible to a larger segment of the population. Additionally, the Portuguese government's commitment to reducing greenhouse gas emissions and transitioning to a clean energy economy aligns with the growing global trend towards sustainable transportation solutions. In conclusion, the Battery Electric Vehicles market in Portugal is developing rapidly due to customer preferences for eco-friendly and cost-effective transportation options, market trends driven by government incentives and charging infrastructure development, local special circumstances such as the country's small size and high renewable energy penetration, and underlying macroeconomic factors including stable economic growth and environmental commitments. These factors combined create a favorable environment for the growth of Battery Electric Vehicles in Portugal.

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).