Electric Vehicles - Switzerland

Switzerland

In 2024, the projected revenue in the Electric Vehicles market in Switzerland is estimated to reach €3.8bn.
This market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 15.44%, resulting in a projected market volume of €7.8bn by 2029.
By 2029, the unit sales of Electric Vehicles market in Switzerland are anticipated to reach 168.20k vehicles.
Furthermore, the volume weighted average price of Electric Vehicles market in Switzerland is expected to be €46.9k in 2024.
From an international perspective, it is evident that China will generate the highest revenue in the Electric Vehicles market, amounting to €345,400m in 2024.
Switzerland's growing focus on sustainability and its well-developed charging infrastructure has led to a surge in the adoption of electric vehicles in the country.

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

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Analyst Opinion

The Electric Vehicles market in Switzerland is experiencing steady growth due to increasing customer preferences for eco-friendly transportation options and the implementation of supportive government policies.

Customer preferences: Customers in Switzerland are increasingly opting for electric vehicles due to their lower environmental impact compared to traditional gasoline-powered cars. The country has a strong commitment to sustainability and reducing carbon emissions, which aligns with the growing global trend towards electric mobility. Additionally, the high quality of Swiss engineering and the reputation for precision and reliability make electric vehicles an attractive option for consumers.

Trends in the market: One of the key trends in the Swiss Electric Vehicles market is the increasing availability and variety of electric vehicle models. Major automakers are expanding their electric vehicle offerings in response to growing demand, providing consumers with more options to choose from. This trend is supported by advancements in battery technology, which have led to improved range and performance of electric vehicles. As a result, range anxiety, which was a major concern for potential buyers in the past, is becoming less of a barrier to adoption. Another trend in the market is the development of a robust charging infrastructure. Switzerland has been investing in the expansion of public charging stations, making it more convenient for electric vehicle owners to recharge their vehicles. Additionally, there is a growing number of private charging stations being installed in residential buildings and workplaces, further enhancing the accessibility and convenience of electric vehicles.

Local special circumstances: Switzerland has a unique geography with mountainous terrain and long distances between cities. This presents a challenge for electric vehicle adoption as it requires a well-developed charging infrastructure to support long-distance travel. However, the country has been actively addressing this issue by investing in fast-charging stations along major highways and strategic locations. This infrastructure development is crucial for enabling electric vehicle owners to travel across the country without range limitations.

Underlying macroeconomic factors: The Swiss government has implemented various incentives to promote electric vehicle adoption. These include tax breaks, subsidies, and exemptions from certain fees and charges. These incentives make electric vehicles more affordable and attractive to consumers, driving market growth. Additionally, the government has set ambitious targets for reducing carbon emissions, which further supports the transition to electric mobility. In conclusion, the Electric Vehicles market in Switzerland is experiencing growth due to increasing customer preferences for eco-friendly transportation options, the availability of a wide range of electric vehicle models, the development of a robust charging infrastructure, and supportive government policies. These factors are driving the adoption of electric vehicles and contributing to the overall development of the market.

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).