South Africa Electric Cars - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2016 - 2029

South Africa Electric Cars - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2016 - 2029

The South Africa Electric Cars Market size is estimated at USD 585 in 2024, and is expected to reach USD 931 by 2029, growing at a CAGR of 9.74% during the forecast period (2024-2029).

Key Highlights

• Largest Segment by Fuel Type - BEV : Sales of hybrid vehicles are anticipated to outpace those of all-electric vehicles in South Africa as a result of rising CO2 emissions and taxation. These vehicles do not require EV charging infrastructure. These automobiles are also appropriate for use in nations with inadequate charging infrastructure. As a result, higher adoption rates are anticipated for the segment in the coming years.
• Fastest-growing Segment by Fuel Type - HEV : BEV is the fastest-growing segment with a 16.2% CAGR due to aggressive electric policy, fixed purchase subsidies, and extremely low-interest loans supported by development finance institutions. BEV is the largest growing segment in the South African electric car market, with sales of around 203 vehicles in 2021.
• Largest Segment By Body Type - Hatchback : SUVs are common types of vehicles that provide stability and comfort for drivers and passengers when navigating South Africa's less-than-ideal roads and a wide range of climates, terrains, and territories.

South Africa Electric Cars Industry Overview

The South Africa Electric Cars Market is fairly consolidated, with the top five companies occupying 92.30%. The major players in this market are General Motors, Hyundai Motor Company, Renault, Toyota Motor Co. and Volkswagen AG (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support