Africa Electric Vehicle Market Size (2024 - 2029)

The Africa Electric Vehicle Market saw significant growth in recent years, with projected continued expansion. The COVID-19 pandemic impacted the sector, leading to closures of manufacturing units and a downturn in the market. However, original equipment manufacturers are launching new vehicles, aiding in the market's recovery and growth. African countries like South Africa, Egypt, and Morocco are setting goals to reduce car emissions and promote the EV market and associated charging infrastructure. Despite challenges such as a lack of charging infrastructure, the market size is expected to increase, particularly in Egypt, due to supportive steps taken by the Ministry of Public Business Sector.

Market Size of Africa Electric Vehicle Industry

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:
Africa Electric Vehicle Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 15.80 Billion
Market Size (2029) USD 25.40 Billion
CAGR (2024 - 2029) 10.20 %
Market Concentration Medium

Major Players

Africa Electric Vehicle Market Major Players

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Africa Electric Vehicle Market Analysis

The Africa Electric Vehicle Market size is estimated at USD 15.80 billion in 2024, and is expected to reach USD 25.40 billion by 2029, growing at a CAGR of 10.20% during the forecast period (2024-2029).

Over the long term, factors such as increasing investment in the automotive sector, increased automobile production, increase in electric vehicle sales coupled with rapid electric vehicle development, and government policies for producing electric cars will drive market growth.

Africa is one of the fastest-growing markets for electric vehicles. According to the Centre for Science and Environment, countries in Africa have begun to set policy and aspirational targets for electrification. For example, Cape Verde has set 100 percent electrification targets for new sales of passenger cars by 2035 and urban buses by 2040.

Similarly, The United Nations Environment Programme (UNEP) also expects electric and traditional two- and three-wheeler sales in Africa to increase substantially by 2050.

Considering the market potential, electric vehicle manufacturers and governments of various countries are focusing on new investments and policies to meet net zero emission goals in the future. For instance,

In November 2023, the South African unit of US auto giant Ford announced it would invest 5.2 billion rand (USD 281 million) to produce a hybrid vehicle in the country, as it urged the government to move fast on an electric vehicle policy.

Moreover, various electric vehicle manufacturers are experiencing a surge in innovations and product launches to cater to the increasing demand for vehicle sales in 2024, and various E-mobility startups and businesses are emerging in many African countries to produce electric vehicles. Such as-

The battery electric vehicle (BEV) version of the Jac T9 is set to be South Africa’s second true electric bakkie, following the Maxus T90, which is to be launched in 2024.

Furthermore, the focus on the transition toward New Energy Vehicles will also have a positive impact on the market as South Africa’s cabinet has approved the Just Energy Transition Implementation Plan (JET IP). The JET IP is set for a five-year period (2023-2027), and the USD 1 billion guarantee program for Just Energy Transition (JET) has been approved by the African Development Bank Group. The program will support energy efficiency, rehabilitation of municipal electricity delivery, green hydrogen, and new electric vehicles.

Africa Electric Vehicle Industry Segmentation

An electric vehicle (EV) is one that runs on electricity rather than an internal combustion engine. As a result, such a vehicle is viewed as a potential replacement for current-generation automobiles in order to address issues such as rising pollution, global warming, decreasing natural resources, and so on.

African electric vehicle market is segmented by propulsion, vehicle type, vehicle drive type, and country.

Africa Electric Vehicle Market is segmented by propulsion into battery electric vehicles, hybrid electric vehicles, fuel cell electric vehicles, and plug-in hybrid electric vehicles. By Vehicle Type, the market is segmented into Passenger Cars and Commercial vehicles. By Vehicle Drive Type, the market is segmented into Front Wheel Drive, Rear Wheel Drive, and All Wheel Drive. By country, the market is segmented into South Africa, Egypt, Morocco, Nigeria, Ghana, and Rest of Africa. The report offers market size and forecasts for Africa Electric Vehicles in value (USD) and volume (units) for all the above segments.

Propulsion Type
Battery Electric Vehicle
Hybrid Electric Vehicle
Fuel Cell Electric Vehicle
Plug-in Hybrid Electric Vehicle
Vehicle Type
Passenger Cars
Commercial vehicles
Vehicle Drive Type
Front Wheel Drive
Rear Wheel Drive
All Wheel Drive
By Country
South Africa
Morocco
Nigeria
Egypt
Ghana
Rest of Africa

Africa Electric Vehicle Market Size Summary

The Africa Electric Vehicle Market, which includes key players such as Volkswagen AG, BMW AG, and Stellantis N.V., has seen significant growth in recent years. This growth has been driven by government initiatives to reduce car emissions and promote the development and sale of electric vehicles (EVs) and associated charging infrastructure. The market has also been impacted by the COVID-19 pandemic, which led to manufacturing unit closures and limited production capabilities. However, the introduction of new vehicles by manufacturers such as Agilitee Africa has helped stimulate market growth. Despite challenges such as a lack of charging infrastructure, the Africa Electric Vehicle Market is expected to continue growing, with countries like Egypt and South Africa leading the way. This growth is due to supportive government measures, such as the establishment of new financing programs for EVs and the construction and operation of electric car charging stations. In addition, the transition from traditional vehicles to electric vehicles has been significant, driven by environmental concerns and the desire to meet greener objectives. This trend is expected to continue, with the passenger car electric vehicle type projected to have a high market share.

Explore More

Africa Electric Vehicle Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Government Policies to promote electric Vehicles Sales

    2. 1.2 Market Restraints

      1. 1.2.1 High Cost of Capital Expenditure for Electric Vehicle Infrastructure

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Propulsion Type

      1. 2.1.1 Battery Electric Vehicle

      2. 2.1.2 Hybrid Electric Vehicle

      3. 2.1.3 Fuel Cell Electric Vehicle

      4. 2.1.4 Plug-in Hybrid Electric Vehicle

    2. 2.2 Vehicle Type

      1. 2.2.1 Passenger Cars

      2. 2.2.2 Commercial vehicles

    3. 2.3 Vehicle Drive Type

      1. 2.3.1 Front Wheel Drive

      2. 2.3.2 Rear Wheel Drive

      3. 2.3.3 All Wheel Drive

    4. 2.4 By Country

      1. 2.4.1 South Africa

      2. 2.4.2 Morocco

      3. 2.4.3 Nigeria

      4. 2.4.4 Egypt

      5. 2.4.5 Ghana

      6. 2.4.6 Rest of Africa

Africa Electric Vehicle Market Size FAQs

The Africa Electric Vehicle Market size is expected to reach USD 15.80 billion in 2024 and grow at a CAGR of 10.20% to reach USD 25.40 billion by 2029.

In 2024, the Africa Electric Vehicle Market size is expected to reach USD 15.80 billion.

EV Market in Africa Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)