Market Size of south africa electric cars Industry
| Icons | Lable | Value |
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Study Period | 2016 - 2029 |
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Market Size (2024) | USD 585 |
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Market Size (2029) | USD 931 |
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Largest Share by Sub Body Type | Hatchback |
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CAGR (2024 - 2029) | 9.74 % |
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Fastest Growing by Sub Body Type | Sports Utility Vehicle |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
South Africa Electric Cars Market Analysis
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).
- 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.
