Dublin, July 30, 2024 (GLOBE NEWSWIRE) -- The "South Africa Electric Vehicle and Charging Infrastructure Market Databook - 75+ KPIs Covering EV Market Size by Value and Volume, Vehicle Type, Price Point, Propulsion Type, Component, Location - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The electric vehicle market in South Africa is expected to grow by 27.4% on an annual basis to reach US$0.5 billion in 2024.The demand has been on the rise in 2024 and the trend is projected to continue further over the medium term. According to a report from the National Automobile Manufacturers of South Africa, the sale of electric vehicles increased by 82.7% in Q1 2024. The government has launched various initiatives to support the growth of the electric vehicle industry.
Investment in electric vehicle charging infrastructure is on the rise in the South African market. Mercedes-Benz, in November 2023, announced that the firm is set to expand its charging network throughout South Africa with an R40 million investment. The provincial government of the Free State, in May 2024, also entered into a strategic collaboration with Zero Carbon Charge to set up 120 charging stations. Overall, the publisher maintains a positive growth outlook for the electric vehicle industry over the next three to four years.
The medium to long term growth story of the electric vehicle market in South Africa remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 18.6% during 2024-2028.
The demand for electric vehicles is increasing rapidly in the South African market in 2024
According to a report from the National Automobile Manufacturers of South Africa, the sale of electric vehicles increased by 82.7% in Q1 2024, compared to the same period last year. The report revealed that 3,042 new energy vehicles were sold in the first quarter of 2024, compared to 1,665 vehicles in the same period last year. Nearly 40% of the total new energy vehicles sold in 2023 was achieved in Q1 2024. This shows the significant rise in preference for electric vehicles among consumers in South Africa in 2024.
According to the report, hybrid vehicles were the top sellers, with 2,574 units sold, a jump from 1,408 in the same period in 2023. Fully electric vehicle sales also saw a substantial rise, reaching 330 units in the first quarter, up from 232 units last year. Plug-in hybrids sold 138 units, a significant increase from just 25 units in Q1 2023.
The government has launched various initiatives to support the growth of the electric vehicle industry. This includes introducing incentives for new electric vehicle investments in South Africa in February 2024. South Africa, in December 2023, also approved a draft white paper focusing on electric vehicles. This document outlines a plan and specific policy measures aimed at helping both manufacturers and consumers transition to new energy vehicles (NEVs). A key goal of this initiative is for electric vehicles to make up 20% of new car sales in the country by 2025.
Investment in electric vehicle charging infrastructure is on the rise in the South African market
Mercedes-Benz, in November 2023, announced that the firm is set to expand its charging network throughout South Africa with an R40 million investment. The investment will be used to establish 127 charging stations. This move is part of their broader strategy to support full electrification and enhance sustainability in major global markets and developing regions, including South Africa.
The firm has developed a two-phase plan for this expansion. In the first phase, by the end of Q1 2024, Mercedes-Benz will invest R15 million to set up 67 Mercedes-Benz EQ-branded charging stations. The second phase will see an additional R25 million allocated to install 60 more charging stations across the nation. These installations will be carried out in collaboration with Chargify, a charging point operator (CPO) specializing in both AC and fast-charging DC stations. Chargify's strategy prioritizes metropolitan areas, targeting locations such as airports and shopping malls, before extending the network to smaller towns across South Africa. The charging stations will also be compatible with other brands of electric vehicles.
The provincial government of the Free State, in May 2024, also entered into a strategic collaboration with Zero Carbon Charge. The partnership seeks to set up 120 charging stations throughout the province with an investment of US$234 million. Of the 120 charging stations, 75 will cater to the needs of passenger electric vehicles, whereas 45 are aimed at electric trucks. The investment in these projects will further support the adoption of electric vehicles in South Africa over the medium term.
Cape Town launches R8.5 billion MyCiti electric bus expansion project in 2024
Mayor Geordin Hill-Lewis, in February 2024, announced that the city of Cape Town is rolling out the Western Cape's largest electric vehicle project, valued at R8.5 billion. The project is part of the City's Just Energy Transition Implementation Plan for 2023 - 2027.
This plan also includes the Golden Arrow Bus Service (GABS) electric bus projects and the Flex EV electric taxi project. GABS, which currently operates a fleet of 1,100 buses, intends to replace them with electric buses. This transition is expected to cut carbon emissions by 67 kilotons of carbon dioxide annually.
Flex EV, a startup focused on electrification of the taxi industry, is also planning two pilot projects in Stellenbosch and Century City. Over the next two years, the firm seeks to introduce around 80 electric minibus taxis (e-MBTs) and establish two charging facilities. These projects are expected to support the growth of the broader electric vehicle industry over the medium term in South Africa.
This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.
This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Market opportunity for the electric vehicle segment has been further broken down by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components in South Africa.
Report Scope
This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in South Africa through 97 tables and 119 charts. Below is a summary of key market segments:
South Africa Overall Vehicle Market Size and Future Growth Dynamics
- Market size by value
- Market size by volume
South Africa Electric Vehicle Market Size and Forecast
- Market size by value
- Market size by volume
South Africa Electric Vehicle Market Volume By Drive Segment
- Front Wheel Drive
- Rear Wheel Drive
- All-Wheel Drive
South Africa Electric Vehicle Market Value and Volume By Car Segment
- Passenger Car
- Commercial Vehicle
South Africa Electric Vehicle Market Value and Volume By Passenger Car Segment
- Small Car
- Medium Car
- Crossover Car
- Large Car
- SUV
South Africa Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
- Light Duty Vehicle (Class 1-Class 3)
- Medium Duty Vehicle (Class 4-Class 6)
- Heavy Duty Vehicle (Class 7-Class 8)
South Africa Electric Vehicle Market Value By Vehicle Class
- Low-Priced
- Mid-Priced
- Luxury Class
South Africa Electric Vehicle Market Value By Powertrain
- Parallel Hybrid
- Series Hybrid
- Combined Hybrid
South Africa Electric Vehicle Market Value By Distance Range
- Up to 150 Miles
- 151-300 Miles
- Above 300 Miles
South Africa Electric Vehicle Market Value By Charging Type
- Normal Charging
- Super Charging
South Africa Electric Vehicle Market Value By Propulsion Type
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Fuel Cell Electric Vehicles (FCEVs)
South Africa Electric Vehicle Market Value and Volume By Vehicle Type
- Two Wheelers (e2W)
- Three-Wheeler (e3W)
- Four Wheelers (e4W)
- Electric Buses
South Africa Electric Vehicle Market Value By Cities
- Tier 1 Cities
- Tier 2 Cities
- Tier 3 Cities
South Africa Electric Vehicle Market Value By Components
- Battery Cells & Packs
- On-Board Charge
- Motor
- Reducer
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
South Africa Electric Vehicle Infrastructure Market Value
South Africa Electric Vehicle Infrastructure Market Volume
- Number of Charging Points
- Number of Charging Stations
South Africa Electric Vehicle - Number of Charging Points By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
South Africa Electric Vehicle - Number of Charging Stations By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
South Africa Electric Vehicle - Number of Charging Points By Location
- Residential and Destination
- Streets
- Workplaces
- Flew depots
South Africa Electric Vehicle - Number of Charging Points By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
South Africa Electric Vehicle - Number of Charging Stations By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
South Africa Electric Vehicle - Number of Charging Points By Vehicle
- Passenger Cars
- Buses
- Trucks
- Light Commercial Vehicles
South Africa Electric Vehicle - Number of Charging Points By Connection Phase
- Single Phase
- Three Phase
South Africa Electric Vehicle - Number of Charging Points By Infrastructure Type
- CSS
- CHAdeMO
- GB/T
- Other
South Africa Electric Vehicle - Number of Charging Points By Connectivity
- Smart Charging Station
- Non-Connected Charging Station
For more information about this report visit https://www.researchandmarkets.com/r/aio3z3
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