Israel Electric Vehicle Market Is Projected To Hit The Market Valuation Of US$ 12.9 Billion By 2032 Astute Analytica

(MENAFN- EIN Presswire)

CHICAGO , UNITED STATES, May 20, 2024 /EINPresswire / -- The Israel Electric Vehicle (EV) market has shown substantial growth and is set to expand even further. Valued at US$ 3.0 billion in 2023, the market is projected to reach a remarkable US$ 12.9 billion by 2032, registering a compound annual growth rate (CAGR) of 52.42% over the forecast period from 2024 to 2032.

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The burgeoning market for electric vehicles in Israel is driven by a confluence of factors, including increased environmental awareness, supportive government policies, advancements in EV technology, and a growing infrastructure for electric vehicle charging. These elements are collectively accelerating the adoption of EVs in the region.

Key Highlights:

Market Valuation: The Israel EV market was valued at US$ 3.0 billion in 2023.

Projected Growth: It is expected to soar to US$ 12.9 billion by 2032.

CAGR: The market is anticipated to grow at a robust CAGR of 52.42% from 2024 to 2032.

Market Drivers:

Government Initiatives: The Israeli government has been proactive in promoting electric vehicles through subsidies, tax incentives, and investment in charging infrastructure.

Technological Advancements: Continuous improvements in battery technology, range, and overall vehicle performance have made EVs a more attractive option for consumers.

Environmental Concerns: Increasing awareness about environmental sustainability and the need to reduce carbon emissions are propelling the shift towards electric mobility.

Future Outlook:

The future of the electric vehicle market in Israel looks promising with significant opportunities for growth. As technology continues to evolve and infrastructure improves, the adoption rate of EVs is expected to rise sharply. Moreover, collaborations between automotive manufacturers and technology firms are likely to bring about innovative solutions, making electric vehicles more accessible and efficient.

Industry experts predict that with sustained efforts from all stakeholders, Israel is poised to become a significant player in the global electric vehicle market. The rapid expansion not only underscores the country's commitment to sustainable development but also highlights its potential as a hub for electric vehicle innovation and deployment.

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Major Players in Israel Electric Vehicle Market

Other Prominent Players

Market Segmentation Overview:

By Type

Battery electric vehicle (BEV)
Fuel cell electric vehicle (FCEV)
Plug-in hybrid electric vehicle (PHEV)
Hybrid electric vehicle (HEV)
Autonomous Electric Vehicles
By Vehicle Type

Passenger Cars
Light Commercial Vehicles
Pick-Up Trucks
By Charger

By Power Output

Less than 100 KW
100-250 KW
Above 250 KW
By Sales Channel


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About Astute Analytica:

Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.

They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyse for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of the best cost-effective, value-added package from us, should you decide to engage with us.

Aamir Beg
Astute Analytica
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