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 31, 2024 /EINPresswire / -- The Israel electric vehicle (EV) market is on an unprecedented growth trajectory. Valued at US$ 3.0 billion in 2023, the market is projected to reach a staggering US$ 12.9 billion by 2032, registering a compound annual growth rate (CAGR) of 52.42% over the forecast period from 2024 to 2032. This remarkable growth highlights Israel's accelerating transition towards sustainable transportation solutions and its commitment to reducing carbon emissions.

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The surge in market valuation is driven by several factors, including increasing government initiatives to promote the adoption of electric vehicles, advancements in EV technology, and a growing consumer preference for eco-friendly alternatives. The Israeli government has introduced a range of incentives, such as tax benefits and subsidies, to encourage both consumers and manufacturers to embrace electric mobility.

In addition, significant investments in EV infrastructure, including the expansion of charging networks and development of smart grid technologies, are facilitating the adoption of electric vehicles across the country. Leading automotive manufacturers and innovative startups are also contributing to the market's growth by introducing a diverse range of EV models tailored to meet the needs of Israeli consumers.

The robust CAGR of 52.42% underscores the rapid pace at which the EV market is evolving in Israel. This growth is expected to generate substantial economic opportunities, foster technological advancements, and promote sustainable urban mobility. The positive market outlook reflects Israel's strategic focus on environmental sustainability and its ambition to be at the forefront of the global EV revolution.

Major Players in Israel Electric Vehicle Market

BYD
BMW AG
Geely
Tesla
Hyundai
Other Prominent Players

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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
Small
Medium
Large
SUVs
Small
Medium
Large
Light Commercial Vehicles
Pick-Up Trucks
Vans
By Charger

Normal
Fast
By Power Output

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

OEMs
Aftermarket

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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.

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Aamir Beg
Astute Analytica
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