Market Trends of africa two-wheeler Industry
Africa's transport electrification is expanding rapidly, with significant increases across all vehicle types
- Electrification in Africa's transport sector is gaining momentum. In 2022, the electrification rate for passenger cars was 2%, which climbed to 4% in 2023. Light commercial vehicles (LCVs) followed suit, with their electrification rate rising from 0.20% in 2022 to 1.09% in 2023. Buses, a crucial part of public transport in many African countries, saw their electrification rate surge from 0.50% in 2022 to 1.96% in 2023. Even two-wheelers, a popular mode of transport in several regions, witnessed a significant uptick, with their electrification rate leaping from 1.50% in 2022 to 4.65% in 2023.
- Over the past five years, Africa's commitment to greener transportation has been evident. The electrification rate for passenger cars rose from 2% in 2017 to 5% in 2022. LCVs, crucial for goods transport across the continent, saw their electrification rate surge from 0.20% in 2017 to nearly 2% by 2022. Buses, pivotal for mass transit, made notable progress, going from a 0.50% rate in 2017 to 3.42% by 2022. Meanwhile, the electrification percentage for two-wheelers, widely used for daily commutes, climbed from 1.50% in 2017 to 7.81% in 2022.
- Looking ahead to the period of 2024-2030, all vehicle categories in Africa are expected to witness consistent growth in electrification. By 2030, passenger cars with electric components are projected to account for 12% of the total. LCVs are anticipated to reach a 6% electrification rate, while buses, crucial for sustainable urban and inter-city travel, are forecasted to hit a 10% electrification rate by the end of the decade. The two-wheelers segment, known for its efficiency and affordability, is set to achieve a significant electrification rate of 22% by 2030.
Understand The Key Trends Shaping This Market
Download PDF
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Africa's demographic evolution demonstrates consistent growth with a notable acceleration in recent years
- South Africa's consumer vehicle population shows signs of stabilization
- The auto interest rates across Africa are influenced by a blend of economic policies, global conditions, and local factors
- Battery pack prices in Africa continued to decline from USD 186 in 2022 to USD 176 in 2023, driven by technological advancements and increased market competition
- Between 2017 and 2022, Africa Witnessed steady increases in diesel and gasoline prices, with a notable spike in diesel prices in 2022. These fluctuations were influenced by global events, regional economic conditions, and potential supply chain disruptions
- Despite a GDP per capita decline in 2022-2023, Africa shows potential for future economic stability through trade agreements and infrastructure development
- South Africa, Kenya, and Morocco exhibit declining inflation rates, while Nigeria faces a sharp inflation increase
- Africa's EV infrastructure is experiencing growth, with a notable increase in fast charging stations from 2022 to 2023
- The launch of new electric vehicle models in South Africa enhances market diversity, incorporates advanced technology, and is supported by government incentives.
