Russia Electric Cars Market Trends

Statistics for the 2023 & 2024 Russia Electric Cars market trends, created by Mordor Intelligence™ Industry Reports. Russia Electric Cars trend report includes a market forecast to 2030 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Team License

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Corporate License

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Market Trends of russia electric cars Industry

Consistent growth in vehicle electrification across all categories reflects Russia's shift toward sustainable transportation and global electrification objectives

  • Russia's shift toward electrification is evident across various vehicle categories. The share of electric passenger cars doubled from 2% in 2022 to 4% in 2023. Light commercial vehicles (LCVs) saw a more significant surge, with their electrification rate rising from 0.20% in 2022 to 1.09% in 2023. Medium and heavy-duty trucks (M&HDT) began their electrification journey in 2023, reaching a 0.10% share. Electric buses also witnessed a consistent climb, with their ratio rising from 0.50% in 2022 to 1.96% in 2023.
  • Russia has been steadily embracing electric vehicles. The share of electric passenger cars rose from 2% in 2017 to 5% in 2022. LCVs saw a similar trend, growing from 0.20% in 2017 to 1.98% in 2022. The M&HDT segment remained untouched until 2022 when it introduced electrification at a 0.10% rate. Buses followed suit, increasing from 0.50% in 2017 to 3.42% in 2022. Two-wheelers, known for their rapid growth, saw electric vehicles capturing 1.50% in 2017 and surging to 7.81% by 2022.
  • Projections indicate a continued surge in electrification across all vehicle categories in Russia. By 2030, electric passenger cars are expected to account for 12% of the market. LCVs are projected to reach 6.00%. The M&HDT segment is set to expand its electrification presence, aiming for a 4.00% share by 2030. Buses are forecasted to hit a 10.00% electrification mark by the end of the decade. The two-wheelers segment is poised for a significant leap, targeting a 22.00% share by 2030. These trends underscore Russia's growing emphasis on sustainable transportation, emissions reduction, and alignment with global electrification targets.
Russia Electric Cars Market

OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT

  • Russia's population, affected by an aging demographic and declining birth rates, is expected to decrease to approximately 140.65 million by 2030
  • Replacement demand influenced by technological advancements and government policies expected to keep Russia's CVP stable
  • Russia's MaaS Resilience: Past Growth and Promising Projections in Shared Mobility
  • EV battery pack prices in Russia are influenced by import costs, local manufacturing capabilities, and government incentives.
  • Used car sales in Russia are robust, driven by economic factors that make them a more affordable option than new vehicles.
  • Russian automotive production shows a significant industry-wide decline, reflecting external economic and geopolitical challenges
  • Russia's GDP per capita, after a 2023 decline, is projected to rise, reaching USD 16,531.68 by 2030
  • Russia's inflation, tied to energy markets, is anticipated to stabilize, vital for economic equilibrium
  • Russia is embarking on a green transportation revolution, with significant growth in its EV charging infrastructure since 2022
  • Russia's vehicular electrification journey to witness moderate growth
  • Russia's automotive financing rates have shown significant volatility over recent years, largely driven by domestic policy shifts and broader economic challenges, including the impacts of the COVID-19 pandemic.

Russia Electric Cars Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030