Summary of our market study

Since 2020, the electric car market has continued to experience strong growth globally, with significant trends emerging in both sales and technological advancements. In 2022, global electric vehicle sales hit a new high, exceeding 10 million cars and accounting for 14% of total vehicle sales. Spending on electric cars soared to over $425 billion that year, reflecting a 50% increase from the previous year. The electric car market value is expected to rise to $1.579 billion by 2030, with a projected 17.7 million cars sold and a CAGR of 17.8%. Despite a global trend, the distribution of market share is uneven, with China dominating at 58% and the United States following far behind at 10%. In Italy, electric cars reached 8.6% of the total car market in 2022, seeing a rise in both fully electric and plug-in registrations. However, the sector has faced challenges, such as the impact of the Ukraine war, which has led to soaring nickel prices critical for battery production and increased electric charging costs, although the average price per kW saw a 31.1% decrease between 2022 and 2023. Electric car maintenance remains cheaper, but selling prices are generally higher due to innovative technology and higher battery costs. Advancements in battery technology, like Tesla's adoption of the 4680 battery type and the potential of solid-state batteries, may lead to cost reductions. Lastly, Italy provides state support for electric vehicle purchases, with substantial grants available for buyers, highlighting the nation's push towards sustainable mobility.

Evolving Preferences in Italy's Electric Car Market

As the global automotive industry shifts towards sustainability, Italy's electric car market mirrors this evolution, seeing significant growth in the adoption of electric vehicles (EVs). Key trends in the market reflect changing consumer preferences, with a notable inclination towards plug-in hybrid electric vehicles (PHEVs) over fully electric vehicles (BEVs). The demand for electric cars in Italy has surged, with sales skyrocketing at an average annual rate of 142.8 percent between 2017 and 2021. The Italian market's predilection for plug-in models is partly driven by the anxiety over the availability of charging stations. Drivers favor PHEVs due to their dual-fuel capability, allowing them to operate on traditional fuel sources when electric charging options are scarce. This flexibility, coupled with lower initial purchase costs compared to BEVs, contributes to their growing popularity. Indeed, in 2021, for the first time, the sales of plug-in cars outstripped those of full-electric cars, a trend that has persisted into 2022 and the early months of 2023. From an economic perspective, the average monthly expenditure of Italian families on car purchases has seen a decline of about 20.2 percent from 2017 to 2021, dropping from approximately €83 to €66. Yet, this downtrend does not correspond to a dip in electric car sales, which have been trending upward dramatically. Moreover, between 2017 and 2021, the share of electric cars in total car sales in Italy leaped from a meager 0.1 percent to a substantial 4.6 percent.

The Italian electric vehicle market is in a dynamic phase with newer models from various segments, including city cars, mini SUVs, and full-size SUVs, entering the market. In recent years, models like the Fiat 500e and Smart ForTwo have been among the top-selling fully electric vehicles, highlighting the significance of compact and eco-friendly designs in urban settings. As the electric car market in Italy reaches new frontiers, consumer behavior continues to evolve, underpinned by environmental concerns, economic factors, and government incentives. With a promising future and an evident shift in preferences, Italy stands at the cusp of a vehicular revolution, driven by the steady rise of electric mobility.

Pioneers and Innovators: The Key Players Shaping Italy's Electric Vehicle Landscape

The electric vehicle market in Italy features a diverse array of manufacturers, each bringing its unique heritage, innovations, and visions for a sustainable automotive future. These key players are pivotal in driving the advancements and adoption of electric mobility in the Italian market.

  • Fiat/Stellantis: As one of Italy's most iconic automobile manufacturers with a history stretching back to the late 19th century, Fiat has long been synonymous with the country's automotive industry. Now part of the Stellantis group—a multinational automotive manufacturing corporation—Fiat continues to influence the electric car market with models like the all-electric Fiat 500e, which combines classic Italian design with modern electric propulsion.
  • Mercedes-Benz: A name that resonates with luxury and engineering excellence, Mercedes-Benz has been at the forefront of automotive innovation since the dawn of motoring. The German marque's foray into the electric vehicle market is marked by its commitment to combining sustainable mobility with the opulence and performance that define its brand.
  • Tesla: An ever-disruptive force in the automotive world, Tesla's vision for electric vehicles has revolutionized the industry. Spearheaded by Elon Musk, Tesla's focus is not just on creating cutting-edge electric cars but also on fostering a sustainable energy ecosystem. With models like the popular Tesla Model Y, the company is driving the push towards an all-electric future.
  • Renault: As one of France's most storied car manufacturers, Renault has a rich history and a keen eye on innovation within the electric vehicle space. Their contribution to making electric mobility more accessible is evident in their range of electric vehicles, which cater to a variety of consumers.
  • Audi: With its roots in precision German engineering, Audi is known for the tagline "Vorsprung durch Technik" (Advancement through Technology). As the auto industry pivots to electric, Audi integrates cutting-edge technology to create electric vehicles that offer a seamless blend of luxury and electric efficiency.
  • Hyundai: South Korea's Hyundai has emerged as a major global automaker that emphasizes reliability and innovation. The company has strategically positioned itself within the electric vehicle market by offering a versatile lineup that appeals to individuals seeking practical, eco-friendly transportation options.
  • Toyota: Hailing from Japan, Toyota is a titan within the automotive industry, widely accredited with pioneering the hybrid vehicle market with the introduction of the Prius.
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Summary and extracts

1 Synthèse du marché

1.1 Introduction

The electric car market is the automotive sector that includes vehicles powered by electric motors and rechargeable batteries. These vehicles provide an environmentally friendly alternative to traditional internal combustion vehicles.

This market offers a wide range of vehicles, including:

  • Fully electric cars (Battery Electric Vehicles, BEVs)
  • Plug-in Hybrid Electric Vehicles (PHEVs)
  • Fuel cell vehicles
  • Light electric vehicles for urban mobility

In the early 1900s, one-third of the vehicles in the United States were electric. But the abundance of gasoline and improvements in internal combustion engines reduced interest in e-cars until the 1970s. In 1971, a NASA electric rover landed on the moon. In 2003, Tesla Motors was founded, and in 2004, Elon Musk became a lead investor. Since then, there have been many developments in the electric car industry, such as the use of lithium-ion batteries.[Cobat]

The electric car market in Italy began to gain prominence in the early 2010s, with the introduction of the first electric car models. Key players in this sector include global automakers such as Tesla, Nissan, BMW, and Volkswagen, as well as local manufacturers such as Fiat.

Overall, there were 36,778 electric car registrations in January-July 2023, with a market share of 3.82 percent, compared to 28,372 in 2022 (3.56 percent). The BEV fleet in Italy thus reached 203,873 units.[Safe]

This study focuses on the electric car market in Italy. For detailed information on related markets, such as charging infrastructure or batteries, please refer to the specific studies available in the Businesscoot catalog.

1.2 The international market

Global sales of electric vehicles continue to set new records. During ****, more than ** million cars were sold "on tap," accounting for ** percent of total vehicle sales. Global spending on electric car purchases exceeded $*** billion in ****, up ** percent from the previous year.(***)

By ****, electric car sales are expected to reach ** million, registering ...

1.3 The Italian market

In Italy, the economic value of car manufacturing in **** amounts to ** billion euros. Compared with ****, turnover at the national level fell by **.* percent.

Automobile manufacturing Italy, ****-****, billion euros ISTAT

In Italy, the share of electric cars in the total number of cars stands at *.* percent in ****, down slightly from the ...

1.4 Import-export

The ratio of imports to exports has changed significantly in recent years in Italy. While until **** Italy could be defined as a net importer, as of **** exports of all-electric vehicles are greater than imports. Between **** and ****, the value of exports grew by *** percent year-on-year in the face of ** percent annual growth ...

1.5 Impact of the war in Ukraine

The outbreak of conflict in Ukraine combined with rising demand for semiconductors is threatening the electric car market. The rising price of nickel, a key element in battery construction, has had major repercussions on the cost of production of electric cars. In the aftermath of the Russian invasion, the price per ...

2 Analyse de la demande

2.1 The Italian demand

Between **** and ****, the average monthly expenditure of an Italian family on car purchases dropped by **.* percent. In the span of five years, it went from spending **.** euros per month to **.** euros. (***) The recorded drop in registrations suggests that a further decline will be recorded in ****.

Average monthly expenditure on automobiles Italy, ...

2.2 Demand drivers

The demand for electric cars in Italy is mainly driven by:

Environmental factors: No greenhouse gas emissions, thus contributing to the ecological transition Abatement of noise pollution

Economic factors: Lower maintenance costs due to the lack of a number of components found in internal combustion cars, such as the clutch and ...

2.3 Geographical distribution of demand

To visualize the geographical distribution of demand, a map was created with the number of electric cars by Italian macro-region.

In terms of sales, the Northeast and Northwest occupy the first (***), respectively. The gap with the North remains one of the main obstacles to overcome.

2.4 New trends in demand

In recent years, consumer preference has moved toward plug-in cars. The preference toward this type of car in Italy is mainly justified by the fear of not finding columns at which to recharge their cars. In fact, plug-in cars, unlike full electrics, can also run on internal combustion, powered by diesel ...

3 Structure du marché

3.1 The market

In Italy, the number of people employed in the sector related to the manufacture of automobiles had an uncertain trend between **** and ****. Although it is possible to record an overall growth during the period (***), after **** the trend of employment in this sector is uncertain.

Employment in automobile manufacturing

The number of ...

3.2 The value chain

Regarding raw materials, it is interesting to focus on those used in the production of electric car batteries. Lithium, cobalt and rare earths are the main components of modern lithium-ion batteries within which the energy charge is stored to power the car. Lithium is not a rare element in nature, and ...

3.3 Distribution channels

Distribution channels in the automotive sector in Italy have not changed significantly in recent years, with dealers remaining the main point of purchase and information for most consumers.

Dealers in Italy Italy, ****-****, no. ISTAT

However, technological developments have influenced some consumer behaviors:

Online buying options: several manufacturers offer the possibility ...

3.4 Main Actors

The main automakers in italy

Fiat: is a historic Italian company based in Turin, Italy, founded in **** by Giovanni Agnelli. It is one of the world's leading automakers and has been known for producing a wide range of vehicles, including cars, commercial vehicles and trucks.

Mercedez- Benz: is a renowned German ...

4 Analyse de l'offre

4.1 Type of the offer

The range of electric cars can be divided into two:

PHEV (***) cars: this type combines electric power with endothermic power, enabling one to travel part of one's journey in fully electric mode, after recharging at a charging station. Because it is rechargeable, this type of car is exempt from tax stamps ...

4.2 Prices

Although the cost of maintaining an electric car is, on average, lower than its internal combustion counterpart, the selling price of these cars is higher. The price difference finds motivation in several factors:

Innovative technology High battery costs Investment with a high degree of risk (***) Requires additional efforts in research and ...

4.3 New trends in supply: better batteries and lower costs

Tesla has recently moved forward on the adoption of a new type of battery, the ****. Adoption of this new type means lower production costs, as fewer cells are needed to create the batteries, and increased range due to a ** percent higher energy density than **** cells.(***)

A new trend, not yet adopted ...

5 Règlementation

5.1 Regulatory framework

The regulatory framework for electric vehicles

Directive ****/**/EU: the development and operation of charging infrastructure must comply with competitive market rules with open access to all entities that own and operate charging points in a space open to the public. Delegated Regulation (***) device the emits an artificial sound similar to combustion ...

5.2 State grants

Italy offers significant concessions for the purchase of electric vehicles. The first measures were introduced in **** within the Budget Law, while in **** the "ecobonus" was established. In ****, the Prime Minister's Decree (***) of April *, **** and the Decree Law on Simplifications further expanded the available financial incentives.

Currently, for the purchase of a ...

6 Positionnement des acteurs

6.1 Segmentation

Italian companies:

Foreign companies:

  • Stellantis (Groupe PSA et Fiat)
  • Mercedes-Benz
  • Audi (Volkswagen Group)
  • Hyundai Motors
  • Toyota
  • Tesla
  • Renault Groupe

List of charts presented in this market study

  • Market value of electric cars
  • Market share
  • Automobile manufacturing
  • Electric and plug-in car registrations
  • Import - export auto plug-in
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Latest news

Tesla: green light from China for Elon Musk's giant battery factory - 22/12/2023
  • Tesla has signed an agreement to acquire land on the outskirts of Shanghai to build a giant battery factory.
  • This is their second factory in China's economic capital, the first being an automotive gigafactory installed in 2019.
  • Construction of the battery plant is due to start in the early months of 2024, with commissioning scheduled for the end of next year.
  • It is to have a production capacity of 10,000 batteries a year.
  • The "Megapacks" business accounted for just 5% of Tesla's sales at the start of 2023, but recorded a 40% increase in sales in 2022, reaching $3.9 billion.
  • Tesla installed Megapack batteries totaling 6.5 gigawatt-hours in 2021
  • China asserts itself as world leader in renewable energies
Stellantis takes a radical turn in China. - 09/12/2023
  • Signature of a strategic partnership with Chinese automotive start-up Leapmotor.
  • Stellantis will acquire a stake of around 21% in the company for a total of 1.5 billion euros.
  • The two companies will also set up a joint venture, Leapmotor International, 51% owned by Stellantis.
  • Based in the Netherlands, it will "have exclusive rights to manufacture, export and sell Leapmotor products outside China"
  • The Leapmotor International joint venture is targeting 500,000 sales outside China by 2030.
  • Deliveries from the Leapmotor International joint venture are scheduled to begin in the second half of 2024.
  • Stellantis terminated its joint venture with Guangzhou Automobile Group (GAC) in July 2022.
  • Stellantis sold three local plants to the Chinese group Dongfeng.
A hydrogen pick-up: Stellantis' answer to Tesla's Cybertruck - 06/12/2023
  • Stellantis aims to launch a hydrogen version of a RAM pickup in the USA in late 2026 or early 2027.
  • The hydrogen-powered pickup promises a recharge time of less than ten minutes.
  • Stellantis also plans to produce a hydrogen-powered utility vehicle at "industrial volumes" in Hordain, northern France, from next year.
  • Toyota, another major manufacturer, presented a prototype Hilux that runs on hydrogen.
  • Rivian, a new manufacturer, has already started selling its electric van, backed by Amazon and Ford.
Stellantis aims to become world leader in utility vehicles - 24/10/2023
  • Stellantis is number one in Europe and aims to become number 1 worldwide in the commercial vehicle market.
  • Stellantis market share in Europe: 31%
  • Twelve launches planned for Citroën, Peugeot, Fiat and Opel.
  • Range of electric versions: from 330 kilometers for the minivan, to 420 for the large van.
  • Stellantis has 15 factories worldwide.
  • Sales of Stellantis vans in 2022: 1.6 million (out of a total of 5.8 million vehicles sold).
  • Commercial vehicles account for 60 billion euros, a third of Stellantis net revenues
  • Stellantis aims to double sales of light commercial vehicles by 2030.
  • Stellantis' target for 2030: 40% of its LCV sales to be electrically powered.
  • amazon and Merchants Fleet have ordered 12,500 electric vehicles
Stellantis steps up a gear in the commercial vehicle segment - 24/10/2023
  • Stellantis presented twelve new commercial vehicles in four different brands.
  • Commercial vehicles account for a third of Stellantis sales, or 60 billion euros.
  • Stellantis intends to double its sales of commercial vehicles by 2030. Stellantis has a 31% market share of commercial vehicle sales in Europe and 28% in South America. The group sold 1.6 million commercial vehicles worldwide last year. Stellantis aims to generate sales of 5 billion euros from connected vehicle services by 2030.
Toyota promises batteries that will make Tesla green with envy - 05/07/2023
  • Toyota is the world's leading automaker, with 10.6 million vehicles sold last year.
  • Toyota plans to sell 1.5 million electric cars in 2026, 60 times more than last year.
  • The group plans to market models with solid batteries in 2027-2028.
  • from 2025-2026, Toyota promises models with a range of 1,000 kilometers on lithium-ion batteries, requiring just 20 minutes to increase the charge from 10% to 80%.
  • Between 2026 and 2027, Toyota plans to rely on 'low-cost' bipolar liquid batteries providing 1,100 kilometers of range and recharging to 80% in thirty minutes.
  • Toyota will start equipping its cars with solid batteries from 2027

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Stellantis (Groupe PSA et Fiat)
Audi (Volkswagen Group)
Hyundai Motors
Renault Groupe

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