Russia Electric Vehicles Market Share, Trends, Revenue, Growth Drivers, Key Players and Future Investment Opportunities Till 2033


Russia Electric Vehicles Market Share, Trends, Revenue, Growth Drivers, Key Players and Future Investment Opportunities Till 2033: SPER Market Research

 Published: Sep-2023
 Author: SPER Analyst

Russia Electric Cars Market is projected to be worth USD XX billion by 2033 and is anticipated to surge at a CAGR of 1.1%.

An electric car, often known as an electric vehicle (EV), is a type of passenger car that uses only the energy stored in its onboard batteries to power one or more electric traction motors. Electric cars have better energy conversion efficiency, no exhaust emissions, and lower overall vehicle emissions when compared to conventional internal combustion engines (ICE) vehicles. However, the electricity source itself may produce emissions.

Russia Electric Cars Market Driving Factors and Challenges

The demand for electric vehicles among the domestic population is growing, and the government is currently making efforts to promote their use in the country. As a result, the Russian electric vehicle sector is steadily growing. A number of initiatives are included in the Russian government's strategy to encourage the development of electric transport in Russia and to establish favourable conditions for the widespread use of the technology. The government intends to allocate funding as part of these strategies to conduct R&D activities in the field of electric cars and develop refuelling infrastructure, as well as to offer benefits to owners of electric vehicles, open a production facility on Russian soil, and draught new laws for better regulating electric vehicles, among other things. According to the plans, the Russian government has also planned to grant drivers of electric cars freedom to use bus lanes, free parking, and a zero utilisation rate for five to seven years. Due to the rising cost of petroleum in the nation, the administration is optimistic that electric vehicles would draw domestic purchasers.

However, due to the high cost of resources like carbon fibre and AHSS as well as the advancement of expertise in composition mix, the expansion of this business has not yet reached its full potential, particularly in Russia. The high cost of EV production has been a significant barrier to their broad acceptance. The entire cost of buying electric hatchbacks, crossovers, or SUVs is anticipated to decrease to levels of ICE vehicles due to the anticipated decline in battery prices and decreased R&D expenses, resulting in an increase in demand for EVs. Due to the high cost of the rechargeable lithium ion batteries needed for these vehicles, the cost of EVs is much higher than that of ICE vehicles. 

Impact of COVID-19 on Russia Electric Cars Market 
Factory closures, limited operations, and labour reductions are all results of the COVID-19 epidemic. Sales of vehicles, particularly electric cars, experienced a sharp fall in 2020 as a result. In the first half of 2020, production facilities, supply chains, and consumer demands were paralysed in Europe due to the lockdowns. Due to government limitations and widespread lockdowns, most EVSE (Electric Vehicle Supply Equipment) manufacturers worldwide have been adversely affected, which has caused significant expenditures in areas like the construction of charging infrastructure to come to a standstill. As a result, several governments' goals for electric mobility have suffered setbacks. The market for electric cars has grown more slowly than anticipated due to these factors.

Russia Electric Cars Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; AB Volvo, Audi AG, BMW AG, Hyundai Motor Company, Jaguar, Lexus, Nissan Motor Company Ltd., Porsche, Tesla Inc., Volkswagen AG, Others.

Russia Electric Cars Market Segmentation:

By Technology: Based on the Technology, Russia Electric Cars Market is segmented as; BEV, FCEV, HEV, PHEV.

By Product: Based on the Product, Russia Electric Cars Market is segmented as; Hatchback, Multi-purpose Vehicle, Sedan, Sports Utility Vehicle, Others.

By Battery: Based on the Battery, Russia Electric Cars Market is segmented as; LFP, Li-NMC, Others.

By Battery Capacity: Based on the Battery Capacity, Russia Electric Cars Market is segmented as; >201 Ah, <201 Ah.

By End User: Based on the End User, Russia Electric Cars Market is segmented as; Government organizations, Personal users, Shared mobility providers, others.

By Region: This research also includes data for Central Siberian Plateau, Eastern Russia, Kola Karelian Region, Russian Plains, Southern Russia, Ural Mountains Region, West Siberian Plain.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

Join Our SPER Panel

Our Global Clients

Our data-driven insights have influenced the strategy of 200+ reputed companies across the globe.
SPER-Astellas Pharma
SPER-Citi Bank
SPER-Johnson & Johnson


Market Research

We are the leading, full-service global market research and consulting company.

iso-1 iso-1 iso-1 ESOMAR
Secure Payments
SPER Payment Options
Contact HR

 [email protected]