As the transformation continues, 2024 is expected to be an exciting year for the electric vehicle (EV) industry in Sri Lanka. According to Euromonitor’s Mobility forecasts, 25% of all new passenger car registrations are forecast to be electric in 2024, exceeding 17 million units in sales globally. In 2024, the projected revenue in the Electric Vehicles market in Sri Lanka is expected to reach US$13.4m.
The Association of International Marketing Graduates in Sri Lanka (AIMG), together with the Ceylon Motor Traders Association (CMTA), recently organized a joint forum titled “Road to Electrification,” which delved into the future of the EV market in Sri Lanka.
In the meeting, De Alwis, a Sri Lankan government representative, stated: “Transport is the key factor to the economy, and there are guidelines being prepared for EV vehicles with the support of the UNDP.” Alwis also spoke on the financial issues and the national transport action plan that is being prepared, including e-mobility, technology, environmental protection, infrastructure, etc. Concluding, De Alwis spoke on the policy changes needed and highlighted the important factors relating to the awareness of EV. He also noted that, as per the sustainable energy development action plan for EVs, 10% of the vehicle fleet will be converted to EVs by 2030.
According to their forecast, the global market share of electric vehicles will increase from 3% to 23% by 2025.
Sri Lanka has announced plans to replace all state-owned vehicles with electric or hybrid models by 2025, a move that will be extended to private vehicles by 2040.
The Transport and Highways Ministry achieved a significant milestone with introducing the Electric Vehicle (EV) policy, supported by the UN ESCAP.
This market segment is anticipated to show a compounded annual growth rate (CAGR 2024-2028) of 7.05%, resulting in a projected market volume of US$17.6m by 2028.
Furthermore, it is estimated that the unit sales of the Electric Vehicles market will reach 410.00 vehicles in 2028.
