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South African non-profit organisation GreenCape has identified four key market opportunities as attractive sectors for investment in the local electric vehicle (EV) market.
The 2024 edition of the NPOs annual green economy Market Intelligence Reports, highlight the most promising investment opportunities in key renewable energy sectors in South Africa.
GreenCape said there are several emerging opportunities in the South African EV industry for local and international investors looking to enter the South African market.
The four key market opportunities attractive sectors for investment in the EV market in SA are:
• Electric micro-mobility for last-mile delivery - Electric micro-mobility includes electric bicycles, scooters, mopeds, motorcycles and three-wheelers and is growing in popularity as a low-cost mobility solution for last-mile delivery services in the South African market.
• Electrification of public transportation - There is a business case for the electrification of public transportation, including both bus and minibus taxi services in the medium-term. EVs can assist public transport operators to save on operational costs, primarily fuel and maintenance costs, which would improve profitability.
• Electrification of freight and logistics - There is a business case for switching from ICE trucks and LDVs to EVs in the medium-term.
• Local manufacturing of electric private passenger vehicles - South Africa has existing commercial vehicle body building manufacturing capacity that could be transitioned towards the manufacturing of electric commercial vehicles using imported electric truck chassis.
The report notes that with regards to EV policy development, 2023 was a significant year for South Africa. |
