Africa’s electric vehicle market presents a significant growth opportunity, forecast to grow at a 15% compound annual growth rate (CAGR) between 2022-27. Realizing this potential requires concerted efforts to strengthen the local ecosystem. This requires progress on different fronts: expanding access to electric vehicles, developing e-mobility services, building energy infrastructure, and developing supportive policy frameworks. The continent has significant potential to advance along these dimensions. Rich mineral deposits could enable local battery production, investments from commercial and development finance institutions could bolster emerging e-mobility enterprises, and upcoming infrastructure projects can increase access to reliable electricity. A 2022 report by FMO, the Dutch Entrepreneurial Bank, and Dalberg answers questions such as which countries have the right conditions for investment, which vehicle segments present promising e-mobility opportunities, and how funders can enable the growth of e-mobility ecosystems across the region.

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