- The World Bank estimates the Kenyan e-vehicle market is set to worth US 5 billion in the next 10 years.
- Kenya’s swelling middle class possess a high affinity for new, more efficient technologies, including mobility.
- Electricity distributor Kenya Power has also hinted at plans to partner with an undisclosed electric cars service provider, an arrangement that will see the utility firm operate solar powered charging stations.
The electric car market is set to ramp up significantly in East Africa with Kenya leading the way. The World Bank estimates the Kenyan e-vehicle market is set to power up to be a US 5 billion market over the next 10 years, leading the green energy technology investments in that country .
The World Bank’s private sector investment arm, International Finance Corporation (IFC), reveals that the biggest investment opportunity – US 5 billion – lies in electric vehicles, followed by public transport ($1.6 billion), green buildings ($1.1 billion) water ($360 million), renewable energy ($240 million), and waste ($140 million). The announcement was made ahead of the One Planet Summit set to take place in Nairobi this week.
The announcement is made on the back of Nairobi’s Integrated Urban Development Master Plan which provides a guiding framework for the city to 2030 focusing on sustainable transport, water and wastewater, power, municipal solid waste, and telecommunications.
The market intelligence data offers investors a peek into the evolving market needs of Kenya’s capital whose swelling middle class possess a high affinity for new, more efficient technologies, including mobility.
Finnish company EkoRent Nopia Ride, for instance, is already piloting its electric taxi hailing service on Nairobi roads. The firm currently runs two charging stations during the trial phase, one at Two Rivers Mall and the other at Hub in Karen on the city outskirts.
Electricity distributor Kenya Power has also hinted at plans to partner with an undisclosed electric cars service provider, an arrangement that will see the utility firm operate solar powered charging stations.
The One Planet Summit to be held for the first time in the region on March 14 will be headlined by President Uhuru Kenyatta and his French counterpart Emmanuel Macron. It brings together private sector heavyweights and think tanks with the aim of accelerating the global transition to renewables, crucial to reducing the planet’s carbon footprint.
Author: Bryan Groenendaal
