How Fast Can Georgia’s EV Market Grow? Growth Trajectory and Future Scenarios

By the end of 2024, the number of electric vehicles (EVs) in Georgia reached 9,045 — a 79% increase compared to the previous year. Nearly 4,000 new EVs were added in just one year, marking a record-breaking pace in the country’s history. Back in 2017, there were only 852 EVs on Georgian roads, which means the total stock has grown tenfold over seven years.

In parallel with the number of EVs, the market’s financial value has expanded sharply. According to Geostat, the total import value of EVs in 2024 reached $107.6 million. Based on average import prices in recent years, one EV typically ranges from $12,000 to $17,000 — with lower-cost models from China and Japan, and higher-end models from Germany.

This suggests that Georgia’s annual EV market has reached 4,000–5,000 units and exceeds $100 million in direct import value. This figure reflects only vehicle imports, without accounting for associated services, charging infrastructure, parts, or maintenance — which would further increase the sector’s economic impact.

Scenario 1: Inertial Growth

If EV registrations continue at a similar pace to 2023–2024 (roughly 50–60% annually), the country could reach around 13,500–14,000 EVs by the end of 2025. By 2030, the EV fleet may grow to 70,000–80,000 vehicles — still only about 5–6% of Georgia’s total car stock.
Estimated annual market size in 2030: $250–300 million

Scenario 2: Accelerated Development

If the government and private sector actively support infrastructure, offer incentives, and raise awareness, the EV market could double yearly for several years. Under this scenario, the EV fleet would rise to 18,000–20,000 by 2025 and could reach 150,000–170,000 by 2030 — over 10% of the national vehicle fleet.

Estimated annual market size in 2030: $500–600 million

Scenario 3: Stagnation or Infrastructure Barriers

If infrastructure lags and users lack incentives or confidence, growth may slow. In this case, Georgia might only have 11,000 EVs by 2025 and reach just 30,000–40,000 by 2030.
Estimated annual market size in 2030: $120–150 million

For context, Georgia imports about 100,000 vehicles each year (new and used combined). Even if just 20% of these replacements shift to electric by 2030, the market could rapidly evolve into a serious alternative to internal combustion engines.

Ultimately, Georgia stands at a turning point. With the right strategic decisions, the EV sector could become not only an environmental priority but a major economic transformation driver.