The electric vehicle market in Armenia has been demonstrating rapid growth in recent years. As Narek Harutyunyan, CFO of Eco Motors, stated on Economix, the active phase of development began in 2023, when about 6,000 electric vehicles were imported into the country.
In 2024, imports increased to 9,500, and according to preliminary data, reached 18,000 vehicles by the end of 2025. For 2026, the EAEU quota plans to import approximately 15,000 more electric vehicles. Tax incentives played a significant role — such cars are exempt from the 15% customs duty within the EAEU.
According to Harutyunyan, owners are switching from gasoline cars to electric ones due to savings: fuel and maintenance costs are reduced by 3–4 times. An additional incentive is the environmental factor and the global trend towards reducing emissions.
At the same time, the market faces a number of problems. In addition to 10–15 stable companies, a significant share is occupied by small and "gray" importers, as well as individuals who register cars directly to customers. The difference in customs duties and taxes distorts competition, while buyers often focus primarily on price, ignoring issues of warranty and service.
