Saudi Arabia Electric Bus Market to Grow with a CAGR of 7.81% in Saudi Arabia through to 2028
Government
support and initiatives, aligned with the Vision 2030 plan, which emphasizes
sustainability and economic diversification are the factors driving market in
the forecast period 2024-2028
According
to TechSci Research report, “Saudi Arabia Electric Bus Market - Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Saudi Arabia Electric Bus Market stood at USD 80.31 Million in 2022 and is
anticipated to grow with a CAGR of 7.81% in the forecast period, 2023-2028. Saudi
Arabia's embrace of electric buses can be seen as a strategic move, given the
country's status as one of the world's largest oil producers. The government's
Vision 2030 plan, announced in 2016, seeks to transform the nation's economy
and reduce its dependency on oil. As part of this vision, the Saudi government
has set clear targets for the adoption of electric vehicles, which include not
only passenger cars but also public transportation, particularly electric
buses.
One
of the key measures to stimulate the electric bus market is the introduction of
various incentives. The Saudi government has implemented subsidies and tax
benefits to make electric buses more affordable for both manufacturers and
end-users. These incentives are designed to encourage local production of
electric buses and attract international manufacturers to invest in the Saudi
market. They are also aimed at reducing the operational costs for fleet
operators, making electric buses a more financially viable choice.
In
addition to incentives, the government has been actively engaging with cities
and public transportation authorities to promote the adoption of electric
buses. Major cities like Riyadh and Jeddah have been taking steps to integrate
electric buses into their public transportation systems. The goal is to reduce
air pollution and provide more sustainable urban mobility options for
residents.
To
support the widespread adoption of electric buses, Saudi Arabia has been
investing in charging infrastructure. Building a robust charging network is
essential for the success of electric buses. Charging stations are being
strategically placed in urban areas and along major transportation routes to
ensure that electric buses have the necessary infrastructure for daily
operation. The government is also working on regulations and standards to
ensure the safety and reliability of these charging facilities.
Moreover,
Saudi Arabia is exploring partnerships with international electric bus
manufacturers to transfer technology and expertise into the country.
Collaborations with global players in the electric bus industry aim to
accelerate the local production and deployment of electric buses.
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Riyadh,
the capital of Saudi Arabia, has been at the forefront of the electric bus
revolution. The city has been actively investing in modernizing its public
transportation system. The Riyadh Metro project, for example, includes plans
for electric buses to complement the metro lines, providing last-mile
connectivity. These electric buses are expected to reduce traffic congestion
and improve urban air quality. The city's commitment to electric buses aligns
with the broader Vision 2030 plan, which envisions Riyadh as a modern,
sustainable metropolis with efficient and eco-friendly public transportation
options.
Jeddah,
another major city in Saudi Arabia, has also been making strides in sustainable
urban mobility. The city has been testing and deploying electric buses in its
public transit system. By integrating electric buses into the transportation
network, Jeddah aims to reduce its carbon footprint and alleviate traffic
congestion, issues commonly faced by metropolitan areas. This approach reflects
a trend observed in many urban areas globally, as cities look to electric buses
as a way to meet environmental and transportation goals.
Saudi
Arabia's Eastern Province, a key hub for the oil and petrochemical industries,
has also shown a growing interest in electric buses. This region, with its
heavy industrial footprint, is not only focusing on reducing emissions but also
diversifying its economic activities. The presence of electric buses in the
Eastern Province highlights the acknowledgment of the need for sustainable
transportation within even traditionally energy-intensive areas. It also serves
as a model for how regions tied to the fossil fuel industry can transition
towards cleaner and more sustainable transportation solutions.
Beyond
the major cities, the electric bus market has been extending to the northern
regions of Saudi Arabia. The expansion of electric bus services in these areas
is part of the government's effort to make sustainable transportation
accessible throughout the country. Northern regions often have vast
territories, and electric buses are seen as a way to bridge transportation gaps
and offer environmentally friendly options in areas where public transportation
is crucial.
In
summary, regional insights into the electric bus market in Saudi Arabia
demonstrate a nationwide commitment to sustainable mobility. Major cities like
Riyadh and Jeddah are taking the lead, aligning their public transportation
systems with global trends in eco-friendly transit. The Eastern Province
showcases the broader shift towards sustainable transportation in traditionally
oil-centric regions. Additionally, the expansion of electric buses to the
northern regions reflects the government's dedication to making eco-friendly
options accessible throughout the nation. These regional developments
collectively contribute to Saudi Arabia's ongoing efforts to reduce greenhouse
gas emissions and promote environmentally responsible transportation
alternatives.
Major companies operating in Saudi Arabia Electric Bus
Market are:
- Tata Motors Limited
- Zhuzhou CRRC Times Electric Co
Ltd.
- Mercedes-Benz AG (Juffali
Commercial Vehicles)
- AB Volvo (Zahid Tractor & H.M
Co. Ltd)
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“In
the evolving landscape of the Saudi Arabian electric bus market, the industry
is optimistic about the nation's commitment to electric mobility. Government
initiatives, including incentives and infrastructure development, signal a
strong drive toward sustainability and economic diversification. Saudi cities,
particularly Riyadh and Jeddah, are setting the stage for modern, eco-friendly
urban transportation. However, continuous investment in technology transfer and
local manufacturing partnerships will be vital to realizing the full potential
of electric buses in the country” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Saudi
Arabia Electric Bus Market By Seating Capacity (Up to 30-Seater; 31-40-Seater;
Above 40), By Propulsion (BEV, HEV, PHEV, FCEV), By Range (0-150 Miles, 151-250
Miles, 251-500 Miles, >500 Miles), By Battery Capacity (<100 KWH, 101-250
KWH, 251-400 KWH, >400 KWH), By Bus Length (Upto 8m; 9-12m; Above 12m),
Regional, Competition, Forecast & Opportunities, 2018-2028”, has
evaluated the future growth potential of Saudi Arabia Electric Bus Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Saudi Arabia Electric Bus Market.
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