Saudi Arabia Electric Vehicle Charging Infrastructure Market to be dominated by Passenger Car through 2027
Growing demand for EV fast-charging infrastructure and
stringent emission regulations are expected to drive the demand for Saudi
Arabia electric vehicle charging infrastructure market in the forecast period,
2023-2027.
According
to TechSci Research report, “Saudi Arabia Electric Vehicle Charging
Infrastructure Market By Vehicle Type (Two- Wheeler, Passenger Car,
Commercial Vehicle), By Type (AC, DC), By Charging Mode (Plug-in, Wireless), By
Installed Location (Commercial, Residential), By Connector Type (Type 1, Type
2, UK 3-Pin, CHAdeMO, CCS, Others), By Type of Charging (Slow, Fast), By
Region, Competition Forecast & Opportunities, 2027”,
the Saudi Arabia electric vehicle charging infrastructure market is expected to
witness robust CAGR in the forecast period, 2023-2027. The rapid transition of
the automotive industry from fuel-based to electric vehicles to decarbonize the
transportation industry is accelerating the adoption of electric vehicles in
the Kingdom of Saudi Arabia. The electric vehicle industry is at a nascent
stage, and the total electric vehicle penetration in Saudi Arabia is less than
1% at present which provides ample growth opportunity to the market players of
Saudi Arabia electric vehicle charging infrastructure market.
However,
the high cost of electric vehicles may restrain the Saudi Arabia electric
vehicle charging infrastructure market growth in the forecast period.
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The
Saudi Arabia electric vehicle charging infrastructure market is segmented into vehicle
type, type, charging mode, installed location, connector type, type of
charging, regional distribution, and company.
Based
on vehicle type, the market is divided into two- wheeler, passenger cars, and
commercial vehicles. Passenger electric vehicles are expected to hold the
largest market share in the forecast period due to the shift in preference of
consumers to buy electric vehicles instead of investing in the purchase of
traditional vehicles. People buy electric vehicles due to their
cost-effectiveness, low maintenance, and environment-friendly nature.
Based
on type, the market is divided into AC and DC. DC charging type is expected to
account for significant market share in the next five years as they offer fast
charging than AC charging and will take less time to charge the electric
vehicles.
Based
on charging mode, the market is divided into plug-in and wireless. Wireless
charging is expected to witness the fastest incremental growth in the next five
years as it is highly convenient and does not damage the wires.
Based
on installed location, the market is divided into commercial and residential.
Commercial locations are expected to dominate the market in the next five
years. Setting up charging stations requires high investments, which is one of
the major reasons people prefer to charge electric vehicles from public
charging stations.
Based
on connector type, the market is divided into type 1, type 2, UK 3-Pin,
CHAdeMO, CCS, and others. CCS connector type is a combined charging system, and
the demand for CCS connectors is expected to grow at a rapid rate in the next
five years. CCS is used for the rapid charging of electric vehicles. It used
connections of the Type 2 interface and the additional two DC power lines that
can run at higher voltages than the standard connector. It does not require
much space on electric cars and can be used on a range of vehicles.
Based
on the type of charging, the market is divided into slow and fast. Fast
charging is expected to account for a significant market share in the forecast
period as it is highly preferred among consumers due to convenience and speed.
Fast charging stations focus on recharging the electric batteries in a minimum
amount of time. With the ongoing advancements in fast charging technology, the
average time for rapid charging is decreased, due to which the traveling
distance for electric vehicles can be increased. The installation of
fast-charging stations at public places is expected to act as a positive factor
for the sales of electric vehicles.
Major
market players operating in Saudi Arabia electric vehicle charging
infrastructure market are:
·
Electromaps
S.L.
·
Schneider
Electric Saudi Arabia
·
NEC
Saudi Arabia Ltd.
·
ABB
Ltd.
·
CATEC
Mobility
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“Saudi Arabia is developing the electric
vehicle manufacturing industry, and the current framework for the construction
of electric vehicle charging infrastructure is at an early stage and requires significant
investment. Saudi Arabia has signed a memorandum with the United Kingdom to
reduce carbon emissions and support the Saudi Vision 2030, and both the
countries cooperate and share technical expertise to develop technologies for
electric vehicles and smart grids, which is expected to act as a positive factor
for Saudi Arabia electric vehicle charging infrastructure market. Introduction of “On-the-go” charging”
as well as wireless charging and manufacturing of advanced batteries with high
capacity is expected to propel the Saudi Arabia electric vehicle charging
infrastructure market till 2027”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Saudi Arabia Electric
Vehicle Charging Infrastructure Market By Vehicle Type (Two- Wheeler, Passenger
Car, Commercial Vehicle), By Type (AC, DC), By Charging Mode (Plug-in,
Wireless), By Installed Location (Commercial, Residential), By Connector Type
(Type 1, Type 2, UK 3-Pin, CHAdeMO, CCS, Others), By Type of Charging (Slow,
Fast), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future
growth potential of Saudi Arabia electric vehicle charging infrastructure 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 vehicle charging
infrastructure market.
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