GCC Electric Vehicle Market was valued around USD 2794.83 million in 2022
Increasing demand for
green tires and the growing transportation industry driving the growth of GCC
Electric Vehicle Market in the forecast period 2024-2028.
According
to TechSci Research report, “GCC Electric Vehicle Market–By Country,
Competition Forecast and Opportunities, 2018-2028F,” the GCC Electric
Vehicle Market was valued at USD2794.83 million
in 2022, and by 2028, it is anticipated to value USD10684.70 million. Positive
government initiatives and the expansion of charging infrastructure throughout
the GCC area are what are driving the market for electric vehicles in the
region. Saudi Arabia led the GCC electric vehicle market in 2022, and it is
predicted that during the forecast period, it will grow at a rate of 22.64%.
One
of the main factors influencing the market for electric vehicles in the GCC region
is the increasing demand for environmentally friendly transportation.
Governments in the GCC countries are implementing policies to promote the use
of EVs because they understand the need to lessen their carbon impact. The UAE,
Saudi Arabia, Bahrain, and Oman, for instance, have set net-zero goals. The
rising number of consumer awareness programs by the government regarding the
use of electric vehicles and their benefits, along with new players setting up
their regional production facilities, contribute to the market growth. In
addition, leading companies are investing in research and development to
provide fast EV chargers for public charging stations to create demand for
electric vehicles.
The
GCC electric vehicle market is expected to be driven by increasing electric
vehicle sales, government initiatives and support, and consumer awareness. Also,
the development of charging infrastructure, increasing product launches in the
market, and rising demand for electric two wheelers from E-Commerce players are
expected to create growth opportunities for players operating in the GCC
electric vehicle market.
Browse
over 48 market data Figures spread through 107 Pages and an in-depth TOC on "GCC Electric Vehicle Market”
New
players, including startups and known automakers, are entering the GCC EV
market and launching cutting-edge, novel EV models. For instance, in 2021 the
GCC area saw the introduction of the Lucid Air, a luxury electric sedan from
Saudi company Lucid Motors. One of the market's longest-range EVs, this type
has a driving range of more than 800 km on a single charge. Additionally,
Mercedes-Benz debuted its EQC electric SUV in the UAE in 2021. Other EQ range
models are anticipated to follow. New players entering the GCC EV market are
stimulating innovation and competition, giving consumers more choices.
Key market players in the GCC Electric Vehicle Market include:
- Toyota Motor Corporation
- Nissan Middle East FZE
- Hyundai Motor UAE
- BMW Group Middle East
- Honda Middle East
- Tesla, Inc.
- Mercedes-Benz Cars
Middle East (MBC ME)
- Volkswagen Group Middle
East QFZ LLC
- Ford Middle East
- BYD Company Ltd
The
market for electric cars is expanding quickly, especially in the two-wheeler
and passenger car segments. Manufacturers of electric vehicles are putting
strategic plans into place to meet this growing demand, including partnerships,
mergers, business growth, resource and workforce sharing, and improved research
capabilities. M Glory opened the UAE's first electric vehicle manufacturing
facility in Dubai Industrial City in 2022 at a cost of USD408 million to
satisfy the rising demand for environmentally friendly transportation. 10,000
electric cars are anticipated to be produced annually at the facility. A
long-term proposal to build the first international manufacturing facility in
Saudi Arabia, to create 150,000 vehicles annually at the King Abdullah Economic
City, was announced by Lucid, a manufacturer of electric vehicles.
The
COVID-19 pandemic had a severe impact on oil demand globally, which led to the decline in
GDP of numerous GCC nations. According to the World Bank, the GCC countries’
GDP growth decreased by 4.8% in 2020 due to the crises. Also, the UAE GDP
declined by -5% annual change in 2020. Similarly, the infrastructure
development activities were also hampered, like the plans for the construction
of charging stations and battery swapping stations across different countries
in the region, which were delayed because of the COVID-19 pandemic.
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“The
GCC Electric Vehicle Market is forecast to grow during the forecast period
owing to the rising demand for electric vehicles due to various factors such as
rising environmental concerns among people. Also, the government of several GCC
countries have different plans to increase electric vehicle sales, such as the
target of the Saudi Arabia government to ensure that 30% of the passenger cars
on road are electric vehicles by 2030. Owing to these market opportunities
various automotive manufacturers have started to launch new electric vehicles
with different models for buyers in the different GCC countries. This is
expected to increase the electric vehicle sales in the region, which will
further drive the GCC electric vehicle market." said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“GCC Electric
Vehicle Market By Vehicle Type (Passenger
Cars, Light Commercial Vehicles and Medium & Heavy Commercial Vehicles,
Two-Wheeler, Off-the-Road), By Propulsion (HEV, BEV, PHEV), By Range (0-50
Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, Above 400 Miles), By Battery
Capacity (< 50 kWh, 51-100 kWh, 101-200 kWh, 201-300 kWh, Above 300 kWh), By
Country, Competition Forecast & Opportunities, 2018- 2028F,” has evaluated the
future growth potential of GCC electric vehicle market and provides statistics
and information on market structure, size, share, and future growth. The report
is intended 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
present in the GCC electric vehicle market.
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