GCC Electric Vehicle Market By Vehicle Type (Passenger Cars, Light Commercial Vehicles and Medium & Heavy Commercial Vehicles, Two-Wheeler, Off-the-Road), By Propulsion (BEV, HEV, 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

  • Industry : Automotive
  • Pages : 107
  • Published Date : March, 2023
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Summary

Report Description

GCC Electric Vehicle Market is predicted to grow at 25.16% CAGR to reach USD10,684 million by 2028 due to increasing logistics and travel activities in the region.

GCC Electric Vehicle Market Overview

The GCC electric vehicle market is expanding as traditional vehicles are replaced with zero-emission vehicles. Furthermore, with rising pollution levels and the rising expense of fossil fuels, many GCC countries are shifting to green energy. Electric cars are the main technology for decarbonizing the road transportation sector, which accounts for 16% of all global emissions. According to the International Energy Agency (IEA), passenger electric cars are gaining popularity, and it is projected that 13% of new cars sold in the coming years will be electric. Electric vehicles are majorly classified into four categories based on their propulsion: BEV, HEV, PHEV. Due to its zero emissions, BEV, which is purely battery-reliant, is becoming more and more popular. HEVs have internal combustion engines that are supplemented by one or more electric motors that draw power from batteries that cannot be charged separately. IC engines and battery-powered motors are used independently to power PHEV electric vehicles.

GCC Electric Vehicle Market Drivers

Increasing Adoption and Government Support

Due to their low operating costs and decreased carbon impact due to absence of emissions, electric vehicles are becoming more and more popular in the GCC region. Several governments are launching a number of projects and programs to encourage green mobility all around the region. In addition, as oil costs have risen, so has the desire for electric cars. By offering tax breaks and incentives, the governments of the GCC region are encouraging the use of electric vehicles. Also, the infrastructure for charging electric vehicles is rapidly developing in many GCC nations. As a consequence, charging has become effective and range anxiety has minimized among consumers. Additionally, while demand is rising significantly, many firms are increasing their manufacturing capacity and dealership network across GCC countries. Owing to this, it is anticipated that GCC electric vehicle market will grow at considerable rate by 2028.

GCC Electric Vehicle Market Challenge

Underdeveloped Aftermarket Services

The automotive aftermarket has had ups and downs in performance over the last two years as a result of the pandemic, as with all industries.  Furthermore, due to a declining customer base, a reduction in vehicle miles travelled (VMT), and consumers' lower purchasing power, the demand for automotive aftermarket products has decreased resulting in slower adoption of vehicles in the region. Also, during the COVID pandemic, several automotive manufacturers delayed the assembly of their vehicles due to part shortages, particularly microprocessor shortages, which slowed the expansion of the electric vehicle sector. Overall, it is anticipated that the growth rate of electric vehicles in the GCC will be sluggish in the early years due to the considerations mentioned above.

GCC Electric Vehicle Market Trend

Emerging New Players in the Market

The demand in the GCC for more advanced electric vehicles is growing as the automotive sector develops quickly. Furthermore, to meet the growing demand, numerous manufacturing businesses made investments in vehicle manufacturing and charging infrastructure industry's research and development over the period of the few years. Additionally, new players, including startups and established automakers, are entering the GCC EV market and launching cutting-edge, novel EV models, collaborating with local battery manufacturers, service providers to establish their business. For instance, in 2021 the GCC region saw the introduction of the Lucid Air, a luxury electric automobile from Saudi startup Lucid Motors. As a result, new technologies are adopted, which will increase the GCC Electric Vehicle Market during the forecast years.

Recent Developments

For the next ten years, Saudi Arabia plans to invest over USD 50 billion in the production of electric vehicles.

In 2022, Saudi Arabia announced a USD 6 billion investment in a steel plate mill complex and an EV battery factory. Saudi Arabia also inked a contract with Lucid Group Inc. to buy 50-100,000 electric vehicles over a 10-year period.

In 2022, The Khalifa Industrial Zone Abu Dhabi (KIZAD) of AD Ports Group inked a contract to develop an electric car assembly facility in Abu Dhabi with the Chinese electric vehicle manufacturer NWTN.

Market Opportunities

The rising commercial activities in many countries in GCC region have increased the sales of electric vehicles. In addition to rising sales, development of smart and sustainable battery management systems further boosts the market in coming years. The rapid penetration of electric vehicles provided manufacturers more opportunities to diversify their product offerings. Additionally, the region could benefit from the global transition to electric vehicles, which would improve advanced battery technology in electric vehicles. Because of the aforementioned factors, there are many opportunities for manufacturers and suppliers to build distribution networks across the region to keep up with rising demand in upcoming years.


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Market Segmentation

The GCC Electric Vehicle Market is segmented by vehicle type, by Propulsion, by propulsion, by range, by battery capacity and by country. On the basis of vehicle type, the market is segmented into Passenger Cars, Light Commercial Vehicle & Medium & Heavy Commercial Vehicle, Two-Wheelers, Off the Road Vehicles.  In terms of propulsion market is segmented into BEV, HEV, and PHEV. Based on battery capacity it is divided into (< 50 kWh, 51-100 kWh, 101-200 kWh, 201-300 kWh, above 300 kWh. Further, market is also divided into country wise mainly into Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE.

Company Insights

In collaboration with its authorized importers in the Middle East, BMW Group Middle East introduced the BMW XM for the first time ever in the region in 2023.

In 2023, a renowned distributor in the United Arab Emirates, Al-Futtaim, and BYD Auto Industry Company Limited collaborated to support the growth of eco-friendly travel in the nation.

Mobility Solutions Auto Trade Company and BYD Auto Industry Company Limited will jointly introduce BYD passenger vehicles for Middle Eastern nations in 2023.

In 2022, Juma Al Majid Est, the sole distributor of Hyundai vehicles in the United Arab Emirates, to release the IONIQ  5 fully electric SUV.

Mercedes-Benz to introduce its electric SUV, the EQC, in the UAE in 2021.

Company Profiles

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. are the key players developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the region to increase their customer outreach.

Attribute

Details

Market Size Value in 2022

USD 2,794.83 million

Revenue Forecast in 2028

USD 10,684.70 million

Growth Rate

25.16%

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Value in USD Million, Volume in Thousand Units, and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

By Vehicle Type

By Propulsion

By Range

By Battery Capacity

By Country

Country Wise Scope

Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE

Key Companies Profiled

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.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, GCC Electric Vehicle Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • GCC Electric Vehicle Market, By Vehicle Type:
    • Passenger Cars
    • OTR
    • LCV & MHCV
    • Two Wheelers
  • GCC Electric Vehicle Market, By Propulsion:
    • HEV
    • BEV
    • PHEV

            ·         GCC Electric Vehicle Market, By Range:

    • 0-50 Miles
    • 51-150 Miles
    • 151-200 Miles
    • 201-400 Miles
    • Above 400 Miles

            ·         GCC Electric Vehicle Market, By Battery Capacity:

    • < 50 kWh
    • 51-100 kWh
    • 101-200 kWh
    • 201-300 kWh
    • Above 300 kWh
  • GCC Electric Vehicle Market, By Country:
    • Saudi Arabia
    • UAE
    • Qatar
    • Kuwait
    • Oman
    • Bahrain

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in GCC Electric Vehicle Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

GCC Electric Vehicle Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]  

Table of content

1.    Introduction

1.1.  Market Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Data Triangulation & Validation

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer

4.1.  Brand Awareness

4.2.  Factors Influencing Purchase Decision

4.3.  Challenges and Unmet Needs

5.    Impact of COVID-19 on GCC Electric Vehicle Market

6.    GCC Electric Vehicle Market Outlook, 2018-2028F

6.1.  Market Size & Forecast

6.1.1.     By Volume & Value

6.2.  Market Share & Forecast

6.2.1.     By Vehicle Type Market Share Analysis (Two Wheelers, Passenger Cars, Light Commercial Vehicles (LCV) and Medium & Heavy Commercial Vehicles (M&HCV) and Off-the-Road (OTR))

6.2.2.     By Propulsion Market Share Analysis (BEV, HEV, PHEV)

6.2.3.     By Range Market Share Analysis (0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, Above 400 Miles)

6.2.4.     By Battery Capacity Market Share Analysis (< 50 kWh, 51-100 kWh, 101-200 kWh, 201-300 kWh, Above 300 kWh)

6.2.5.     By Country Market Share Analysis (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE)

6.2.6.     By Company Market Share Analysis (By Value, 2022)

6.3.  GCC Electric Vehicle Market Mapping & Opportunity Assessment

6.3.1.     By Vehicle Type Market Mapping & Opportunity Assessment

6.3.2.     By Propulsion Market Mapping & Opportunity Assessment

6.3.3.     By Range Market Mapping & Opportunity Assessment

6.3.4.     By Battery Capacity Market Mapping & Opportunity Assessment

6.3.5.     By Country Market Mapping & Opportunity Assessment

7.    Saudi Arabia Electric Vehicle Market Outlook, 2018-2028F

7.1.  Market Size & Forecast

7.1.1.     By Volume & Value

7.2.  Market Share & Forecast

7.2.1.     By Vehicle Type Market Share Analysis

7.2.2.     By Propulsion Market Share Analysis

7.2.3.     By Range Market Share Analysis

7.2.4.     By Battery Capacity Market Share Analysis

8.    UAE Electric Vehicle Market Outlook, 2018-2028F

8.1.  Market Size & Forecast

8.1.1.     By Volume & Value

8.2.  Market Share & Forecast

8.2.1.     By Vehicle Type Market Share Analysis

8.2.2.     By Propulsion Market Share Analysis

8.2.3.     By Range Market Share Analysis

8.2.4.     By Battery Capacity Market Share Analysis

9.    Qatar Electric Vehicle Market Outlook, 2018-2028F

9.1.  Market Size & Forecast

9.1.1.     By Volume & Value

9.2.  Market Share & Forecast

9.2.1.     By Vehicle Type Market Share Analysis

9.2.2.     By Propulsion Market Share Analysis

9.2.3.     By Range Market Share Analysis

9.2.4.     By Battery Capacity Market Share Analysis

10.  Kuwait Electric Vehicle Market Outlook, 2018-2028F

10.1.              Market Size & Forecast

10.1.1.  By Volume & Value

10.2.              Market Share & Forecast

10.2.1.  By Vehicle Type Market Share Analysis

10.2.2.  By Propulsion Market Share Analysis

10.2.3.  By Range Market Share Analysis

10.2.4.  By Battery Capacity Market Share Analysis

11.  Oman Electric Vehicle Market Outlook, 2018-2028F

11.1.              Market Size & Forecast

11.1.1.  By Volume & Value

11.2.              Market Share & Forecast

11.2.1.  By Vehicle Type Market Share Analysis

11.2.2.  By Propulsion Market Share Analysis

11.2.3.  By Range Market Share Analysis

11.2.4.  By Battery Capacity Market Share Analysis

12.  Bahrain Electric Vehicle Market Outlook, 2018-2028F

12.1.              Market Size & Forecast

12.1.1.  By Volume & Value

12.2.              Market Share & Forecast

12.2.1.  By Vehicle Type Market Share Analysis

12.2.2.  By Propulsion Market Share Analysis

12.2.3.  By Range Market Share Analysis

12.2.4.  By Battery Capacity Market Share Analysis

13.  Porter’s Five Forces Analysis

13.1.              Bargaining Powers of Suppliers

13.2.              Bargaining Powers of Buyers

13.3.              Threat of Substitutes

13.4.              Threat of New Entrants

13.5.              Competitive Rivalry

14.  SWOT Analysis

14.1.              Strengths

14.2.              Weakness

14.3.              Opportunities

14.4.              Threats

15.  Market Dynamics

15.1.              Drivers

15.2.              Challenges

16.  Market Trends and Developments

17.  Competitive Landscape

17.1.              Toyota Motor Corporation

17.1.1.  Company Details

17.1.2.  Key Products Offered

17.1.3.  Recent Developments

17.1.4.  Key Management Personnel

17.2.              Nissan Middle East FZE

17.2.1.  Company Details

17.2.2.  Key Products Offered

17.2.3.  Recent Developments

17.2.4.  Key Management Personnel

17.3.              Hyundai Motor UAE

17.3.1.  Company Details

17.3.2.  Key Products Offered

17.3.3.  Recent Developments

17.3.4.  Key Management Personnel

17.4.              BMW Group Middle East

17.4.1.  Company Details

17.4.2.  Key Products Offered

17.4.3.  Recent Developments

17.4.4.  Key Management Personnel

17.5.              Honda Middle East

17.5.1.  Company Details

17.5.2.  Key Products Offered

17.5.3.  Recent Developments

17.5.4.  Key Management Personnel

17.6.              Tesla, Inc.

17.6.1.  Company Details

17.6.2.  Key Products Offered

17.6.3.  Recent Developments

17.6.4.  Key Management Personnel

17.7.              Mercedes-Benz Cars Middle East (MBC ME)

17.7.1.  Company Details

17.7.2.  Key Products Offered

17.7.3.  Recent Developments

17.7.4.  Key Management Personnel

17.8.              Volkswagen Group Middle East QFZ LLC

17.8.1.  Company Details

17.8.2.  Key Products Offered

17.8.3.  Recent Developments

17.8.4.  Key Management Personnel

17.9.              Ford Middle East

17.9.1.  Company Details

17.9.2.  Key Products Offered

17.9.3.  Recent Developments

17.9.4.  Key Management Personnel

17.10.            BYD Company Ltd.

17.10.1.   Company Details

17.10.2.   Key Products Offered

17.10.3.   Recent Developments

17.10.4.   Key Management Personnel

18.  Strategic Recommendations

19.  About Us & Disclaimer

Figures and Tables

Figure 1: GCC Electric Vehicle Market Size, By Value (USD Million) and By Volume (Thousand Units), 2018-2028F

Figure 2: GCC Electric Vehicle Market Share, By Vehicle Type, By Volume, 2018–2028F

Figure 3: GCC Electric Vehicle Market Share, By Propulsion, By Volume, 2018–2028F

Figure 4: GCC Electric Vehicle Market Share, By Range, By Volume, 2018–2028F

Figure 5: GCC Electric Vehicle Market Share, By Battery Capacity, By Volume, 2018–2028F

Figure 6: GCC Electric Vehicle Market Share, By Country, By Volume, 2022 & 2028F

Figure 7: GCC Electric Vehicle Market Share, By Company, By Value, 2022

Figure 8: GCC Electric Vehicle Market Map, By Vehicle Type, Market Size (Thousand Units) & Growth Rate (%), 2022

Figure 9: GCC Electric Vehicle Market Map, By Propulsion, Market Size (Thousand Units) & Growth Rate (%), 2022

Figure 10: GCC Electric Vehicle Market Map, By Range, Market Size (Thousand Units) & Growth Rate (%), 2022

Figure 11: GCC Electric Vehicle Market Map, By Battery Capacity, Market Size (Thousand Units) & Growth Rate (%), 2022

Figure 12: GCC Electric Vehicle Market Map, By Country, Market Size (Thousand Units) & Growth Rate (%), 2022

Figure 13: Saudi Arabia Electric Vehicle Market Size, By Volume (Thousand Units), 2018-2028F

Figure 14: Saudi Arabia Electric Vehicle Market Size, By Value (USD Million), 2018-2028F

Figure 15: Saudi Arabia Electric Vehicle Market Share, By Vehicle Type, By Volume, 2018–2028F

Figure 16: Saudi Arabia Electric Vehicle Market Share, By Propulsion, By Volume, 2018–2028F

Figure 17: Saudi Arabia Electric Vehicle Market Share, By Range, By Volume, 2018–2028F

Figure 18: Saudi Arabia Electric Vehicle Market Share, By Battery Capacity, By Volume, 2018–2028F

Figure 19: UAE Electric Vehicle Market Size, By Volume (Thousand Units), 2018-2028F

Figure 20: UAE Electric Vehicle Market Size, By Value (USD Million), 2018-2028F

Figure 21: UAE Electric Vehicle Market Share, By Vehicle Type, By Volume, 2018–2028F

Figure 22: UAE Electric Vehicle Market Share, By Propulsion, By Volume, 2018–2028F

Figure 23: UAE Electric Vehicle Market Share, By Range, By Volume, 2018–2028F

Figure 24: UAE Electric Vehicle Market Share, By Battery Capacity, By Volume, 2018–2028F

Figure 25: Qatar Electric Vehicle Market Size, By Volume (Thousand Units), 2018-2028F

Figure 26: Qatar Electric Vehicle Market Size, By Value (USD Million), 2018-2028F

Figure 27: Qatar Electric Vehicle Market Share, By Vehicle Type, By Volume, 2018–2028F

Figure 28: Qatar Electric Vehicle Market Share, By Propulsion, By Volume, 2018–2028F

Figure 29: Qatar Electric Vehicle Market Share, By Range, By Volume, 2018–2028F

Figure 30: Qatar Electric Vehicle Market Share, By Battery Capacity, By Volume, 2018–2028F

Figure 31: Kuwait Electric Vehicle Market Size, By Volume (Thousand Units), 2018-2028F

Figure 32: Kuwait Electric Vehicle Market Size, By Value (USD Million), 2018-2028F

Figure 33: Kuwait Electric Vehicle Market Share, By Vehicle Type, By Volume, 2018–2028F

Figure 34: Kuwait Electric Vehicle Market Share, By Propulsion, By Volume, 2018–2028F

Figure 35: Kuwait Electric Vehicle Market Share, By Range, By Volume, 2018–2028F

Figure 36: Kuwait Electric Vehicle Market Share, By Battery Capacity, By Volume, 2018–2028F

Figure 37: Oman Electric Vehicle Market Size, By Volume (Thousand Units), 2018-2028F

Figure 38: Oman Electric Vehicle Market Size, By Value (USD Million), 2018-2028F

Figure 39: Oman Electric Vehicle Market Share, By Vehicle Type, By Volume, 2018–2028F

Figure 40: Oman Electric Vehicle Market Share, By Propulsion, By Volume, 2018–2028F

Figure 41: Oman Electric Vehicle Market Share, By Range, By Volume, 2018–2028F

Figure 42: Oman Electric Vehicle Market Share, By Battery Capacity, By Volume, 2018–2028F

Figure 43: Bahrain Electric Vehicle Market Size, By Volume (Thousand Units), 2018-2028F

Figure 44: Bahrain Electric Vehicle Market Size, By Value (USD Million), 2018-2028F

Figure 45: Bahrain Electric Vehicle Market Share, By Vehicle Type, By Volume, 2018–2028F

Figure 46: Bahrain Electric Vehicle Market Share, By Propulsion, By Volume, 2018–2028F

Figure 47: Bahrain Electric Vehicle Market Share, By Range, By Volume, 2018–2028F

Figure 48: Bahrain Electric Vehicle Market Share, By Battery Capacity, By Volume, 2018–2028F

Frequently asked questions

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GCC Electric Vehicle Market valued at USD2,794.83 million in 2022 and majorly aftermarket services and initial cost of electric vehicles affects the market.

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Due to a wide range of products models, and availability of passenger vehicles the Electric passenger car segment is leading the market.

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The major players in the GCC Electric Vehicle Market are Toyota Motor Corporation, Nissan Middle East FZE, Hyundai Motor UAE, BMW Group Middle East etc.

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The rapid development of sustainable technology and rapidly improving battery technology to boost the GCC Electric Vehicle Market by 2028.

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Srishti Verma

Business Consultant
Press Release

GCC Electric Vehicle Market was valued around USD 2794.83 million in 2022

Mar, 2023

Increasing demand for green tires and the growing transportation industry driving the growth of GCC Electric Vehicle Market in the forecast period 2024-2028.

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