Saudi Arabia electric
vehicle charging infrastructure market is anticipated to register a robust CAGR
during the forecast period, 2024-2028. Increasing sales of electric vehicles
and favorable government initiatives are the primary factors driving the growth
of Saudi Arabia electric vehicle charging infrastructure market. Also, the rise
in the market players investing in the set-up of electric vehicle charging
infrastructure and the ongoing advancements in electric vehicle charging
infrastructure is the other factors boosting the Saudi Arabia electric vehicle
charging infrastructure market growth in
the next five years.
Rising Sales of Electric
Vehicle Drives the Market Growth
The high per capita
income of consumers, rapid urbanization, and road infrastructure development
enable the consumers to afford a quality lifestyle. Consumers prefer to invest
in purchasing private vehicles for daily commute purposes. With growing
awareness about the benefits of using electric vehicles and the support from
the government, the demand for electric vehicles is expected to grow at a rapid
rate. The electric vehicle charging infrastructure market in Saudi Arabia
generated a revenue of USD0.71 million in 2021. The Kingdom of Saudi Arabia is
working on developing an EV battery supply chain as the mining companies have
begun searching for battery metals which are expected to fuel the growth of
Saudi Arabia electric vehicle charging infrastructure market in the next five
years. Modern Group and Hyzon Motors announced in May 2021 that they had signed
a memorandum to construct an electric vehicle manufacturing plant that can
produce up to 10,000 hydrogen fuel cell commercial vehicles annually in Saudi
Arabia. The rise in the number of market players obtaining metal exploration
licenses for electric vehicle battery manufacturing and the growing demand from
the booming transportation and logistics industry is expected to accelerate the
Saudi Arabia electric vehicle charging infrastructure market demand in the
forecast period.
Supportive Government
Policies Favors the Market Growth
The government is
focusing on generating new income sources to reduce the dependency on the oil
& gas industry and promoting the growth of other prominent industry
verticals. The Kingdom of Saudi Arabia has pledged that at least 30% of total
cars will be electric in Riyadh by 2030. At the Saudi climate conference, Crown
Prince Mohammad bin Salman has announced to achieve net-zero carbon emissions
by 2060. Vehicles using conventional sources of energy release harmful
emissions into the environment and are considered as the major source of
pollution. The government is taking steps to promote the adoption of electric
vehicles among consumers to promote a sustainable environment, such as the
National Industrial Development Center (NIDC) targets to attract 3-4 original
equipment manufacturers to accelerate the production of electric vehicles in the
country. In compliance with the vision of Saudi Arabia 2030, lading authorities
are offering income tax rebates, tax incentives, loans, and subsidies on
manufacturing and sales of electric vehicles. To facilitate the smooth running
of electric vehicles, the government is investing in constructing adequate
electric vehicle charging stations. With the support and huge funds for the
construction of EV charging stations, the Saudi Arabia electric vehicle
charging infrastructure market is expected to grow at a significant rate.
Construction of Smart
City Supports the Market Growth
The ongoing construction
of mega-city Neom city is expected to support only electric vehicles as it aims
to achieve net-zero carbon emission and use only renewable sources of energy.
To support the running of a large number of electric vehicles, the construction
of EV charging stations is mandatory. Government authorities are expected to
make hefty investments to make electric vehicle charging infrastructure in Neom
city. The growing advancements in battery charging technology and the
introduction of wireless chargers are expected to fuel the Saudi Arabia electric
vehicle charging infrastructure market growth in the next five years.
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Market Segmentation
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 car, and commercial vehicle. Based on type, the
market is divided into AC and DC. Based on charging mode, the market is divided
into plug-in and wireless. Based on installed location, the market is divided
into commercial and residential. Based
on connector type, the market is divided into type 1, type 2, UK 3-Pin,
CHAdeMO, CCS, and others. Based on type of Charging, the market is divided into
slow and fast. To analyze the market based on the region, the Saudi Arabia
electric vehicle charging infrastructure market is studied in major regions
namely North & Central region, Southern region, Western region, and Eastern
region.
Market Players
Electromaps S.L., Schneider Electric
Saudi Arabia, NEC Saudi Arabia Ltd., ABB Ltd., and CATEC Mobility, are among
the major market players operating in the Saudi Arabia electric vehicle
charging infrastructure market.
|
Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
|
2018 –
2021
|
|
Estimated Year
|
2023
|
|
Forecast Period
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2024
– 2028
|
|
Quantitative Units
|
Revenue in USD Million, Volume in 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
|
·
Vehicle Type
·
Type
·
Charging Mode
·
Installed Location
·
Connector Type
·
Type of Charging
|
|
Regional scope
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Northern
& Central, Southern, Eastern, Western
|
|
Key companies profiled
|
Electromaps S.L., Schneider Electric Saudi Arabia, NEC Saudi
Arabia Ltd., ABB Ltd., and CATEC Mobility
|
|
Customization scope
|
10%
free report customization with purchase. Addition or alteration to 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/Word format on special request)
|
Report Scope:
In this report, Saudi Arabia electric
vehicle charging infrastructure market has been segmented into following
categories, in addition to the industry trends which have also been detailed
below:
- Saudi Arabia Electric Vehicle Charging
Infrastructure Market, By Vehicle Type:
- Two- Wheeler
- Passenger Car
- Commercial Vehicle
- Saudi Arabia Electric Vehicle Charging Infrastructure Market, By Type:
- Saudi Arabia Electric Vehicle Charging Infrastructure Market, By Charging Mode:
- Saudi Arabia Electric Vehicle Charging Infrastructure Market, By Installed Location:
- Saudi Arabia Electric Vehicle Charging Infrastructure Market, By Connector Type:
- Type 1
- Type 2
- UK 3-Pin
- CHAdeMO
- CCS
- Others
- Saudi Arabia Electric Vehicle Charging Infrastructure Market, By Type of Charging:
- Saudi Arabia Electric
Vehicle Charging Infrastructure Market, By Region:
- Northern & Central
- Southern
- Eastern
- Western
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in Saudi Arabia electric vehicle
charging infrastructure 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).
Saudi Arabia electric vehicle charging
infrastructure 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]