Saudi Arabia electric
vehicle market is anticipated to register a robust growth in the forecast
period, 2024-2028. Increased government focus on adopting renewable energy and
rise in efforts to lower the dependency on the oil & gas industry and
generate an alternate source of income are the primary factors driving the
demand for electric vehicles in Saudi Arabia. The Kingdom of Saudi Arabia aims
to reach net-zero emissions by 2060 under the kingdom development while
maintaining the leading role in the oil & gas industry. Also, the
flourishing transportation and logistics industry owing to the ongoing
commercial and trade activities and the growing preference of consumers towards
private vehicle ownership is expected to bolster the demand for Saudi Arabia
electric vehicle market.
Increased Production and Sales of
Electric Vehicles Drives the Market Growth
Ministry of Investment of Saudi Arabia
("MISA"), the Saudi Industrial Development Fund ("SIDF"),
and the Economic City at King Abdullah Economic City ("KAEC") have
signed an agreement to accelerate the goal set by leading authorities and meet
the emission targets. Lucid has announced plans to invest in developing the
advanced electric vehicle manufacturing industry to address the growing demand
for electric vehicles. The new manufacturing plant aims to build around 150,000
vehicles per year at the King Abdullah Economic City by using the United States
research and development technical expertise to assemble better-performing
versions of electric vehicles. The setting up of a new plant is expected to
create numerous job opportunities and support the skill development of people.
Also, Saudi Arabia and Taiwan's Foxconn Technology Group are expected to work
together to fuel the development of electric vehicles in the country. The rise
in the companies' interest in investments in the Kingdom of Saudi Arabia to develop
electric vehicle infrastructure is expected to propel market growth through the
next five years.
Favorable Government Policies Supports
the Market Growth
To curb the pollution levels and the
need to find energy sources that do not adversely affect the environment is
expected to fuel the demand for alternate energy or renewable energy. Saudi
Arabia included its carbon mitigation goals to be achieved by 2030 and
developed its first nationally determined contribution (NDC) under the Paris
Agreement. Also, the government of Saudi Arabia announced the target of 30%
electric vehicles in Riyadh city by 2030, which is expected to spur the sales
of electric vehicles across the country. According to Saudi Vision 2030 goals,
the National Industrial Development Center (NIDC) aims to attract substantial
original equipment manufacturers in Saudi Arabia to boost the production and
sales of electric vehicles in the country.
Saudi Arabia has signed a memorandum of
understanding (MoU) with the United Kingdom to lower the carbon emissions and
support sustainable energy sources to achieve the targets set by Saudi Vision
2030. The memorandum of understanding (MoU) states that both the countries will
work together and share expertise to develop technologies to reduce greenhouse
emissions along with the construction of electric vehicles and smart grids.
Development of EV Charging
Infrastructure is Expected to Boost the Market Growth
At present, the total electric vehicle
penetration in Saudi Arabia is less than 1%. Saudi Arabia electric vehicle is
still at a nascent stage and is expected to create massive growth opportunities
for electric vehicle manufacturers and for battery charging infrastructure in
the next five years due to the rapid adoption of electric vehicles across the
country. GREENER by IHCC and Schneider Electric Saudi Arabia have signed a
partnership to develop e-mobility infrastructure to support the growing electric
vehicle industry. The set-up of appropriate battery charging stations is
expected to attract consumers to invest in the purchase of electric vehicles.
Electric vehicles require charging at
regular intervals to run smoothly. With growing investments to develop electric
vehicle charging infrastructure, the Saudi Arabia electric vehicle market is
expected to grow at a significant rate in the forecast period.
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Market Segmentation
The Saudi Arabia electric vehicle market
is segmented into vehicle type, propulsion, range, battery
capacity, regional distribution, and competitive landscape. Based on vehicle
type, the market is divided into two-wheeler, passenger car, LCV, M&HCV.
Based on propulsion, the market is divided into BEV, HEV, PHEV, and FCEV. Based
on range, the market is divided into 0-50 miles, 51-150 miles, 151-200 miles,
201-400 miles, and above 400 miles. Based on battery capacity, the market is
divided into <50 kWh, 51–100 kWh, 101–200 kWh, 201-300 kWh, and above 300
kWh. To analyze the market based on the region, the Saudi Arabia electric
vehicle market is studied in major regions namely North & Central region,
Southern region, Western region, and Eastern region.
Market Players
Lucid Group, Inc., Kia Corporation,
General Motors Company, Tesla Inc., Rivian Automotive, Inc., are among the
major market players operating in the Saudi Arabia electric vehicle market.
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Attribute
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Details
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|
Base Year
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2022
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Historic Data
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2018 –
2021
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Estimated Year
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2023
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Forecast Period
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2024
– 2028
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Quantitative Units
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Revenue in USD Million, Volume in Units, and CAGR for 2018-2022
and 2023-2028
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Report coverage
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Revenue
forecast, volume forecast, company share, competitive landscape, growth
factors, and trends
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|
Segments covered
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·
Vehicle Type
·
Propulsion
·
Range
·
Battery Capacity
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|
Regional scope
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Northern
& Central, Southern, Eastern, Western
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|
Key companies profiled
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Lucid Group, Inc., Kia Corporation, General Motors Company, Tesla
Inc., Rivian Automotive, Inc.
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|
Customization scope
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10%
free report customization with purchase. Addition or alteration to regional
& segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research needs. Explore purchase options
|
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Delivery Format
|
PDF and
Excel through Email (We can also provide the editable version of the report
in PPT/Word format on special request)
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Report Scope:
In this report, Saudi Arabia electric
vehicle market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
- Saudi Arabia Electric Vehicle Market, By
Vehicle Type:
- Two-Wheeler
- Passenger Car
- LCV
- M&HCV
- Saudi Arabia Electric Vehicle Market, By Propulsion:
- Saudi Arabia Electric Vehicle Market, By Range:
- 0-50 Miles
- 51-150 Miles
- 151-200 Miles
- 201-400 Miles
- Above 400 Miles
- Saudi Arabia Electric Vehicle Market, By Battery Capacity:
- <50 kWh
- 51–100 kWh
- 101–200 kWh
- 201-300 kWh
- Above 300 kWh
- Saudi Arabia Electric
Vehicle Market, By Region:
- Northern & Central
- Southern
- Eastern
- Western
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in Saudi Arabia 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).
Saudi Arabia 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]