Report Ocean released a thorough intelligence report named “Saudi Arabia Electric Vehicle Market“ Report, Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2030. This research offers a thorough examination at the micro-level, concentrating on insurers, significant market sectors, products, and distribution methods within the industry.
The report’s competitive segment provides a summary of competitors, their financial conditions, recent developments, competitive analysis, and market advancements. This study helps market participants find relevant prospects more effectively by looking at the strengths and weaknesses of key competitors.
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Definition of Market Rapidly rising levels of carbon emissions and climate change continue to have an impact on the environment. As a result, the governments of a number of countries, including Saudi Arabia, are introducing numerous programs and initiatives to encourage green mobility in the country in order to reduce levels of carbon and pollution and mitigate climate change. This, in turn, is leading to a growing interest among consumers in electric vehicles (EVs).
Insights into the Market The Saudi Arabia Electric Vehicle Market is anticipated to expand at an impressive CAGR from 2023 to 2028. The industry is still in its infancy, but it is likely to grow significantly in the future as a result of government efforts to reduce pollution and emissions caused by rising fossil fuel consumption and diversify the economy away from oil and gas by investing in other sectors. Under the Paris Agreement, Saudi Arabia has developed its first NDC (Nationally Determined Contribution) and announced its goal of zero emissions by 2060.
The government stated in 2021 that by 2030, it wanted 30% of Riyadh’s vehicles to be electric. With this declaration, the nation has noticed an outstanding flood in speculations and organization contracts between automakers and EV charging foundation suppliers.
In addition, one of the goals of Saudi Vision 2030 is for the National Industrial Development Center (NIDC) to get major automotive OEM investments into the Saudi Arabian market. This would increase EV production and sales in the coming years.
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Siemens agreed to supply Electromin with its ultra-fast EV chargers in November 2022, expanding the company’s charging network in Saudi Arabia and planning to develop EV services and infrastructure throughout the Middle East.
Schneider Electric and GREENER by IHCC formed a partnership in April 2021 to meet the changing requirements for e-Mobility and EV charging stations all over the country.
As a result, as a result of the growing number of partnerships and agreements, significant investments in the expansion of the infrastructure for charging EVs and producing them are anticipated in the coming years. This, in turn, would encourage the Saudi Arabia Electric Vehicle Market.
Key driver: Market Dynamics As transportation plays a crucial role in reducing carbon footprints, the Saudi Arabian government is introducing a number of programs and initiatives to promote environmentally friendly mobility throughout the country. The public authority is putting greatly in laying out electrically-controlled public transportation frameworks while empowering customers to move toward EVs or gaseous petrol/hydrogen-based vehicles. As a result, the Electric Vehicle Market in Saudi Arabia through 2028 will be driven by consumers’ growing interest in EVs and their growing concerns about environmental degradation.
Learning experience: Massive R&D Investments by Automobile Manufacturers in Developing Appropriate EV Charging Infrastructure In order to meet the rising demand from consumers for electric vehicles (EVs), a number of manufacturers are collaborating on the development of appropriate EV charging infrastructure and investing a significant amount of money in research and development (R&D) to develop novel innovations in both vehicle and battery technologies. This is in line with Saudi Vision 2030, which aims to promote green mobility and lessen the country’s reliance on the oil and gas industry. As a result, it will open up new opportunities for the Saudi Arabia Electric Vehicle Market to significantly expand in the coming years and encourage the country’s adoption of EVs and HEVs.
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Segmentation of the Market by Vehicle Type:
Two-wheelers, passenger cars, and commercial vehicles are the three types of vehicles that are expected to dominate the Saudi Arabia Electric Vehicle Market from 2023 to 2028. It is due to substantial government investments in airport expansion, hotel, resort, shopping mall, hospital, and other infrastructure development projects, which would boost the country’s demand for commercial electric vehicles.
In addition, the demand for electric buses in public transportation fleets is anticipated to rise as a result of various government initiatives aimed at promoting green mobility in order to achieve zero-carbon goals by 2060 and mitigate climate change. In addition, Saudi Arabia’s expanding e-commerce and transportation and logistics sectors will increase demand for zero-emission commercial vehicles and, as a result, fuel the overall expansion of the electric vehicle market over the coming years.
Recent Changes in the Electric Vehicle Market in Saudi Arabia:
Canoo Inc. (GOEV) announced in January 2023 that it had formed a partnership with GCC (General Contracting Company) Olayan to sell, service, and distribute its electric vehicles in Saudi Arabia. Additionally, a joint venture and co-development of a “digital vehicle ecosystem” for local assembly and EV manufacturing are in the works.
Lucid Group made the announcement in May 2022 that it would construct its EV manufacturing facility in Jeddah with a capacity of 155,000 vehicles per year. This would be the company’s first factory outside of the United States and would initially serve the local market.
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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