IMARC Group has recently released a new research study titled “GCC Electric Car Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
GCC Electric Car Market Overview:
The GCC electric car market is projected to exhibit a growth rate (CAGR) of 11.50% during 2023-2028.
An electric car, also known as an electric vehicle (EV), is an innovative mode of transportation. As compared to traditional internal combustion engine vehicles that rely on gasoline or diesel, electric cars are powered by electricity stored in rechargeable batteries. These vehicles emit zero tailpipe emissions, making them an environmentally friendly alternative in a world increasingly concerned about sustainability and reducing carbon footprints. Electric cars come in various forms, including fully electric models that run solely on electricity, as well as hybrid models that combine an internal combustion engine with an electric motor.
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GCC Electric Car Market Driveres and Trends:
Many GCC countries are implementing policies and incentives such as subsidies, tax exemptions, reduced registration fees, and dedicated charging infrastructure development to promote electric vehicle (EV) adoption thus driving the market growth. In addition to this, the GCC governments and private entities are actively investing in expanding the charging network, including fast-charging stations along highways and in urban areas, to address range anxiety and encourage EV adoption thus proliferating the market growth.
Besides this, the GCC countries are diversifying their energy sources beyond fossil fuels, with a focus on renewable energy like solar and wind power which complements the adoption of electric cars thereby fostering market growth. Furthermore, increasing awareness of the environmental benefits and cost savings associated with electric cars is driving consumer interest. In line with this, as battery technology improves, electric cars are offering longer driving ranges and faster charging times which is providing an impetus to the growth of the market.
What Is Included In Market Segmentation?
The report has segmented the market into the following categorie
Type Insights:
- Battery Electric Vehicle
- Plug-In Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
Vehicle Class Insights:
- Mid-Priced
- Luxury
Vehicle Drive Type Insights:
- Front Wheel Drive
- Rear Wheel Drive
- All-Wheel Drive
Country Insights:
- Saudi Arabia
- UAE
- Qatar
- Bahrain
- Kuwait
- Oman
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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