According to a report by TechSci Research titled "GCC Electric Vehicle Market–By Country, Competition Forecast and Opportunities, 2018-2028F," the GCC Electric Vehicle Market reached a value of USD 2794.83 million in 2022 and is projected to reach USD 10684.70 million by 2028. The market for electric vehicles in the region is being driven by positive government initiatives and the expansion of charging infrastructure throughout the GCC area. Saudi Arabia led the GCC electric vehicle market in 2022, and it is expected to grow at a rate of 22.64% during the forecast period.
One of the key factors influencing the demand for electric vehicles in the GCC region is the increasing need for environmentally friendly transportation. Governments in GCC countries are implementing policies to promote the use of EVs in order to reduce carbon emissions. For example, the UAE, Saudi Arabia, Bahrain, and Oman have set net-zero goals. The government's efforts to raise awareness among consumers about the benefits of electric vehicles, along with the establishment of regional production facilities by new market players, contribute to the market's growth. Leading companies are also investing in research and development to provide fast EV chargers for public charging stations, thereby driving the demand for electric vehicles.
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The growth of the GCC electric vehicle market is expected to be fueled by increasing electric vehicle sales, government initiatives and support, and growing consumer awareness. Additionally, the development of charging infrastructure, product launches in the market, and the rising demand for electric two-wheelers from E-Commerce players are expected to create opportunities for players operating in the GCC electric vehicle market.
New players, including startups and established automakers, are entering the GCC EV market and introducing innovative and advanced EV models. For instance, in 2021, Saudi company Lucid Motors launched the Lucid Air, a luxury electric sedan, in the GCC region. With a driving range of over 800 km on a single charge, the Lucid Air is one of the EVs with the longest range in the market. Mercedes-Benz also introduced its EQC electric SUV in the UAE in 2021, with plans to introduce more models from the EQ range. The entry of new players into the GCC EV market is driving innovation and competition, offering consumers a wider range of choices.
The market for electric vehicles is rapidly expanding, particularly in the two-wheeler and passenger car segments. Electric vehicle manufacturers are implementing strategic plans to meet the growing demand, including partnerships, mergers, business expansion, resource and workforce sharing, and enhanced research capabilities. M Glory, for example, opened the UAE's first electric vehicle manufacturing facility in Dubai Industrial City in 2022, with an investment of USD 408 million, to meet the increasing demand for eco-friendly transportation. The facility is expected to produce 10,000 electric cars annually. Furthermore, Lucid, an electric vehicle manufacturer, announced a long-term proposal to build the first international manufacturing facility in Saudi Arabia at the King Abdullah Economic City, with a production capacity of 150,000 vehicles per year.
The COVID-19 pandemic had a significant impact on global oil demand, leading to a decline in GDP for many GCC nations. According to the World Bank, the GDP growth of GCC countries decreased by 4.8% in 2020 due to the crisis. The UAE's GDP also experienced a decline of -5% annual change in 2020. Similarly, infrastructure development activities, such as the construction of charging stations and battery swapping stations across the region, were delayed due to the COVID-19 pandemic.
Key market players in the GCC Electric Vehicle Market include:
- 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
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“The GCC Electric Vehicle Market is forecast to grow during the forecast period owing to the rising demand for electric vehicles due to various factors such as rising environmental concerns among people. Also, the government of several GCC countries have different plans to increase electric vehicle sales, such as the target of the Saudi Arabia government to ensure that 30% of the passenger cars on road are electric vehicles by 2030. Owing to these market opportunities various automotive manufacturers have started to launch new electric vehicles with different models for buyers in the different GCC countries. This is expected to increase the electric vehicle sales in the region, which will further drive the GCC electric vehicle market." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“GCC Electric Vehicle Market By Vehicle Type (Passenger Cars, Light Commercial Vehicles and Medium & Heavy Commercial Vehicles, Two-Wheeler, Off-the-Road), By Propulsion (HEV, BEV, 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,” has evaluated the future growth potential of GCC electric vehicle market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the GCC electric vehicle market.
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