Saudi Arabia Electric Vehicle Market is Projected to Grow at a CAGR of 53.5% from 2024-2030

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Saudi Arabia Electric Vehicle Market, The Saudi Arabia Electric Vehicle Market size is estimated to grow at a CAGR of around 53.5% during the forecast period, i.e., 2024–30. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight sustainable materials, rising demand for luxury customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Saudi Arabia Electric Vehicle Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook Forecasts:

Forecast Period: 2024-2030
CAGR (2024-2030): 53.5%

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Saudi Arabia Electric Vehicle Market Segmentation Breakdown:

The Saudi Arabia Electric Vehicle Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

By Vehicle Type
- Passenger Vehicles
- Two-Wheelers
- Commercial Vehicles
  - Trucks
    - LCV (Up to 4 Tons)
    - MHCV (4 to 8 Tons)
    - HCV (Above 8 Tons)
  - Buses

The Passenger Vehicles segment is projected to acquire a notable share of the Saudi Arabia Electric Vehicle Market during 2024-30.

By Power Source
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
By Battery Type
- Lithium-Ion Battery
- Lithium Titanate Oxide

Geographical Growth Insights:

By Region

Central
East
West
South

MarkNtel Advisors Highlights Key Market Drivers for Saudi Arabia Electric Vehicle Market:

Various Government Initiatives Toward Attaining Zero-carbon Emissions - The government of Saudi Arabia is introducing several programs and initiatives toward promoting green mobility across the country, as transportation plays a crucial role in reducing carbon footprints. The government is investing massively in establishing electrically-powered public transportation systems while encouraging consumers to shift toward EVs or natural gas/hydrogen-based vehicles. Hence, with rising fuel prices and rising concerns over environmental degradation, more more consumers are showing interest in EVs, which, consequently, would drive the Electric Vehicle Market in Saudi Arabia through 2030.

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A Comprehensive Analysis of Leading Companies in Saudi Arabia Electric Vehicle Market

Chevrolet
Renault Group
BMW AG
Canoo Inc. (GOEV)
Lucid Group
Nissan Motor Corporation
Ford Motor Company
Porsche Middle East Africa
Toyota Motor Corporation
Tacita
Tajeer Group (MG Motor Group)
Electromin
Caterpillar
Others

India Automotive Paints Coatings Market Recent Development:

January 2023: Canoo Inc. (GOEV)announced its partnership with GCC (General Contracting Company) Olayan for the sales, service, distribution of its EVs in Saudi Arabia. There are also plans to launch a JV and co-develop a “digital vehicle ecosystem” for local assembly EV manufacturing.
May 2022: Lucid Groupannounced its plans to establish its EV manufacturing facility in Jeddah, with a production capacity of 155,000 vehicles annually, which will be the company's first factory outside the US and initially serve the local market.

What are the Opportunity driving the Saudi Arabia Electric Vehicle Market?

Massive RD Investments by Automakers in Establishing Adequate EV Charging Infrastructure - In order to cater to the growing consumer inclination toward EVs, several companies are carrying out partnerships in establishing appropriate EV charging infrastructure and making massive RD investments in establishing innovations in both vehicles battery technologies. This is in line with Saudi Vision 2030, which aims to reduce its dependency on the oil gas sector and promote green mobility. Consequently, it will promote the adoption of EVs HEVs in the country and create new avenues for the Saudi Arabia Electric Vehicle Market to expand significantly in the coming years.

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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative quantitative research company, strive to deliver data to a substantial varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

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