Saudi Arabia Electric Vehicle Market Size & Insights

The  Saudi Arabia Electric Vehicle Market is expected to grow at an impressive CAGR of around 53.5% during the forecast period, i.e., 2024-30. Currently, the industry is in the nascent stage, and a significant expansion is likely to be witnessed in the forthcoming years, which owes to the increasing government focus on renewable energy production to reduce the rising pollution & emission levels on account of the burgeoning consumption of fossil fuels, coupled with various efforts toward diversifying the economy away from the oil & gas sector by investing in other industries. Saudi Arabia has announced its target to attain net-zero emissions by 2060 and developed its first NDC (Nationally Determined Contribution) under the Paris Agreement.

What are the Key DROs in the 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.

What are the Key Segments in the Saudi Arabia Electric Vehicle Market?

The Saudi Arabia Electric Vehicle Market is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

• 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.

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• 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

How does geographical analysis highlight in the Saudi Arabia Electric Vehicle market?

By Region

• Central
• East
• West
• South

Who are the Key Players 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

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Saudi Arabia Electric Vehicle Market News

• 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 Group announced 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.

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Why This MarkNtel Advisors Research Report:

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• Risk Identification: Pinpoint challenges to inform strategic planning.
• Future Forecasts: Prepare for market changes with actionable projections.

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