Saudi Arabia Electric Vehicle Market to Grow at a Steady rate during 2022-2028
Published | 06 June 2022
Saudi Arabia Electric Vehicle Market is growing at a steady rate owing to the affordable eco-friendly transportation and technological advancement along with the favorable government support…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that Saudi Arabia Electric Vehicle Market is estimated to grow at a CAGR of 32.5% by the end of 2028. The lucrative growth of Saudi Arabia Electric Vehicle Market is attributed to the growing adoption of used electric cars in the booming logistics and passenger transport sector. Also, the government projects and policies are affecting the electric vehicle market’s growth and are estimated to upkeep the growth over the near future. Furthermore, Saudi Arabia has set a goal of achieving net-zero carbon emissions by 2060 through a ‘circular carbon economy approach’ compatible with the kingdom’s development and diversification plans. This results in offering lucrative opportunity for the market growth. However, Saudi Arabia Electric Vehicle Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies like the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others.
Based on vehicle type, the Saudi Arabia Electric Vehicle Market is categorized into Passenger Vehicles and Commercial Vehicles. The commercial vehicle segment holds the largest market share owing to the increasing use of commercial vehicles in the logistics and transportation sectors. Also, the flourishing small and medium-sized enterprises are generating huge demand for commercial vehicles in the country. Based on the drive type, the Saudi Arabia Electric Vehicle Market is fragmented into plug-in hybrid and pure electric. The plug-in hybrid electric vehicle accounts for the largest share in the Saudi Arabia Electric Vehicle Market due to the limited presence of charging infrastructure in Saudi Arabia. Therefore, most electric car owners opt for this propulsion technology to run on both batteries as well as conventional fuel. Moreover, the pure electric vehicle segment is expected to dominate the market during the forecast period.
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Geographically, the Saudi Arabia Electric Vehicle Market is segmented into Northern and Central, Southern, Eastern, and Western. The Northern and Central region is expected to dominate the Saudi Arabia Electric Vehicle Market. As Saudi Arabia is aiming to have 30% of electric cars in its capital Riyadh. Further, supporting the growth of the Saudi Arabia Electric Vehicle Market during the forecast period (2022-2028). The Saudi Arabia Electric Vehicle Market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. The complete lockdown imposed by the Saudi Arabian government affected all the industries in the market. This resulted in huge losses to the overall market. Furthermore, the declining disposable income of consumers and halting of charging point infrastructure establishing activities also hindered the growth of the Saudi Arabia Electric Vehicle Market.
The leading market players in Saudi Arabia Electric Vehicle Market are Tesla Motors Inc, Volkswagen AG, Toyota Motor Corporation, Nissan Motor Co. Ltd, Geely, Honda Motor Company Ltd, General Motors Group, Hyundai Kia Automotive Group, and other prominent players. The market is highly consolidated and dominated by multinational car manufacturers including Tesla Motors Inc, Volkswagen AG, Toyota Motor Corporation, etc. However, with increasing demand for electric vehicles, several EV startups are also emerging with significant growth potential in the market. The companies constantly launch new vehicle models and their upgraded versions with advanced features to attract buyers and gain a competitive edge. They also adopt competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., to stay ahead in the market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics on Saudi Arabia Electric Vehicle Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia Electric Vehicle Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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