Saudi Arabia EV Charging Infrastructure Market
Saudi Arabia EV Charging Infrastructure Market Size Booming to Reach 472.6 million by 2028
Published | 08 November 2022
Saudi Arabia EV Charging Infrastructure Market is flourishing because of an increasing government initiative for EV charging infrastructure, rising environmental awareness, rise in disposable income, and increased electric vehicle production and sales.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Saudi Arabia EV Charging Infrastructure Market size to reach USD 472.6 million by 2028. During the forecast period between 2022 and 2028, BlueWeave projects Saudi Arabia EV Charging Infrastructure Market size to grow at a significant CAGR of 12.4%. The expansion of Saudi Arabia EV charging infrastructure market is driven by rising EV adoption and favorable government policies. Other factors driving the growth of the Saudi Arabia EV charging infrastructure market include an increase in market key players’ investments in the construction of EV charging infrastructure, as well as technology advancements in EV charging infrastructure. To minimize its reliance on the oil and gas industry, the Saudi Arabia government is investing in other revenue streams and supporting the expansion of other vital industrial verticals. Furthermore, the government is taking steps to increase consumer adoption of EV and to promote a more sustainable environment. For example, the National Industrial Development Center (NIDC) hopes to attract three to four original equipment manufacturers to expedite the country's manufacturing of EVs. However, the inconsistency of charging standards and primitive power grid infrastructure are anticipated to limit the growth of Saudi Arabia EV charging infrastructure market.
Saudi Arabia EV Charging Infrastructure Market – Overview
Electric vehicle charging stations, also known as EV charging stations, ECS (electronic charging stations), and EVSE (electric vehicle supply equipment), provide electrical power for the energy recovery of plug-in EVs, such as electric cars, neighborhood electric vehicles, and plug-in hybrids. The growing popularity of EVs has accentuated the significance of charging infrastructure development. Major EV markets, such as China, the United States, and Germany, are investing heavily in R&D to develop easier and more efficient EV charging techniques.
Saudi Arabia EV Charging Infrastructure Market - By Vehicle Type
Based on vehicle type, Saudi Arabia EV charging infrastructure market is segmented into Two-Wheeler, Passenger Car, and Commercial Vehicles. The passenger car segment is expected to hold the highest share in the market as evolving customer preference for investing in the purchase of EVs over traditional vehicles as well as private vehicle ownership.
Impact of COVID-19 on Saudi Arabia EV Charging Infrastructure Market
COVID-19 pandemic had a detrimental effect on EV charging infrastructure market, because of the disruption in the supply chain. Vehicle immobility also had an impact on the transportation sector. However, with the relaxation of lockdown regulations and vaccination processes in 2021, EV sales in the country have regained momentum, fostering a favorable ecosystem for Saudi Arabia EV charging infrastructure market. Furthermore, the infrastructure readiness and high disposable income of the population in Saudi Arabia provide ample opportunities for the government to integrate a resilient charging infrastructure that enables electric mobility in the country. The COVID-19 pandemic had a mostly neutral impact on Saudi Arabia EV charging infrastructure market.
Saudi Arabia EV Charging Infrastructure Market is fiercely competitive. Prominent players in the market include Electromaps S.L., Schneider Electric Saudi Arabia, NEC Saudi Arabia Ltd., ABB Ltd., CATEC Mobility, Delta Electronics, Tesla, Inc., and Tritium. To further enhance their market share, these players are primarily focused on the development of innovative and efficient products, new product releases, market initiatives, mergers and acquisitions, and other collaborative activities.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Saudi Arabia EV Charging Infrastructure Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia EV Charging Infrastructure Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting (BWC) provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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