Press Release

GCC Electric Vehicle Market to Witness an Exponential Growth During 2023-28

GCC Electric Vehicle Market is predicted to grow at an exponential rate through 2028, says MarkNtel Advisors in their research report. The prime factor influencing the market growth is the member countries investing substantially in the infrastructure for the bulk production of Electric Vehicles (EVs) & their charging stations around the region.

Besides, the increased focus of these countries on renewable energy and clean transportation technologies, coupled with the implementation of economic & energy diversification plans, shall also boost the market size in the coming years.

Moreover, the introduction of several policies by Qatar & UAE to promote sustainable transportation through Green Mobility and reduce the carbon footprints is another crucial aspect expected to augment the market growth during 2023-28, further states the research report, "GCC Electric Vehicle Market Analysis, 2023."

Increased Focus on Electrification of Public Infrastructure Projected to Fuel the Demand for Commercial EVs

The GCC Electric Vehicle Market, based on Vehicle Type, segments into:

• Passenger Electric Vehicle
• Commercial Electric Vehicle

Of both, Commercial Electric Vehicles are expecting more demand & sales across GCC countries during 2023-28 owing to the increased emphasis of the government of member countries on the electrification of public transportation.

In Qatar, the Ministry of Transportation & Communication (MOTC) is actively coordinating with various government entities & private companies to install EV charging stations and provide no-cost charging facilities, respectively, at locations specified by the ministry.

Furthermore, the country is also planning to transform its entire public transportation infrastructure by introducing environmentally-friendly vehicles and making 25% of its public transportation to electric energy by 2022 and 100%, by 2030 in line with QPTP (Qatar Public Transportation Plan).

Various Green Mobility Initiatives to Encourage EV Adoption Across UAE During 2023-28

According to the market study, the GCC Electric Vehicle Market expands across:

• UAE
• Saudi Arabia
• Bahrain
• Kuwait
• Qatar
• Oman

Of them all, UAE, with more than 300 EV charging stations, is witnessing a rapid inclination of consumers toward EVs, owing to the various incentives offered by banks, auto dealers, and the government to EV buyers.

To encourage EV adoption, Dubai Electricity & Water Authority (DEWA) has set a flat tariff of 29 Fils a kilowatt-hour (kWh) for EV charging at their charging stations. The same is free till 31st December 2023, only for non-commercial EV owners registered under EV Green Charger Initiative.

Moreover, various government initiatives toward reducing oil dependency, diversifying economic resources, encouraging Green Mobility, and, in turn, reducing carbon footprints would further augment EV sales in the country during 2023-28, reveals MarkNtel Advisors in their research report, "GCC Electric Vehicle Market Analysis, 2023."

Key Market Competitors:

According to MarkNtel Advisors, the leading players in the GCC Electric Vehicle Market are Tesla, Inc., Nissan Motor Company, Ltd., Hyundai Motor Company, Volkswagen Motor Company LTM, General Motors Company, Groupe Renault.

Key Questions Answered in the Study

1. What are the current & future trends in the GCC Electric Vehicle Market?
2. How has the industry been evolving in terms of geography & service adoption?
3. How has the competition been shaping across the GCC region, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the GCC Electric Vehicle Market?
5. What are the customer orientation, purchase behavior, and expectations from EV manufacturers across the GCC region?

Market Segmentation:

1. By Vehicle Type (Passenger Electric Vehicle, Commercial Electric Vehicle)
2. By Power Source (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV))
3. By Country (UAE, Saudi Arabia, Bahrain, Kuwait, Qatar, Oman)