Press Release

Various Government Efforts toward Generating Renewable Energy to Drive the Electric Vehicle Market in Saudi Arabia

The Saudi Arabia Electric Vehicle Market is set to record a remarkable CAGR of around 53.5% during 2024-30, reveals MarkNtel Advisors in their recent research report. The growing focus of the Saudi government on generating renewable energy to reduce the ever-increasing pollution & emission levels due to the massive use of fossil fuels, along with various government efforts toward diversifying the economy away from oil & gas, are the prime aspects projected to drive the market in the forecast years. The country has announced its target to attain carbon-neutral by 2060 and has also developed its first Nationally Determined Contribution (NDC) under the Paris Agreement.

As cited in one of the objectives of Saudi Vision 2030, National Industrial Development Center (NIDC) has plans to attract massive funding from automotive OEMs into the country, which, as a result, would propel EV production & sales in the coming years. Several companies are collaborating and signing agreements, whereas massive investments in EV production & the expansion of the charging infrastructure are likely in the country over the coming years, which, consequently, would stimulate the growth of the market, further states the research report, "Saudi Arabia Electric Vehicle Market Analysis, 2024."

Passenger Vehicles to Acquire a Prominent Share of the EV Industry in Saudi Arabia

Based on vehicle type, the market is bifurcated into Passenger Vehicles, Two-Wheelers, and Commercial Vehicles. Ever-increasing investments by the Saudi government in reducing carbon emissions, rising environmental concerns among the people, increasing disposable income, growing working population, etc., are the key aspects influencing the demand for passenger electric vehicles.

Competitive Landscape

The major companies in the Saudi Arabia Electric Vehicle Market are 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, and Caterpillar.

Key Questions Answered in the Research Report:

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various countries?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?