Kuwait Electric Vehicle Market Research Report: Forecast (2023-2028)

Market Definition

With climate change and rising pollution levels, the impact of global warming on the environment is getting severe and is instigating the need for clean & renewables-based transportation. Fossil fuel-based vehicles are likely to become obsolete as more & more people adopt EVs (Electric Vehicles) in the future. Governments of different countries, including Oman, are taking several initiatives toward promoting green mobility to mitigate climate change, reduce GHG emissions, and allow the country to achieve its zero-carbon goals.

Market Insights & Analysis: Kuwait Electric Vehicle Market (2023-28)

The Kuwait Electric Vehicle Market is expected to grow at a considerable CAGR during the forecast period, i.e., 2023-28. The growth of the market is projected to be propelled by the improving purchase power of Kuwaiti people & their ever-growing inclination toward private ownership of vehicles, coupled with the growing government focus on expanding the non-oil sectors, reducing GHG emissions, & improving air quality in the country.

In addition, Kuwait Port Authority (KPA) has approved the plan for the development of 'EV City,' specifically designed to attract & cater to the needs of EV manufacturers. This plan that intends to attract foreign investments by EV manufacturers in the Kuwait market is in line with Kuwait Vision 2035, which aims for economic diversification away from the oil & gas sector while also reinforcing the country's position as a financial & commercial hub.

Moreover, the completion of preparing a regulation for providing electric car chargers to customers and increasing locations of charging points in different areas of Kuwait, especially in government & commercial buildings, while considering the technical & climate conditions, is another huge step toward expanding the electric vehicle market size in the coming years.

Hence, the overall market is in a great development phase as several customers have switched to electric cars. The shift towards electric mobility to promote the use of clean & renewable energy in the transportation sector in order to reduce carbon footprints is in line with Kuwait Vision 2035 is a prominent trend, which would enable the country to achieve a cleaner & sustainable environment.

Market Dynamics

Key Driver: Government Efforts toward Promoting Green Mobility to Reduce Carbon Emissions

The active government focus on reducing GHG emissions, improving air quality, & minimizing the consumption of fossil fuels, coupled with the Kuwait Vision 2035, which focuses on economic diversification and promoting the use of renewable & clean energy, i.e., generating opportunities for foreign EV manufacturers to invest in the country, are the prime aspects projected to drive the Kuwait Electric Vehicle Market during 2023-28.

Growth Restraint: Lack of Adequate Government Policies & Plans and Fewer EV Charging Stations

The inadequate EV charging infrastructure and the lack of government plans, policies, & initiatives to raise consumer awareness of the benefits of EVs for environmental preservation by implementing sustainable mobility and discouraging the use of fossil fuel-driven vehicles are the major growth restraints for the Kuwait Electric Vehicle Market.

Market Segmentation

Based on Vehicle Type:

• Two Wheelers
• Passenger Vehicles
• Commercial Vehicles

Of them all, commercial vehicles are projected to attain a notable share of the Kuwait Electric Vehicle Market during 2023-28. It owes to massive government investments in infrastructural developments, which are leading to several commercial, residential, & industrial construction activities across the country. As a result, there are ever-growing requirements for different types of construction equipment, which, in turn, would augment the demand for electric vehicles across the commercial sector in Kuwait over the coming years. In addition, several construction projects like Jahra Road Development, Kuwait International Airport Expansion, Kuwait National Railroad, and Kuwait National Rail Network Expansion, among others, are also projected to accelerate the demand for commercial electric vehicles in the country through 2028.

Recent Development in the Kuwait Electric Vehicle Market

• In November 2021, Kuwait Automotive Imports Company, Kaico Al Shaya & Al Sagar, the authorized distributors of Mazda cars in Kuwait, announced the arrival of the first all-electric vehicle Mazda EV, MX 30, in the country, which combines all the benefits of Mazda’s electrification technology with a rotary generator to charge the battery, which promises to provide enhanced driving range & experience.

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