Saudi Arabia Electric Vehicle Market to be dominated by Passenger Car through 2027
High foreign direct investments for development of electric
vehicle and growing adoption of electric vehicles for commercial purpose are
driving the demand of Saudi Arabia electric vehicle market in the forecast
period, 2023-2027.
According
to TechSci Research report, “Saudi Arabia Electric Vehicle Market By Vehicle Type (Two-Wheeler,
Passenger Car, LCV, M&HCV, OTR), By Propulsion (BEV, HEV, PHEV, FCEV), By
Range (0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, Above 400
Miles), By Battery Capacity (<50 kWh, 51–100 kWh, 101–200 kWh, 201-300 kWh,
Above 300 kWh), By Region, Competition Forecast & Opportunities, 2027”,
the Saudi Arabia electric vehicle market is expected to witness an impressive
CAGR in the forecast period, 2023-2027. Increasing demand for low emission
commuting and government support for long-range zero-emission vehicles and
high-end investments by market players and leading authorities are expected to
drive the Saudi Arabia electric vehicle market.
Saudi
Arabia is transforming its electricity sector to meet the growing energy
requirements and reduce the expenditure on energy subsidies as diversifying its
economy to support the objective of Saudi Vision 2030 and the National
Transformation Program. The Kingdom of Saudi Arabia is working on the objective
to move away from the system working on the conventional sources of energy and
find alternative sources of energy.
Fluctuating
crude oil prices and the growing environmental concerns are expected to fuel
the adoption of electric vehicles among consumers. The electric vehicle offers
several benefits over traditional vehicles as they are less noise-producing
vehicles than gasoline vehicles and have lower fuel & maintenance costs.
Electric cars are smooth to drive and deliver excellent torque. There is no
transmission belt that can get damaged and electric vehicles have fewer moving
parts while moving than conventional vehicles.
However,
the low presence of electric vehicle stations and high initial investment costs
may restrain the Saudi Arabia electric vehicle market growth for the forecast
period.
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The
Saudi Arabia electric vehicle market is segmented into vehicle type,
propulsion, range, battery capacity, regional distribution, and competitive
landscape.
Based
on vehicle type, the market is divided into two-wheeler, passenger car, LCV,
M&HCV, and OTR. Passenger cars are expected to capture the largest market
share in the forecast period, 2023-2027. Stringent emission norms set up by the
government and the growing per capita income of consumers enable them to afford
electric passenger cars. Also, rapid urbanization and
Based
on propulsion, the market is divided into BEV, HEV, PHEV, and FCEV. The HEV
segment is expected to dominate the Saudi Arabia electric vehicle market in the
next five years. Increasing concerns for emissions reduction and the reduction
in battery costs are expected to drive the demand for hybrid electric vehicles
across the globe. HEV offers a dual option to passengers as it supports both
conventional fuel and electric driving. The growing awareness about the
benefits of using electric vehicles in the country and the option to switch through
the fuel according to requirements are bolstering the sales of hybrid electric
vehicles through the forecast period.
Based
on battery capacity, the market is divided into <50 kWh, 51–100 kWh, 101–200
kWh, 201-300 kWh, and above 300 kWh. The 101–200 kWh segment is expected to
account for a significant market share in the forecast period due to the
increasing adoption of electric vehicles for public transportation and
commercial purpose. The strong economic conditions of Saudi Arabia and the
flourishing e-commerce industry are expected to fuel the demand for commercial
electric vehicles.
Major
market players operating in Saudi Arabia electric vehicle market are:
·
Lucid
Group, Inc.
·
Kia
Corporation
·
General
Motors Company
·
Tesla
Inc.
·
Rivian
Automotive, Inc.
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“Stringent government regulation and
policies towards vehicle emission and the growing demand for low-emission,
fuel-efficient, and high-performance electric vehicles is acting as a positive
factor for Saudi Arabia electric vehicle market. The rise in investments by the
leading authorities for research and development activities to increase the
battery capacity and find lightweight materials for electric vehicles is
expected to pave the way for market growth. Also, the growing focus of market
players on the development of self-driving cars and the integration of
electronic components to increase the performance efficiency of electric
vehicles is expected to propel the Saudi Arabia electric vehicle market growth
till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Saudi Arabia Electric
Vehicle Market By Vehicle Type (Two-Wheeler, Passenger Car, LCV, M&HCV,
OTR), By Propulsion (BEV, HEV, PHEV, FCEV), By Range (0-50 Miles, 51-150 Miles,
151-200 Miles, 201-400 Miles, Above 400 Miles), By Battery Capacity (<50
kWh, 51–100 kWh, 101–200 kWh, 201-300 kWh, Above 300 kWh), By Region,
Competition Forecast & Opportunities, 2027”, has evaluated the future
growth potential of Saudi Arabia electric vehicle market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Saudi Arabia electric vehicle market.
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