Press Release

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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