Saudi Arabia Electric Vehicle Market Research Report 2022-2027

Posted by arshiyashaikh on August 11th, 2022

Saudi Arabia Electric Vehicle Market is projected to register growth at a significant rate during the forecast period, 2023-2027. The market growth can be attributed to the government's increasing focus on the adoption of renewable energy and the rise in efforts to reduce dependency on the oil & gas industry. The Kingdom of Saudi Arabia plans to achieve net-zero emissions by 2060 while maintaining its leadership position in the oil and gas industry. Furthermore, the thriving transportation and logistics industry due to ongoing commercial and trade activities and consumers' growing preference for private vehicle ownership are expected to boost demand for Saudi Arabia's electric vehicle market.

The Saudi Arabia electric vehicle market is segmented on the basis of 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. The passenger car segment is expected to dominate Saudi Arabia electric vehicle market, owing to the strong government support for passenger EVs in the country and stringent emission regulations.

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