Saudi Arabia Electric Vehicle Market Growth Analysis: Key Drivers and Industry Trends from 2024 to 2030

Posted by Akio Komatsu on January 10th, 2025

Market Overview: Saudi Arabia Electric Vehicle Market FY2024-2030

This reports provides an essential and dependable overview of the Saudi Arabia Electric Vehicle Market, serving as a guide for stakeholders navigating the industry's future trajectory. It covers critical aspects, guiding through challenges and opportunities, shedding light on the market landscape, key insights, driving forces, major competitors, regulatory framework, potential growth, ongoing trends, supply chain dynamics, evolving policies, segments and prominent players.

Saudi Arabia Electric Vehicle Market Report Coverage Details:

  • Base Year: 2023
  • Historical Data: 2019-22
  • Forecast Period: 2024-2030
  • CAGR: 53.5% (2024-2030)

The Saudi Arabia Electric Vehicle Market is expected to grow at an impressive CAGR of around 53.5% during the forecast period, i.e., 2024-30.

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Saudi Arabia Electric Vehicle Market Opportunity:

Massive R&D Investments by Automakers in Establishing Adequate EV Charging Infrastructure - In order to cater to the growing consumer inclination toward EVs, several companies are carrying out partnerships in establishing appropriate EV charging infrastructure and making massive R&D investments in establishing innovations in both vehicles & battery technologies. This is in line with Saudi Vision 2030, which aims to reduce its dependency on the oil & gas sector and promote green mobility. Consequently, it will promote the adoption of EVs & HEVs in the country and create new avenues for the Saudi Arabia Electric Vehicle Market to expand significantly in the coming years.

Saudi Arabia Electric Vehicle Market Segmentation Analysis – FY2024-2030

Discover a comprehensive evaluation of every segment and its subdivisions, allowing our clients to gain a deep understanding of the Saudi Arabia Electric Vehicle Market (2024-2030). We prioritize uncovering the pivotal factors that presently drive and will shape the industry's growth moving forward. Our goal is to empower our esteemed clients by optimizing their end-user positioning and revenue generation through a thorough analysis of market size, share and all the latest market scope across diverse segmentation categories.

The Saudi Arabia Electric Vehicle Market segmentation is enlisted below:

By Vehicle Type

  • Passenger Vehicles
  • Two-Wheelers
  • Commercial Vehicles
    • Trucks
      • LCV (Up to 4 Tons)
      • MHCV (4 to 8 Tons)
      • HCV (Above 8 Tons)
    • Buses

By Power Source

  • Battery Electric Vehicle (BEV)
  • Plug-In Hybrid Electric Vehicle (PHEV)
  • Hybrid Electric Vehicle (HEV)

By Battery Type

  • Lithium-Ion Battery
  • Lithium Titanate Oxide

By Region

  • Central
  • East
  • West
  • South

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Saudi Arabia Electric Vehicle Market Competitive Landscape

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, Caterpillar, Others.

Saudi Arabia Electric Vehicle Industry News:

  • January 2023: Canoo Inc. (GOEV) announced its partnership with GCC (General Contracting Company) Olayan for the sales, service, & distribution of its EVs in Saudi Arabia. There are also plans to launch a JV and co-develop a “digital vehicle ecosystem” for local assembly & EV manufacturing.

Key Report Highlights   

  • Market Dimensions & Projections
  • Pricing Evaluation,
  • Recent Strategic Moves by Companies,
  • Primary Stakeholders,
  • Analysis of Import and Export Trends,
  • Competitive Landscape Assessment,
  • Emerging Opportunities,
  • Market Trends and Indicators

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Akio Komatsu

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Akio Komatsu
Joined: August 6th, 2024
Articles Posted: 406

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