Middle East Electric Vehicle Market (2022-2028) | Trends, Size, Share, Revenue, Analysis, Forecast, Value, Growth, Industry, Outlook & COVID-19 IMPACT

Market Forecast By Vehicle Types (Two-Wheeler, Passenger Vehicle, Bus, Trucks), By Countries (Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain) And by Competitive Landscape.

Product Code: ETC072115 Publication Date: Feb 2023 Product Type: Market Research Report
Publisher: 6Wresearch No. of Pages: 190 No. of Figures: 22 No. of Tables: 12

Middle East Electric Vehicle Market report comprehensively covers the market by vehicle types and by country. Middle East electric vehicle market report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Latest 2023 Development of the Middle East Electric Vehicle Market

Middle East Electric Vehicle Market is experiencing massive growth owing to several growth factors. Also, the market has accomplished various developments over the years such as the launch of the Green Vehicle initiative to encourage the use of electric vehicles and to reduce the carbon footprint. In addition, Saudi Arabia has also announced its plans to launch a pilot project for electric vehicles and to promote the use of electric vehicles in the country. Bahrain is also planning to increase the use of electric vehicles and has announced plans to install charging stations in the country. In Qatar, the Ministry of Energy and Industry has launched the National Energy Strategy which aims to increase the use of renewable energy sources. The country is also developing a network of electric vehicle charging stations.

The Middle East Electric Vehicle Association is a regional organization which aims to promote the use of electric vehicles in the Middle East and to encourage the development of electric vehicle technology. The charging infrastructure in the region is also being rapidly developed, with new charging stations to support the number of EVs on the road. There are also plans to establish cross-border charging networks to support long-distance travel by EVs.

Middle East Electric Vehicle Market Synopsis

Middle East electric vehicle market is at a nascent stage, the market witnessed minimum sales in the previous few years. However, the Middle East electric vehicle market is at a nascent stage, the market witnessed minimum sales in the previous few years due to the outbreak of the Covid-19 pandemic. Further, the industry is expected to propel in the forthcoming period as the region aims at becoming less dependent on the exploration and the trading of crude oil and focusing more on other energy sources, focusing more on the manufacturing sector. Hence, the future demand for electric vehicles is expected to be supplemented by local manufacturing units in the region.

Middle East Electric Vehicle Market Overview

According to 6Wresearch, the Middle East electric vehicle market size grew at a CAGR of 28.9% during 2022-2028. Oil is one of the country's key sources of revenue, however, new renewable energy and sustainable transportation technologies are aiding the country's economic growth. The government strategies of the Middle East countries intend to lessen dependency on oil and diversify the economy while implementing a variety of reforms. As a result, the push to increase electric car sales would elevate the demand for efficient charging systems thus, boosting the electric vehicle industry.

Market Analysis By Vehicle Types

Passenger cars dominated the Middle East electric vehicle market in terms of revenue and volume during the year 2021 and a similar trend is expected to continue in the forthcoming years. The industry is innovative and constantly growing due to changing mobility needs and concepts, increasing demand for eco-friendly and efficient transportation, and improving technology. In recent years, a number of OEMs announced their intention to enhance their footprint in the Middle East electric vehicle industry.

Middle East Electric Vehicle Market Revenue Share

Government Initiatives Introduced in the Middle East Electric Vehicle Market

Government has always played a vital role in the growth of the EV industry. The Middle East is no exception. Governments in the region are keen to promote renewable energy and reduce reliance on oil. As such, they are implementing various incentive schemes to promote the adoption of EVs. For instance, in the UAE, there is no VAT on EVs, and owners enjoy free parking, free tolls on highways, and free charging. These initiatives have improved the UAE Electric Vehicle Market share. Saudi Arabia has also announced tax exemptions, cash incentives for EV owners, and interest-free loans.

Key Players in the Middle East Electric Vehicle Market

The leading EV manufacturers that have ventured into the Middle East market are Tesla, Nissan, Toyota, and Renault. Further, some of the main companies grasp considerable Middle East Electric Vehicle Market share. Tesla recently extended its presence in the UAE with their new headquarters. The Renault-Nissan alliance has collaborated with different organizations, including the Dubai Electricity and Water Authority (DEWA), to promote and develop the electric vehicle market.

Market by Propulsion Type

According to Ravi Bhandari, Research Head, 6Wresearch, battery electric vehicles have been slowly gaining popularity in the region, with manufacturers like Tesla, Nissan and BMW leading the way. The charging infrastructure for BEVs is still not up to par when compared to other parts of the world, but significant investments are being made in this area. The UAE, for example, plans to install over 600 charging stations in the next few years. The obstacles that BEVs face in the Middle East include the hot climate and the long distances between cities, resulting in range anxiety among consumers. However, these issues are being addressed, and the growth of BEVs in the Middle East is expected to continue in the coming years. Additionally, plug-in hybrid electric vehicles have become a popular choice in the Middle East because of the long distances between cities. PHEVs have a small battery that can be charged as well as an internal combustion engine, which means that drivers can switch to gasoline when the battery runs out. This makes PHEVs an attractive option for consumers who need to travel long distances but still want to reduce their carbon footprint. Popular PHEVs in the Middle East include the range of BMW iPerformance vehicles, Volvo XC90, and the Mitsubishi Outlander PHEV.

Key Attractiveness of the Report

  • COVID-19 Impact on the Market.
  • 6 Years Market Numbers.
  • Estimated Data Starting from 2022F to 2028F.
  • Base Year: 2021
  • Forecast Data until 2028F.
  • Key Performance Indicators Impacting the Market.
  • Major Upcoming Developments and Projects.

Key Highlights of the Report

  • Middle East Electric Vehicle Market Overview
  • Middle East Electric Vehicle Market Outlook
  • Middle East Electric Vehicle Market Forecast
  • Historical Data and Forecast Middle East Electric Vehicle Market Revenues and Volume for the Period 2018-2028F
  • Historical Data and Forecast of Middle East Electric Vehicle Market Revenues and Volume, By Vehicle Types, for the Period 2018-2028F
  • Historical Data and Forecast of Middle East Electric Vehicle Market Revenues and Volume, By Countries, for the Period 2018-2028F
  • Market Drivers and Restraints
  • Industry Life Cycle
  • Porter’s Five Force Analysis
  • Impact Analysis of COVID-19
  • Market Trends
  • Middle East Vehicle Market Revenue Ranking, By Companies
  • Competitive Benchmarking
  • Company Profiles
  • Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Vehicle Types

  • Passenger Cars
  • Two Wheelers
  • Buses
  • Trucks

By Countries

  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • Oman
  • Bahrain
Middle East Electric Vehicle Market: FAQs
UAE, Saudi Arabia, and Turkey have the highest demand for electric vehicles in the Middle East.
The major factors driving the growth of the electric vehicle market are supportive government policies, increasing awareness about the benefits of electric vehicles, and the growing demand for sustainable vehicles.
Lack of charging infrastructure, high costs, and limited access to financing options are some of the challenges faced by the market.
The future prospects for the electric vehicle market in the Middle East are very promising, with a growing demand for sustainable and environmentally-friendly vehicles and increasing investment in the sector.
Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com
1. Executive Summary
2. Introduction
2.1 Report Description
2.2 Key Highlights of the Report
2.3Market Scope and Segmentation
2.4 Research Methodology
2.5 Assumptions
3. Middle East Electric Vehicle Market Overview
3.1 Middle East Electric Vehicle Market Revenues and Volume (2018-2028F)
3.2 Middle East Electric Vehicle Market Industry Life Cycle
3.3 Middle East Electric Vehicle Market Porter’s Five Forces Model
3.4 Middle East Electric Vehicle Market Revenue and Volume Share, By Vehicle Types (2021E & 2028F)
3.5 Middle East Electric Vehicle Market Revenue Share, By Countries (2021E & 2028F)
4. Impact Analysis of COVID-19 on Middle East Electric Vehicle Market
5. Middle East Electric Vehicle Market Dynamics
5.1 Impact Analysis
5.2 Market Drivers
5.3 Market Restraints
6. Middle East Electric Vehicle Market Trends & Evolution
7. Middle East Electric Vehicle Market Overview
7.1 Middle East Electric Vehicle Market Revenues and Volume (2018-2028F)
7.2 Middle East Electric Vehicle Market Revenue and Volume Share, By Vehicle Types (2021E & 2028F)
7.3 Middle East Electric Vehicle Market Revenues and Volume, By Vehicle Types (2018-2028F)
7.3.1 Middle East Electric Vehicle Market Revenues and Volume, By Passenger Cars (2018-2028F)
7.3.2 Middle East Electric Vehicle Market Revenues and Volume, By Commercial Vehicles (2018-2028F)
7.3.3 Middle East Electric Vehicle Market Revenues and Volume, By Two Wheelers (2018-2028F)
7.4 Middle East Electric Vehicle Market - Key Performance Indicators
7.5 Middle East Electric Vehicle Market - Opportunity Assessment
7.6 Middle East Electric Vehicle Market Revenue Share/Ranking, By Companies (2021E)
8. Middle East Electric Vehicle Market - Price Trend Analysis
9. Middle East Electric Vehicle Market Competitive Landscape
9.1 Middle East Electric Vehicle Market Competitive Benchmarking, By Operating Parameters
9.2 Middle East Electric Vehicle Market Competitive Benchmarking, By Countries
10. Company Profiles
10.1 Nissan Motor Co, Ltd.
10.2 Tesla, Inc.
10.3 Hyundai Motor Company
10.4 Toyota Motor Corporation
10.5 The Volkswagen AG
10.6 General Motors Company
10.7 Lucid Group, Inc.,
10.8 Zhengzhou Yutong Bus Co. Ltd.
10.9 BMW Group
10.10 MG Motors
11. Key Strategic Recommendations
12. Disclaimer
List of Figures
1. Middle East Electric Vehicle Market Revenues and Volume, 2018-2028F ($ Million, Units)
2. Middle East Electric Vehicle Market Revenue Share, By Vehicle Types, 2021E & 2028F
3. Middle East Electric Vehicle Market Volume Share, By Vehicle Types, 2021E & 2028F`
4. Middle East Electric Vehicle Market Revenue Share, By Countries, 2021E & 2028F
5. GDP Share of Oil and Gas Sector in the Middle East, 2020
6. PM2.5 concentration in Middle East countries, 2020
7. Electric car battery prices, 2010-2025F, USD/kWh
8. Middle East Electric Vehicle Market Revenues and Volume, 2018-2028F ($ Million, Units)
9. Middle East Electric Vehicle Market Revenues and Volume, 2018-2028F ($ Million, Units)
10. Middle East Electric Vehicle Market Volume Share, By Vehicle Types, 2021E & 2028F
11. Total Imports of Motor Vehicles in the Middle East, 2017-2020 ($ Thousand)
12. Distribution of EV Connectors in 2021
13. Middle East Electric Vehicle Market Opportunity Assessment, By Vehicle Types, 2028F
14. Middle East Electric Vehicle Market Revenue Ranking, By Companies, 2021E
15. Saudi Arabia Electric Vehicle Market Price Trend Analysis, By Vehicle Types($), 2018-2028F
16. UAE Electric Vehicle Market Price Trend Analysis, By Vehicle Types($), 2018-2028F
17. Qatar Electric Vehicle Market Price Trend Analysis, By Vehicle Types, 2018-2028F
18. Kuwait Electric Vehicle Market Price Trend Analysis, By Vehicle Types, 2018-2028F
19. Oman Electric Vehicle Market Price Trend Analysis, By Vehicle Types, 2018-2028F
20. Bahrain Electric Vehicle Market Price Trend Analysis, By Vehicle Types, 2018-2028F
List of Tables
1. Emission targets and carbon emissions by Middle East countries in 2020
2. Fuel prices in different countries, 2021
3. Middle East Electric Vehicle Market Revenues, By Vehicle Types, 2018-2028F ($ Million)
4. Middle East Electric Vehicle Market Volume, By Vehicle Types, 2018-2028F (Units)
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