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

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 2024 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 charging infrastructure in the region is also being rapidly developed, with new charging stations to support the number of EVs on the road. There is a plan to establish cross-border charging networks to support long-distance travel by EVs.

Middle East Electric Vehicle Market Synopsis

Middle East Vehicle market witnessed steady growth during 2021 owing to government efforts of the Middle East countries to reduce the dependence on oil and facilitate the adoption of electric vehicles to reduce automobile emissions for meeting net zero targets set by the Middle East countries. Owing to COVID-19-led restrictions among the trade partner countries and a fall in fuel demand as well as prices around the world, the Middle Eastern countries witnessed the need for the development of the manufacturing sector and diversification of their economy. Hence, manufacturing, electric mobility and renewable energy in the Middle East are expected to gain momentum in the upcoming years. The market is estimated to experience improved demand for electric cars from the passenger vehicles segment owing to a high preference for luxury cars offered by brands such as Tesla, Lucid, BMW, among others. Government projects and policies are also affecting electric vehicle market’s growth and are estimated to upkeep the growth over the near future. 

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.

Market Segmentation by Countries

By countries, UAE garnered the highest share in the Middle East Electric vehicle market majorly owing to incentive schemes such as free charging facilities and free of cost parking in regions such as Dubai and Abu Dhabi. On account of the presence of all major brands such as Tesla, BMW, Volkswagen, and General Motors, among others and the high preference for expensive automobiles driven by high-income of individuals is also expected to drive the future growth of the UAE electric vehicle market.

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
• Commercial Vehicles

By Countries

• Saudi Arabia
• UAE
• Qatar
• Kuwait
• Oman
• Bahrain