Saudi Arabia Electric Vehicle Market Outlook (2021-2027) | Size, Industry, Growth, Forecast, Analysis, Revenue, Share, Outlook & COVID-19 IMPACT

Market Forecast By Vehicle Types (Two-Wheeler, Passenger Vehicle, Bus, Trucks), By Regions (Western, Southern, Eastern, Central), And Competitive Landscape.

Product Code: ETC001631 Publication Date: Jul 2022 Product Type: Report
Publisher: 6Wresearch No. of Pages: 70 No. of Figures: 13 No. of Tables: 3

Saudi Arabia Electric Vehicle Market report comprehensively covers the market by vehicle types and regions. Saudi Arabia electric vehicle market report provides an unbiased and detailed analysis of the on-going 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.

Saudi Arabia Electric Vehicle Market Synopsis

Saudi Arabia electric vehicle revenues witnessed a steady growth during 2018-19 owing to the lift of the ban on the imports of electric vehicles however encountered a decline in 2020 owing to the outbreak of Covid-19. The sudden outbreak of the Covid-19 pandemic resulted in supply chain disruptions in 2020 which affected the sales of automobiles including electric cars in Saudi Arabia.

In addition, the initiation of EV penetration in KSA enables it to be on a track to diversifying its economy by decreasing its dependence on oil. Saudi Arabia electric vehicle market trends would witness improved demand for electric cars from the booming logistics and passenger transport sector. Government projects and policies are also affecting the electric vehicle market’s growth and are estimated to upkeep the growth over the near future.

The growing efforts taken by the government to reduce carbon emissions coupled with rising environmental concerns are adding to the Saudi Arabia Electric Vehicle Market. Moreover, increasing awareness regarding storage solutions is one of the key factors contributing to the development of the Electric Vehicle industry in Saudi Arabia

According to 6Wresearch, Saudi Arabia electric vehicle market size is projected to grow at a CAGR of 42.5% during 2021-2027. Saudi Arabia electric vehicle market is expected to be robust owing to the government’s focus on renewable energy and shift towards lower dependence on an oil-based economy along with the increased standard of living are the primary reasons contributing to the rising demand for electric vehicles. The country has signed a memorandum of understanding (MoU) with the United Kingdom in a move to reduce carbon emissions and support Saudi Vision 2030. The MoU commits both countries to cooperate and share expertise to develop technologies, including smart grids and electric vehicles.

Market by Vehicle Types Analysis

Within vehicle types, passenger cars acquired more than 60% of the market share in terms of revenue. They are projected to show significant growth during the forecast period owing to the growing population that suggests a long-term potential in electric vehicle segment attributed to the rising disposable income of households and lower emissions targets set by the government. The country has decided to curb GHG emission by 130 million metric tons of CO2 equivalent by 2030 under the Paris goal and INDC.

Market by Regions Analysis

Saudi Arabia electric vehicle market share was dominated by the Central region in 2020 which includes Riyadh, Jeddah including many more populous cities as over 70% of the power in the Central region is met by gas and around 54% of Saudi Arabia’s electricity was generated from gas in the past few years.

Key Attractiveness of the Report

  • COVID-19 Impact on the Market.
  • 10 Years Market Numbers.
  • Historical Data Starting from 2017 to 2020.
  • Base Year: 2020
  • Forecast Data until 2027.
  • Key Performance Indicators Impacting the Market.
  • Major Upcoming Developments and Projects.

Key Highlights of the Report

  • Saudi Arabia Electric Vehicle Market Overview
  • Saudi Arabia Electric Vehicle Market Outlook
  • Saudi Arabia Electric Vehicle Market Forecast
  • Historical Data and Forecast of Saudi Arabia Electric Vehicle Market Revenues and Volume for the Period 2017-2027F
  • Historical Data and Forecast of Saudi Arabia Electric Vehicle Market Revenues and Volume, By Vehicle Types, for the Period 2017-2027F
  • Historical Data and Forecast of Saudi Arabia Electric Vehicle Market Revenues, By Regions, for the Period 2017-2027F
  • Market Drivers and Restraints
  • Industry Life Cycle
  • Porter’s Five Force Analysis
  • Impact Analysis of COVID-19
  • Market Trends
  • Saudi Arabia Electric 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 Regions

  • Western
  • Southern
  • Eastern
  • Central
Frequently Asked Questions About the Market Study:

Does the report consider the COVID-19 impact?

The report not only considered the COVID-19 impact but also current market dynamics, trends, and KPIs into consideration.

How much growth is expected in the Saudi Arabia electric vehicle market over the coming years?

The Saudi Arabia electric vehicle market revenue is anticipated to record a CAGR of 42.5% during 2021-27.

Which segment has captured a key share of the market?

By Vehicle Types, the passenger cars segment has dominated the market revenues led by the growing shift towards renewable energy in Saudi Arabia.

Which segment is exhibited to gain traction over the forecast period?

By vehicle types, the passenger cars segment would record key growth throughout the forecast period 2021-27.

Who are key the key players in the market?

The key players in the market include- Nissan Motor Co, Ltd., Tesla, Inc., Hyundai, Motor Company, Toyota Motor Corporation, The Volkswagen AG, General Motors Company, Lucid Group, Inc.,

Is customization available in the market study?

Yes, we can do customization as per your requirements. Please feel free to write to us sales@6wresearch.com for any customized or any other requirements.

We also want to have market reports for other countries/regions.

6Wresearch has a database of more than 60 countries globally, which can make us your first choice for all your research needs.

1. Executive Summary
2. Introduction
2.1. Report Description
2.2. Key Highlights of the Report
2.3. Market Scope & Segmentation
2.4. Research Methodology
2.5. Assumptions
3. Saudi Arabia Electric Vehicle Market Overview
3.1. Saudi Arabia Electric Vehicle Market Revenues and Volume, 2017-2027F
3.2. Saudi Arabia Electric Vehicle Market Industry Life Cycle
3.3. Saudi Arabia Electric Vehicle Market Porter's Five Forces
3.4. Saudi Arabia Electric Vehicle Market – SWOT Analysis
3.5. Saudi Arabia Electric Vehicle Market Revenue and Volume Share, By Vehicle Types, 2020 & 2027F
3.6. Saudi Arabia Electric Vehicle Market Revenue Share, By Regions, 2020 & 2027F
4. Impact Analysis of COVID-19 on Saudi Arabia Electric Vehicle Market
5. Saudi Arabia Electric Vehicle Market Dynamics
5.1. Impact Analysis
5.2. Market Drivers
5.3. Market Restraints
6. Saudi Arabia Electric Vehicle Market Trends & Evolution
7. Saudi Arabia Electric Vehicle Market Overview, By Vehicle Types
7.1. Saudi Arabia Electric Vehicle Market Revenues and Volume, By Passenger Vehicles, 2017-2027F
7.2. Saudi Arabia Electric Vehicle Market Revenues and Volume, By Two-Wheelers, 2017-2027F
7.3. Saudi Arabia Electric Vehicle Market Revenues and Volume, By Buses, 2017-2027F
7.4. Saudi Arabia Electric Vehicle Market Revenues and Volume, By Trucks, 2017-2027F
8. Saudi Arabia Electric Vehicle Market Overview, By Regions
8.1. Saudi Arabia Electric Vehicle Market Revenues, By Western, 2017-2027F
8.2. Saudi Arabia Electric Vehicle Market Revenues, By Southern, 2017-2027F
8.3. Saudi Arabia Electric Vehicle Market Revenues, By Eastern, 2017-2027F
8.4. Saudi Arabia Electric Vehicle Market Revenues, By Central, 2017-2027F
9. Saudi Arabia Electric Vehicle Market - Government Guidelines & Regulations
10. Saudi Arabia Electric Vehicle Market - Key Performance Indicators
11. Saudi Arabia Electric Vehicle Market - Opportunity Assessment
11.1. Saudi Arabia Electric Vehicle Market Opportunity Assessment, By Product Types, 2027F
12. Saudi Arabia Electric Vehicle Market Competitive Landscape
12.1. Saudi Arabia Electric Vehicle Market Revenue Ranking, By Company, 2020
12.2. Saudi Arabia Electric Vehicle Market Competitive Benchmarking, By Operating Parameters
13. Company Profiles
13.1. Nissan Motor Co, Ltd.
13.2. Tesla, Inc.
13.3. Hyundai Motor Company
13.4. Toyota Motor Corporation
13.5. The Volkswagen AG
13.6. General Motors Company
13.7. Lucid Group, Inc.,
14. Key Strategic Recommendations
15. Disclaimer
List of Figures
Figure 1. Saudi Arabia Electric Vehicle Market Revenues and Volume, 2017-2027F ($ Million, Units)
Figure 2. Saudi Arabia Electric Vehicle Market Revenue Share, By Vehicle Types, 2020 & 2027F
Figure 3. Saudi Arabia Electric Vehicle Market Volume Share, By Vehicle Types, 2020 & 2027F
Figure 4. Saudi Arabia Electric Vehicle Market Revenue Share, By Regions, 2020 & 2027F
Figure 5. Percentage growth in Non-Oil Sector, Q1 2020-2021
Figure 6. Saudi Arabia Non-Oil Revenue, 2016 -2020 ($ Billion)
Figure 7. CO2 emissions in Saudi Arabia, 2018-2020
Figure 8. Saudi Arabia Renewable Energy Consumption (% of total energy consumption), 2018-2019
Figure 9. Total Imports of Motor Vehicles in Saudi Arabia, 2017-2020 ($ Thousand)
Figure 10. Saudi Arabia Investment Forecasts for Road Infrastructure, 2021E-2040F (In $ Billion)
Figure 11. Distribution of connectors in 2021
Figure 12. Saudi Arabia Electric Vehicle Market Opportunity Assessment, By Vehicle Types, 2027F
Figure 13. Saudi Arabia Electric Vehicle Market Revenue Ranking, By Companies, 2020
List of Tables
Table 1. Saudi Arabia Electric Vehicle Market Revenues, By Vehicle Types, 2017-2027F (USD Million)
Table 2. Saudi Arabia Electric Vehicle Market Volume, By Vehicle Types, 2017-2027F (Units)
Table 3. Saudi Arabia Electric Vehicle Market Revenues, By Regions, 2017-2027F (USD Million)
 

Market Forecast By Vehicle Types(Two-Wheeler, Passenger Vehicle, Bus, Trucks), By Regions(Northern Region, Central Region, Western Region and Eastern Region) And Competitive Landscape.

Product Code: ETC001631 Publication Date: Mar 2020 Product Type: Report
Publisher: 6Wresearch No. of Pages: 70 No. of Figures: 35 No. of Tables: 5

The electric vehicle market is steadily gaining its hold in Saudi Arabia owing to the economic and environmental concerns. Under Saudi Arabia's energy efficiency (SEEC), the government is encouraged to increase awareness about energy efficiency. The transport sector is one of the major sectors to achieve the desired energy efficiency. The electric vehicle market is leading toward clean transportation in Saudi Arabia.

According to 6Wresearch, the Saudi Arabia Electric Vehicle Market size is projected to grow during 2020-2026. Saudi Arabia is aiming to reduce its dependence only on oil and efforts to gain its traction in the electric vehicle market. The Saudi Arabian standards organization (SASO) has plans to issue regulation for the use of the electric vehicle. Also, the government has established various policies and infrastructure to boost the growth of the electric vehicle market in the coming years such as providing incentives to the consumers, installing charging stations in several parts of the country, and others.

In Saudi Arabia, the passenger vehicle segment share is expected to dominate the Saudi Arabia electric vehicle market during the forecast period on account of the high consumption and adoption of a new generation of vehicles and infrastructure. Moreover, the manufacturers are also working to improve the technology and infrastructure of the electric vehicle market which is anticipated to increase the demand in the electric vehicle market in Saudi Arabia

The Saudi Arabia electric vehicle market report comprehensively covers the market by vehicle types and regions including central, western, eastern, and northern regions. The Saudi Arabia electric vehicle market outlook provides an unbiased and detailed analysis of the Saudi Arabia Electric vehicle market trends, opportunities, high growth areas, and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.

Key Highlights of the Report:

  • Saudi Arabia Electric Vehicle Market Overview
  • Saudi Arabia Electric Vehicle Market Outlook
  • Historical Data of Saudi Arabia Electric Vehicle Market Revenues for the Period, 2016-2019
  • Saudi Arabia Electric Vehicle Market Size and Saudi Arabia Electric Vehicle Market Forecast, until 2026
  • Historical Data of Saudi Arabia Electric Vehicle Market Revenues, By Vehicle Types, for the Period, 2016-2019
  • Market Size & Forecast of Saudi Arabia Electric Vehicle Market Revenues, By Vehicle Types, until 2026F
  • Historical Data of Saudi Arabia Electric Vehicle Market Revenues, By Regions, for the Period, 2016-2019
  • Market Size & Forecast of Saudi Arabia Electric Vehicle Market Revenues, By Regions, until 2026F
  • Market Drivers and Restraints
  • Saudi Arabia Electric Vehicle Market Trends
  • Saudi Arabia Electric Vehicle Market Overview on Competitive Benchmarking
  • Competitive Landscape
  • Saudi Arabia Electric Vehicle Market Share, By Players
  • Company Profiles
  • Key Strategic Recommendations

Markets Covered

The Saudi Arabia Electric Vehicle Market report provides a detailed analysis of the following market segments:

  • By Vehicle Types
    • Passenger Vehicle
    • Two-Wheeler
    • Bus
    • Truck

  • By Regions
    • Northern Region
    • Central Region
    • Western Region
    • Eastern Region

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