Posted On: 2020-12-15
Passenger cars segment acquired the largest revenue share in the overall Jordan Electric Vehicle Market in 2019 – 6Wresearch
The scarcity of fossil fuels combined with the growing adoption of renewable energy in Jordan is anticipated to drive the market of electric vehicles in the forecast period. Furthermore, Jordanian authorities are taking steps to increase the consumer demand for electric vehicles such as the Nation Green Growth Plan (NGGP) and transport sector Green Growth National Action Plan. Additionally, an increasing number of charging stations and the development of other ancillary electric vehicle infrastructure is anticipated to supplement the demand for an electric vehicle in the country.
According to 6Wresearch, the Jordan Electric Vehicle Market size is projected to grow at a CAGR of 35.1% during 2020-26. As a corollary of the global pandemic, the market for electric vehicles in Jordan is anticipated to witness a downfall in 2020 as a result of the suspension of economic activities and disruptions in the international supply chain network which resulted in a global economic shutdown. However, the significant investment made for the implementation of Jordan National Vision 2025, to support green and clean energy projects such as the installation of 3,000 charging stations in several parts of the country and favorable changes in the taxation policy is likely to bode well for electric vehicles industry of Jordan during the forecast period.
According to Kanika Arora, Senior Research Analyst, 6Wresearch. By Region, Central region dominated the market of an electric vehicle owing to the higher availability of maintenance centers and charging station in the region. Also, Jordan is creating new opportunities for the electric vehicle industry such as the 13 action plans for the transportation sector out of which 2 plans would be focused on the EV sector. Furthermore, to reduce the reliance on imported energy, the government is offering incentives such as grant financed rebates lowering the purchase price of EV, and low interest on loan.
According to Ramit Behl, Research Associate, 6Wresearch. Relaxation in taxation norms and licensing requirements are likely to support the widespread adoption of electric vehicles in the long run. Additionally, fluctuations in the oil prices and the government’s efforts to cut down expenditure on oil imports is likely to spur the demand of electric vehicles.
Jordan Electric Vehicle Market (2020-2026) provides an in-depth analysis with 18 figures covered in 86 pages. The report estimates and forecasts the overall Jordan Electric Vehicle market by types and regions. The report provides an unbiased and detailed analysis of the Jordan Electric Vehicle market on-going trends, outlook, 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.