Saudi Arabia Electric Vehicle Market - Industry Trends and Forecast to 2028

MarkNtel Advisors, a prominent market research firm, has recently published a report titled Saudi Arabia Electric Vehicle Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028. This study offers an in-depth examination of the industry, encompassing Saudi Arabia Electric Vehicle market share, size, trends, and growth predictions. Additionally, the report features an analysis of competitors and regions while spotlighting the most recent developments in the market.

Saudi Arabia Electric Vehicle Reports Highlights

What is the size of the Saudi Arabia Electric Vehicle Market?

The Saudi Arabia Electric Vehicle Market is expected to grow at an impressive CAGR during the forecast period, i.e., 2023-28. Currently, the industry is in the nascent stage, and a significant expansion is likely to be witnessed in the forthcoming years, which owes to the increasing government focus on renewable energy production to reduce the rising pollution & emission levels on account of the burgeoning consumption of fossil fuels, coupled with various efforts toward diversifying the economy away from the oil & gas sector by investing in other industries. Saudi Arabia has announced its target to attain net-zero emissions by 2060 and developed its first NDC (Nationally Determined Contribution) under the Paris Agreement.

What do the growth prospects and trends look like in the Saudi Arabia Electric Vehicle Industry?

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.

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What Components are encompassed within Saudi Arabia Electric Vehicle Market segmentation?

The report has divided the market into the following segments:

By Vehicle Type

-Electric Cars

-Two Wheelers

-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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Who are the Primary Companies or Entities active in the Industry?

The report covers the major market players including:

-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.

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Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

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