Saudi Arabia Electric Vehicle Market Overview
Saudi Arabia electric vehicle revenues witnessed a steady growth during 2018-19 owing to the lift of ban from 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 diversify 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 electric vehicle market’s growth and are estimated to upkeep the growth over the near future.
According to 6Wresearch, Saudi Arabia electric vehicle market size is projected to grow at CAGR of 42.5% during 2021-2027. Saudi Arabia electric vehicle market is expected to be robust owing to government’s focus on renewable energy and shift towards lower dependence on oil-based economy along with 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 Regions Analysis
The Electric vehicle market in Saudi Arabia 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 Highlights of the Report
- Saudi Arabia Electric Vehicle Market Overview
- Saudi Arabia Electric Vehicle Market Outlook
- Company Profiles
- Key Strategic Recommendations
- Saudi Arabia Electric Vehicle Market Forecast
- Market Drivers and Restraints
- Industry Life Cycle
- Impact Analysis of COVID-19
- Market Trends
- Porter’s Five Force Analysis
- Competitive Benchmarking
- Saudi Arabia Electric Vehicle Market Revenue Ranking, By Companies
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