The GCC Electric Vehicles Market was valued at USD 4.33 billion in 2022 and is expected to grow at a CAGR of 22.06% during the forecast period (2023-2030).

The major factors contributing to the growth of the market are the rising fuel cost, consumer awareness towards carbon emission, and rising number of options in battery electric vehicles.

Recent Development for Electric Vehicles in the GCC

In 2022, the government of Saudi Arabia launched Ceer, the first electric vehicle manufacturing company in the Kingdom of Saudi Arabia. According to the government it is aiming to produce 500,000 electric vehicles per year by 2030. In line with this the company is planning to launch more than a dozen new electric car models in the coming years.

In 2023, GM Africa and Middle East estimated that 60% of all the vehicles sold globally would be electric by 2030.

In 2023, Lucid Motors announced to expand its presence in the Middle East through establishing a new manufacturing unit in Saudi Arabia. With its new plant in Jeddah, Saudi Arabia, the government has entered into an agreement with Lucid to procure up to 100,000 electric vehicles over the next decade.

Introduction

The Electric Vehicle Market has witnessed significant growth in recent years, fueled by advancements in technology and the increasing demand for fast charging Electric Vehicle across various industries. As industries strive for greater range, efficiency, and operational cost-saving measures, the Electric Vehicle market has emerged as a promising segment in the automotive sector. Additionally, with the government focus to establish various manufacturing units in order to reduce the reliance from the exports the integration of electric vehicles is further anticipated to rise in the GCC countries.

The Rise of Electric Vehicles in the GCC

The Electric Vehicle market has experienced exponential growth due to several factors. These factors include incessant increase in the prices of diesel and gasoline increasing the operational cost of vehicles, government measures to reduce the carbon emissions, reduction in taxes on electric vehicles, enhanced awareness among the buyers, etc. Various other factors have also played a pivotal role in the easier adoption of the electric vehicles such as improved range by addition of larger battery packs as well as rapidly expanding fast charging infrastructure, significantly reducing the range anxiety among the customers. Additionally, many of the companies have also focused on offering next-gen technologies such as ADAS, Self-driving, etc., that have attracted young and technology enthusiasts across the regions and further propelling the adoption of electric vehicles.

Access sample report (including graphs, charts, and figures): https://univdatos.com/reports/gcc-electric-vehicles-market?popup=report-enquiry

In recent years, the Electric Vehicle market has witnessed a surge in demand, primarily driven by the establishment of the manufacturing sector in the GCC economies. The Saudi Arabia and the UAE have emerged as dominant players in the market. Some of the companies such as Ceer, Lucid, etc., have established their manufacturing units in the region as well as others such as GM, tesla, etc., are also intending to set up their manufacturing units in the coming years. Considering the promising growth of the market as well as government focus in line with the rising environmental concerns, the demand for electric vehicles in the region is anticipated to rise in the coming period. For instance, in 2022, a Dubai based company M Glory Holding Group announced to open electric vehicle manufacturing plant with an aim to produce 55,000 cars per year. The plant will span an area of 93,000 square meters and will be one of the largest in the Middle East region.

AI and Self-Driving Technology are Redefining the Electric Vehicle Market

AI has revolutionized every aspect of life including the impact on crucial sectors such as manufacturing goods and offering services. With the addition of self-driving and ADAS based technologies the cars have become progressively capable of driving in different road conditions. This would be a crucial part in terms of its adoption in the coming years as self-driving in combination with the LIDAR and ADAS systems would reduce the chances of road accident further improving the confidence among the buyers to opt for the electric vehicles. With the addition of self-driving technology, it would also be able to drive in a way that would reduce battery consumption, further reducing the operational cost of the vehicles.

Click here to view the Report Description & TOC: https://univdatos.com/reports/gcc-electric-vehicles-market

As the demand for electric vehicles is increasing the same has resulted in the increasing import of electric vehicles from other regions across the globe. A similar trend is also observed from other countries such as the UAE, Kuwait, Qatar, Bahrain, and Oman where there is limited electric car manufacturing capabilities resulted in reliance on the imports.

Conclusion

The market for Electric Vehicle is currently undergoing significant growth, primarily due to advancements in fast charging, government support and other technological developments. These factors have become essential in higher adoption of electric vehicles among the customers. Companies are continuously striving to innovate and incorporate state-of-the-art technologies to maintain a competitive edge in this highly competitive market.

As the Electric Vehicle market continues to progress, we can anticipate further advancements that will redefine the adoption rate. Through the introduction of innovative products, strategic investments, and the presentation of statistical data indicating rapid growth, the future of the Electric Vehicle market appears promising. The integration of AI and other self-driving technologies with Electric Vehicle is paving the way for a future that is more efficient electric powertrain systems.

Key Offerings of the Report

Market Size, Trends, & Forecast by Revenue | 2023−2030.

Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

Market Segmentation – A detailed analysis by Vehicle Type, By Propulsion, By Country

Competitive Landscape – Top Key Vendors and Other Prominent Vendors

Contact Us:

UnivDatos

Email: contact@univdatos.com 

Contact no: +1 978 7330253

Website: www.univdatos.com

Linked In: https://www.linkedin.com/company/univ-datos/