Electric Vehicles Market – GCC
Market Statistics
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 40% (2024-2032)
The GCC electric vehicles market is growing due to sustainability initiatives, government incentives, and increasing investments in charging infrastructure. According to the latest report by IMARC Group, the market is projected to grow at a CAGR of 40% from 2024 to 2032.
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GCC Electric Vehicles Market Trends and Drivers
The growing focus on sustainability and reducing dependence on oil is driving the growth of the GCC electric vehicles (EVs) market.
Government authorities in the GCC are promoting EV adoption as part of environmental and economic diversification strategies, further fueling market expansion.
Initiatives such as subsidies, tax incentives, and investments in charging infrastructure are making EVs more accessible to consumers.
Rising environmental awareness and efforts to reduce carbon emissions are encouraging both government and private sector entities to embrace electric mobility.
Global events like Expo 2020 Dubai and Qatar World Cup 2022 have spurred investments in green infrastructure, boosting the EV market.
A significant trend is the rapid development of charging infrastructure and the introduction of high-performance electric models by global automakers.
The UAE and Saudi Arabia are leading the expansion of charging stations, facilitating easier adoption of EVs.
Luxury EV brands are entering the market, catering to the region’s demand for high-end vehicles.
Government and international company partnerships are fostering innovation in battery technology and vehicle performance, addressing range anxiety and charging concerns.
Global shifts toward greener transportation solutions are expected to drive continued growth in the GCC EV market over the forecasted period.
GCC Electric Vehicles Market Report Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest GCC electric vehicles market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
By Component:
Battery Cells and Packs
On-Board Charger
Fuel Stack
By Charging Type:
Slow Charging
Fast Charging
By Propulsion Type:
Battery Electric Vehicle (BEV)
Fuel Cell Electric Vehicle (FCEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Hybrid Electric Vehicle (HEV)
By Vehicle Type:
Passenger Vehicles
Commercial Vehicles
Others
By Country:
Saudi Arabia
UAE
Qatar
Bahrain
Kuwait
Oman
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Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
Market Performance (2018-2023)
Market Outlook (2024-2032)
COVID-19 Impact on the Market
Porter’s Five Forces Analysis
Strategic Recommendations
Historical, Current and Future Market Trends
Market Drivers and Success Factors
SWOT Analysis
Structure of the Market
Value Chain Analysis
Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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