Saudi Arabia Electric Cars Market to Grow a Staggering 35.8% YoY over Next Five Years
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that Saudi Arabia Electric Cars Market is estimated to grow at a CAGR of 35.8% by the end of 2028.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that Saudi Arabia Electric Cars Market is estimated to grow at a CAGR of 35.8% by the end of 2028. The lucrative growth of Saudi Arabia Electric Cars Market is attributed to the growing adoption of electric cars to reduce fuel usage and emissions. Also, the increasing passenger, as well as commercial transportation along with the aim of the kingdom to increase energy efficiency in its transportation sector supports the market growth. Moreover, various initiatives and programs across the country are encouraging the shift toward Green Mobility because the transportation sector plays a vital role in decreasing the carbon footprint. These programs promote electric, hydrogen, and natural gas cars, as well as mass transportation systems. National Industrial Development Center (NIDC) aims to attract substantial original equipment manufacturers to Saudi Arabia Electric Cars Market. Additionally, Saudi Arabia Electric Cars Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies like the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, the factors such as expensive electric cars and the lack of charging points across the country hinder the growth of the Saudi Arabia Electric Cars Market.
Based on the propulsion type, the Saudi Arabia Electric Cars Market is fragmented into Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel-cell Electric Vehicle. The plug-in hybrid electric vehicle dominates the Saudi Arabia Electric Cars Market because it can provide clean, electric power for regular use and stand ready for that weekend road trip. Moreover, based on battery type, the Saudi Arabia Electric Cars Market is segmented into Lithium-Iron Phosphate, Lithium-Nickel-Manganese Cobalt Oxide, and Other Li-ion battery types. The Lithium-Iron Phosphate segment holds the largest market share because it is a type of Li-ion battery. All lithium-ion batteries charge faster, last longer, and have a higher power density for more battery life in a lighter package.
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Saudi Arabia is setting up its first electric vehicle manufacturing plant in the country with Lucid. The government has planned to ensure 30% of all vehicles in the capital city. Lucid has announced plans to invest in developing the advanced electric cars manufacturing industry to address the growing demand for electric cars. However, the Saudi Arabia Electric Cars Market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. The complete lockdown imposed by the Saudi Arabian government affected all the industries in the market. This resulted in huge losses to the overall market. Furthermore, the declining purchasing power of consumers and halting of charging point infrastructure establishing activities also hindered the growth of the Saudi Arabia Electric Cars Market.
The leading market players in the Saudi Arabia Electric Cars Market are Higher Bus Company Ltd., Anhui Ankai Automotive Co, Ltd., Daimler AG, AB Volvo, Tesla, Lucid Group, Inc., General Motors Company, and others. The market is highly consolidated and dominated by multinational car manufacturers including Tesla Motors Inc. However, with increasing demand for electric vehicles, several EV start-ups are also emerging with significant growth potential in the market. The companies constantly launch new vehicle models and their upgraded versions with advanced features to attract buyers and gain a competitive edge. They also adopt competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., to stay ahead in the market.
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