Saudi Arabia Electric Vehicle Market Overview
As per recent research by MarkNtel Advisors, the Saudi Arabia Electric Vehicle Market is expected to grow at an impressive CAGR of around 53.5% during the forecast period, i.e., 2024-30.
Saudi Arabia Electric Vehicle Market Dynamics
Market Drivers : Various Government Initiatives Toward Attaining Zero-carbon Emissions –
The government of Saudi Arabia is introducing several programs and initiatives toward promoting green mobility across the country, as transportation plays a crucial role in reducing carbon footprints. The government is investing massively in establishing electrically-powered public transportation systems while encouraging consumers to shift toward EVs or natural gas/hydrogen-based vehicles. Hence, with rising fuel prices and rising concerns over environmental degradation, more more consumers are showing interest in EVs, which, consequently, would drive the Electric Vehicle Market in Saudi Arabia through 2030.
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Saudi Arabia Electric Vehicle Market Segmentation Overview 2023-2028: Key Factors
By Vehicle Type
-Passenger Vehicles
-Two-Wheelers
-Commercial Vehicles
-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
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Saudi Arabia Electric Vehicle Market Geographical Insights:
By Region:
-Central
-East
-West
-South
Key Players and Competitive Strategies in the Saudi Arabia Electric Vehicle Market
Several prominent players dominate the Saudi Arabia Electric Vehicle Market, 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
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Questions Addressed in this Study
1.How big is the Saudi Arabia Electric Vehicle Market Size?
2.What is the Saudi Arabia Electric Vehicle Market Growth?
3.Who are the key players of the Saudi Arabia Electric Vehicle Market?
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