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Saudi Arabia Electric Vehicle Market, By Vehicle Type (Two-Wheeler, Passenger Car, LCV, M&HCV), By Propulsion (BEV, HEV, PHEV, FCEV), By Range (0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, Above 400 Miles), By Battery Capacity (<50 kWh, 51-100 kWh, 101-200 kWh, 201-300 kWh, Above 300 kWh), By Region, Competition Forecast & Opportunities, 2028
Market Report I 2023-02-01 I 71 Pages I TechSci Research
Saudi Arabia electric vehicle market is anticipated to register robust growth in the forecast period, 2024-2028. Increased government focus on adopting renewable energy and rise in efforts to lower the dependency on the oil & gas industry and generate an alternate source of income are the primary factors driving the demand for electric vehicles in Saudi Arabia. The Kingdom of Saudi Arabia aims to reach net-zero emissions by 2060 under the kingdom development while maintaining the leading role in the oil & gas industry. Also, the flourishing transportation and logistics industry owing to the ongoing commercial and trade activities and the growing preference of consumers towards private vehicle ownership is expected to bolster the demand for Saudi Arabia electric vehicle market.
Increased Production and Sales of Electric Vehicles Drive the Market Growth
The Ministry of Investment of Saudi Arabia ("MISA"), the Saudi Industrial Development Fund ("SIDF"), and the Economic City at King Abdullah Economic City ("KAEC") have signed an agreement to accelerate the goal set by leading authorities and meet the emission targets. Lucid has announced plans to invest in developing the advanced electric vehicle manufacturing industry to address the growing demand for electric vehicles. The new manufacturing plant aims to build around 150,000 vehicles per year at the King Abdullah Economic City by using the United States research and development technical expertise to assemble better-performing versions of electric vehicles. The setting up of a new plant is expected to create numerous job opportunities and support the skill development of people. Also, Saudi Arabia and Taiwan's Foxconn Technology Group are expected to work together to fuel the development of electric vehicles in the country. The rise in the companies' interest in investments in the Kingdom of Saudi Arabia to develop electric vehicle infrastructure is expected to propel market growth through the next five years.
Favorable Government Policies Support the Market Growth
Curbing the pollution levels and the need to find energy sources that do not adversely affect the environment is expected to fuel the demand for alternate energy or renewable energy. Saudi Arabia included its carbon mitigation goals to be achieved by 2030 and developed its first nationally determined contribution (NDC) under the Paris Agreement. Also, the government of Saudi Arabia announced the target of 30% electric vehicles in Riyadh city by 2030, which is expected to spur the sales of electric vehicles across the country. According to Saudi Vision 2030 goals, the National Industrial Development Center (NIDC) aims to attract substantial original equipment manufacturers in Saudi Arabia to boost the production and sales of electric vehicles in the country.
Saudi Arabia has signed a memorandum of understanding (MoU) with the United Kingdom to lower carbon emissions and support sustainable energy sources to achieve the targets set by Saudi Vision 2030. The memorandum of understanding (MoU) states that both countries will work together and share expertise to develop technologies to reduce greenhouse emissions along with the construction of electric vehicles and smart grids.
Development of EV Charging Infrastructure is Expected to Boost the Market Growth
At present, the total electric vehicle penetration in Saudi Arabia is less than 1%. Saudi Arabia electric vehicle is still at a nascent stage and is expected to create massive growth opportunities for electric vehicle manufacturers and for battery charging infrastructure in the next five years due to the rapid adoption of electric vehicles across the country. GREENER by IHCC and Schneider Electric Saudi Arabia have signed a partnership to develop e-mobility infrastructure to support the growing electric vehicle industry. The set-up of appropriate battery charging stations is expected to attract consumers to invest in the purchase of electric vehicles.
Electric vehicles require charging at regular intervals to run smoothly. With growing investments to develop electric vehicle charging infrastructure, the Saudi Arabia electric vehicle market is expected to grow at a significant rate in the forecast period.
Market Segmentation
The Saudi Arabia electric vehicle market is segmented into vehicle type, propulsion, range, battery capacity, regional distribution, and competitive landscape. Based on vehicle type, the market is divided into two-wheeler, passenger car, LCV, M&HCV. Based on propulsion, the market is divided into BEV, HEV, PHEV, and FCEV. Based on range, the market is divided into 0-50 miles, 51-150 miles, 151-200 miles, 201-400 miles, and above 400 miles. Based on battery capacity, the market is divided into <50 kWh, 51-100 kWh, 101-200 kWh, 201-300 kWh, and above 300 kWh. To analyze the market based on the region, Saudi Arabia electric vehicle market is studied in major regions namely the North & Central region, Southern region, Western region, and Eastern region.
Market Players
Lucid Group, Inc., Kia Corporation, General Motors Company, Tesla Inc., and Rivian Automotive, Inc., are among the major market players operating in the Saudi Arabia electric vehicle market.
Report Scope:
In this report, Saudi Arabia electric vehicle market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Saudi Arabia Electric Vehicle Market, By Vehicle Type:
o Two-Wheeler
o Passenger Car
o LCV
o M&HCV
- Saudi Arabia Electric Vehicle Market, By Propulsion:
o BEV
o HEV
o PHEV
o FCEV
- Saudi Arabia Electric Vehicle Market, By Range:
o 0-50 Miles
o 51-150 Miles
o 151-200 Miles
o 201-400 Miles
o Above 400 Miles
- Saudi Arabia Electric Vehicle Market, By Battery Capacity:
o <50 kWh
o 51-100 kWh
o 101-200 kWh
o 201-300 kWh
o Above 300 kWh
- Saudi Arabia Electric Vehicle Market, By Region:
o Northern & Central
o Southern
o Eastern
o Western
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia electric vehicle market.
Available Customizations:
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on Saudi Arabia Electric Vehicle Market
5. Voice of Customer
5.1. Factors Influencing Purchase Decision
5.2. Aided Brand Recall and Unaided Brand Recall
5.3. Brand Satisfaction Level
6. Saudi Arabia Electric Vehicle Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value and Volume
6.2. Market Share & Forecast
6.2.1. By Vehicle Type (Two-Wheeler, Passenger Car, LCV, M&HCV)
6.2.2. By Propulsion (BEV, HEV, PHEV, FCEV)
6.2.3. By Range (0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, Above 400 Miles)
6.2.4. By Battery Capacity (<50 kWh, 51-100 kWh, 101-200 kWh, 201-300 kWh, Above 300 kWh)
6.2.5. By Region
6.2.6. By Company (2022)
6.3. Product Market Map (By Vehicle Type, By Region)
7. Saudi Arabia Electric Two-Wheeler Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value and Volume
7.2. Market Share & Forecast
7.2.1. By Vehicle Type (Scooter, Motorcycle)
7.2.2. By Propulsion
7.2.3. By Range
7.2.4. By Battery Capacity
8. Saudi Arabia Electric Passenger Car Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value and Volume
8.2. Market Share & Forecast
8.2.1. By Vehicle Type (Hatchback, Sedan, SUV/MPV)
8.2.2. By Propulsion
8.2.3. By Range
8.2.4. By Battery Capacity
9. Saudi Arabia Electric LCV Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value and Volume
9.2. Market Share & Forecast
9.2.1. By Vehicle Type (Pick Up Truck, Van)
9.2.2. By Propulsion
9.2.3. By Range
9.2.4. By Battery Capacity
10. Saudi Arabia Electric M&HCV Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value and Volume
10.2. Market Share & Forecast
10.2.1. By Vehicle Type (Truck, Bus)
10.2.2. By Propulsion
10.2.3. By Range
10.2.4. By Battery Capacity
11. Market Dynamics
11.1. Drivers
11.2. Challenges
12. Market Trends and Developments
13. Policy and Regulatory Landscape
14. Saudi Arabia Economic Profile
15. Competitive Landscape
15.1. Company Profiles (Partial List of Leading Companies)
15.1.1. Lucid Group, Inc.
15.1.2. Kia Corporation
15.1.3. General Motors Company
15.1.4. Tesla Inc.
15.1.5. Rivian Automotive, Inc.
16. Strategic Recommendations
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