Saudi Arabia Electric Vehicle Market Growth, Size, Trends, Revenue, Share and Future Outlook

Saudi Arabia Electric Vehicle Market Size- By Vehicle Type, By Power Source, By Battery Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

Saudi Arabia Electric Vehicle Market Size- By Vehicle Type, By Power Source, By Battery Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

Published: Jan 2024 Report ID: AMIN2414 Pages: 1 - 102 Formats*:     
Category : Automotive & Transportation
Saudi Arabia Electric Vehicle Market Introduction and Overview 

According to SPER Market Research, the Saudi Arabia Electric Vehicle Market is estimated to reach USD XX billion by 2033 with a CAGR of XX%.

The report includes an in-depth analysis of the Saudi Arabia Electric Vehicle Market, including market size and trends, product mix, distribution channels, and supplier analysis. An electric vehicle (EV) is a class of vehicle that runs on rechargeable batteries to power one or more electric motors for propulsion. In contrast to conventional internal combustion engine cars, which run on fossil fuels, electric cars work by storing and using electricity to produce the power needed to move. The electric motor, which transforms electrical energy into mechanical energy, and the battery pack, which stores and provides the necessary electricity, are the main parts of an electric vehicle. EVs have a number of benefits, including a decreased need for fossil fuels, a decrease in greenhouse gas emissions, and possibly lower operating costs.

  • Siemens expanded its network of EV chargers in Saudi Arabia and plans to develop EV services and infrastructure throughout the Middle East when it signed an agreement with Electromin in November 2022 to supply the latter with its ultra-fast EV chargers.
  • Schneider Electric and GREENER by IHCC teamed up in April 2021 to meet the nation's changing needs for EV charging stations and e-mobility.
Saudi Arabia Electric Vehicle Market
Market Opportunities and Challenges

Opportunities: Many companies are collaborating to build suitable EV charging infrastructure and investing heavily in research and development to create advancements in battery and vehicle technologies in order to meet the growing demand from consumers for electric vehicles (EVs). Aligned with Saudi Vision 2030, the objective is to lessen reliance on the oil and gas industry while fostering environmentally friendly transportation. Consequently, it will encourage the nation to adopt EVs and HEVs and open up new opportunities for the Saudi Arabia Electric Vehicle Market to grow rapidly in the upcoming years.

Challenges: There are a number of challenges preventing the electric vehicle (EV) market in Saudi Arabia from expanding and becoming widely used. First of all, because it upends the current energy landscape, the country's strong economic and cultural reliance on oil presents a barrier to the switch to electric vehicles. The infrastructure for charging stations is still underdeveloped, which makes using EVs less convenient. To expand the network across the country, significant investment will be needed. In addition, even with the possible long-term cost savings, many prospective buyers are discouraged by the initial high costs of electric vehicles (EVs) and the associated technology. Enhancing public education and awareness of the advantages of electric vehicles is also necessary. Government incentives and policies supporting the adoption of electric vehicles can also be impacted by changes in the price of oil globally and geopolitical factors that impact the economy of the region.

Saudi Arabia Electric Vehicle Market


Market Competitive Landscape
The Saudi Arabia Electric Vehicle Market is highly consolidated. BMW AG, Canoo Inc, Chevrolet, Ford Motor Company, Lucid Group, Nissan Motor Corporation, Porsche Middle East & Africa, Renault Group, Toyota Motor Corporation, and others these are major players for electric vehicle market.

Scope of the Report:
 Report Metric Details
 Market size available for years 2019-2033
 Base year considered 2022
 Forecast period 2023-2033
 Segments covered
By Vehicle Type, By Power Source, By Battery Type
 Regions covered
East Region, West Region, north Region, Central.

 Companies CoveredBMW AG, Canoo Inc, Chevrolet, Ford Motor Company, Lucid Group, Nissan Motor Corporation, Porsche Middle East & Africa, Renault Group, Toyota Motor Corporation, and others.
COVID-19 Impact on Saudi Arabia Electric Vehicle Market
COVID-19 had a significant effect on public transportation. Travelers were advised not to go during the period of social distancing unless absolutely necessary. Additionally, the pandemic has undoubtedly altered people's behaviour, which has decreased the sale of automobiles. The lockdown that was in place in most of the regions during the pandemic caused a sharp decline in sales of electric vehicles. Manufacturers and customers had to completely halt operations for several months due to the lockdown.  The end of several auto, transportation, and electronics industries resulted in a sharp decline in the demand for electric vehicles. Additionally, sales of electric cars fell to an all-time low globally.

Key Target Audience:
  •  Early Adopters and Environmentally Conscious Consumers
  •  Tech Enthusiasts
  •  Businesses and Fleet Operators
  •  Budget-Conscious Consumers
  •  General Population Seeking Sustainable Transportation
Our in-depth analysis of the Saudi Arabia Electric Vehicle Market includes the following segments:
By Vehicle Type:
  • Electric Cars
  • Two Wheelers
  • Trucks
  • LCV ( Up to 4 Tons)
  • MHV (Above 8 Tons)
  • HCV ( Above 8 Tons)
  • Buses
  • By Power Sources:
  • Battery Electric Vehicle
  • Plug-In Hybrid Electric Vehicle
  • Hybrid Electric Vehicle
  • By Battery Type:
  • Lithium-ion
  • Lithium-Titanate Oxide(LTO)
  • Key Topics Covered in the Report:
    • Saudi Arabia Electric Vehicle Market Size (FY’2023-FY’2033)
    •  Overview of Saudi Arabia Electric Vehicle Market
    •  Segmentation of Saudi Arabia Electric Vehicle Market By Vehicle Type (Electric Cars, 
    • Two Wheelers, Trucks, LCV ( Up to 4 Tons), MHV (Above 8 Tons), HCV ( Above 8 Tons)
    • Buses)
    •  Segmentation of Saudi Arabia Electric Vehicle Market By Power Sources (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Hybrid Electric Vehicle)
    •  Segmentation of Saudi Arabia Electric Vehicle Market By Battery Type (Lithium-ion, Lithium-Titanate Oxide( LTO)
    •  Expansion Analysis of Saudi Arabia Electric Vehicle Market
    •  Problems and Obstacles in Saudi Arabia Electric Vehicle Market
    •  Competitive Landscape in the Saudi Arabia Electric Vehicle Market
    •  Impact of COVID-19 and Demonetization on Saudi Arabia Electric Vehicle Market
    •  Details on Current Investment in Saudi Arabia Electric Vehicle Market
    •  Competitive Analysis of Saudi Arabia Electric Vehicle Market
    •  Prominent Players in the Saudi Arabia Electric Vehicle Market
    •  SWOT Analysis of Saudi Arabia Electric Vehicle Market
    •  Saudi Arabia Electric Vehicle Market Future Outlook and Projections (FY’2023-FY’2033)
    •  Recommendations from Analyst
    1. Introduction
    1.1. Scope of the report
    1.2. Market segment analysis

    2. Research Methodology
    2.1. Research data source
    2.1.1. Secondary Data
    2.1.2. Primary Data
    2.1.3. SPER’s internal database
    2.1.4. Premium insight from KOL’s
    2.2. Market size estimation
    2.2.1. Top-down and Bottom-up approach
    2.3. Data triangulation

    3. Executive Summary

    4. Market Dynamics
    4.1. Driver, Restraint, Opportunity and Challenges analysis
    4.1.1. Drivers
    4.1.2. Restraints
    4.1.3. Opportunities
    4.1.4. Challenges
    4.2. COVID-19 Impacts of the Saudi Arabia Electric Vehicle Market

    5. Market variable and outlook
    5.1. SWOT Analysis
    5.1.1. Strengths
    5.1.2. Weaknesses
    5.1.3. Opportunities
    5.1.4. Threats
    5.2. PESTEL Analysis
    5.2.1. Political Landscape
    5.2.2. Economic Landscape
    5.2.3. Social Landscape
    5.2.4. Technological Landscape
    5.2.5. Environmental Landscape
    5.2.6. Legal Landscape
    5.3. PORTER’s Five Forces 
    5.3.1. Bargaining power of suppliers
    5.3.2. Bargaining power of buyers
    5.3.3. Threat of Substitute
    5.3.4. Threat of new entrant
    5.3.5. Competitive rivalry
    5.4. Heat Map Analysis

    6. Competitive Landscape
    6.1. Saudi Arabia Electric Vehicle  Market Manufacturing Base Distribution, Sales Area, Product Type 
    6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Saudi Arabia Electric Vehicle  Market 

    7. Saudi Arabia Electric Vehicle Market, By Vehicle Type (USD Million)
    7.1. Saudi Arabia Electric Vehicle Market Value Share and Forecast, By Vehicle Type, 2023-2033
    7.2. Electric Cars
    7.3. Two Wheelers 
    7.4. Trucks
    7.4.1. LCV ( Up to 4 Tons)
    7.4.2. MHV (Above 8 Tons)
    7.4.3. HCV ( Above 8 Tons)
    7.5. Buses

    8. Saudi Arabia Electric Vehicle Market, By Power Sources (USD Million)
    8.1. Saudi Arabia Electric Vehicle Market Value Share and Forecast, By Power Sources, 2023-2033
    8.2. Battery Electric Vehicle
    8.3. Plug-In Hybrid Electric Vehicle
    8.4. Hybrid Electric Vehicle

    9. Saudi Arabia Electric Vehicle Market, By Battery Type (USD Million)
    9.1. Saudi Arabia Electric Vehicle Market Value Share and Forecast, By Battery Type, 2023-2033
    9.2. Lithium-ion
    9.3. Lithium-Titanate Oxide(LTO) 

    10. Saudi Arabia Electric Vehicle Market Forecast, 2019-2033 (USD Million)
    10.1. Saudi Arabia Electric Vehicle Market Size and Market Share

    11. Saudi Arabia Electric Vehicle Market, By Vehicle Type, 2019-2033 (USD Million)
    11.1. Saudi Arabia Electric Vehicle Market Size and Market Share By Vehicle Type (2019-2026)
    11.2. Saudi Arabia Electric Vehicle Market Size and Market Share By Vehicle Type (2027-2033)

    12. Saudi Arabia Electric Vehicle Market, By Power Source, 2019-2033 (USD Million)
    12.1. Saudi Arabia Electric Vehicle Market Size and Market Share By Power Source (2019-2026)
    12.2. Saudi Arabia Electric Vehicle Market Size and Market Share By Power Source (2027-2033)

    13. Saudi Arabia Electric Vehicle Market, By Battery Type, 2019-2033 (USD Million)
    13.1. Saudi Arabia Electric Vehicle Market Size and Market Share By Battery Type (2019-2026)
    13.2. Saudi Arabia Electric Vehicle Market Size and Market Share By Battery Type (2027-2033)

    14. Saudi Arabia Electric Vehicle Market, By Region, 2019-2033 (USD Million)
    14.1. Saudi Arabia Electric Vehicle Market Size and Market Share By Region (2019-2026)
    14.2. Saudi Arabia Electric Vehicle Market Size and Market Share By Region (2027-2033)
    14.3. Central
    14.4. East
    14.5. West
    14.6. South

    15.  Company Profile
    15.1. BMW AG
    15.1.1. Company details
    15.1.2. Financial outlook
    15.1.3. Product summary 
    15.1.4. Recent developments
    15.2. Canoo Inc
    15.2.1. Company details
    15.2.2. Financial outlook
    15.2.3. Product summary 
    15.2.4. Recent developments
    15.3. Chevrolet
    15.3.1. Company details
    15.3.2. Financial outlook
    15.3.3. Product summary 
    15.3.4. Recent developments
    15.4. Ford Motor Company
    15.4.1. Company details
    15.4.2. Financial outlook
    15.4.3. Product summary 
    15.4.4. Recent developments
    15.5. Lucid Group
    15.5.1. Company details
    15.5.2. Financial outlook
    15.5.3. Product summary 
    15.5.4. Recent developments
    15.6. Nissan Motor Corporation
    15.6.1. Company details
    15.6.2. Financial outlook
    15.6.3. Product summary 
    15.6.4. Recent developments
    15.7. Porsche Middle East & Africa
    15.7.1. Company details
    15.7.2. Financial outlook
    15.7.3. Product summary 
    15.7.4. Recent developments
    15.8. Renault Group
    15.8.1. Company details
    15.8.2. Financial outlook
    15.8.3. Product summary 
    15.8.4. Recent developments
    15.9. Renault Group
    15.9.1. Company details
    15.9.2. Financial outlook
    15.9.3. Product summary 
    15.9.4. Recent developments
    15.10. Toyota Motor Corporation
    15.10.1. Company details
    15.10.2. Financial outlook
    15.10.3. Product summary 
    15.10.4. Recent developments
    15.11. Others

    16. Reference Links

    17. Conclusion

    18. Research Scope

    SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.

    The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings.  The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.

    SPER-Methodology-1

    SPER-Methodology-2

    SPER-Methodology-3


    Frequently Asked Questions About This Report
    Saudi Arabia Electric Vehicle Market is projected to reach USD XX billion by 2033, growing at a CAGR of XX% during the forecast period.
    Saudi Arabia Electric Vehicle Market size from 2022. The Market is expected to reach USD XX billion by 2033, at a CAGR of XX% during the forecast period.
    Saudi Arabia Electric Vehicle Market CAGR of XX% during the forecast period.
    Saudi Arabia Electric Vehicle Market size is USD XX billion from 2023 to 2033.
    Saudi Arabia Electric Vehicle Market Segment is covered By Vehicle Type, By Power Source, By Battery Type.
    The Middle East and Africa is anticipated to have the highest market share in the Saudi Arabia Electric Vehicle Market.
    "The key players in the market include Companies Covered BMW AG, Canoo Inc, Chevrolet, Ford Motor Company, Lucid Group, Nissan Motor Corporation, Porsche Middle East & Africa, Renault Group, Toyota Motor Corporation, and others."
    The electric motor, which transforms electrical energy into mechanical energy, and the battery pack, which stores and provides the necessary electricity, are the main parts of an electric vehicle.
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