GCC Electric Vehicle Market 2021 Research In-Depth Analysis, Applications, Forecasts To 2027

 Infinium Global Research’s recent report on the “GCC Electric Vehicle Market (By Propulsion Type – Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV); By Vehicle Type – Passenger Car and Commercial Vehicles; By Charging Type - Normal Charging and Fast Charging): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027” provides a comprehensive outline of the factors responsible for the growth of the market. GCC electric vehicle it was valued at USD 31.52 billion in 2021 and is expected to reach USD 113.28 billion in 2027.

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"We are Now Including the Impact Analysis of COVID-19 on this Premium Report and the Forecast Period of this Report shall be Revised to 2023-2030." 

The Section on the Impact of COVID-19 on this Market is Included in the Report for Free.

The electric vehicle is one that runs on an electric motor in its place of an internal combustion engine which produces power by burning a mix of fuel and gases. Consequently, an electric vehicle is seen as a possible replacement for the current-generation automobile in the near future to address environmental concerns. Furthermore, the growing demand for reducing carbon emissions and developing more advanced and fast-charging stations is anticipated to propel the growth of electric vehicles during the forecast period.

The novel coronavirus (COVID-19) outburst is causing widespread concern and economic hardship for consumers, businesses, and communities across the GCC region. The situation is varying rapidly with widespread impacts. As manufacturers struggled to endure supply chain difficulties, their focus was certainly on regular business. The production and sales of new vehicles had come to a halt across the region as the whole ecosystem had been disrupted in the initial outbreak of COVID-19. Furthermore, OEMs had to wait until lockdowns were lifted to resume production, which affected their businesses. Therefore, electric vehicle manufacturers had to adjust the production volume.

Passenger Car Segment is Expected to Account for the Highest Market Share During the Forecast Period

The electric vehicle market for passenger cars is the largest in the GCC region. In GCC, UAE, Saudi Arabia, and Kuwait are the countries leading the passenger car segment in the region. This is due to the strong government support for passenger electric vehicles in these countries. These countries have come out with a string of emission regulations and a variety of subsidies, grants, and incentives for shifting to electric vehicles. With most of the electric vehicles and components being manufactured locally and with the government's key national strategies and plans, it is anticipated that the region's market will have a high growth rate during the projection period. GCC countries have started to increase their passenger car sales and are expected to be the substantial growing segment in the coming years.

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The UAE Electric Vehicle Market is Projected to Grow at the Highest CAGR During the Forecast Period

The Gulf Cooperation Council (GCC) market is expected to register significant growth in the electric vehicle market over the upcoming years. Although oil constitutes a major source of national revenue and domestic fuel for several GCC countries, the respective governments are focusing on renewable energy and clean transportation technologies and the execution of economic and energy diversification plans. To endorse the United Arab Emirates' plans of green mobility solutions and as part of its plan to have 25% of the city’s trips converted into driverless journeys by 2030, the city completed the construction of 200 charging stations in the emirate by the year 2018, and it is currently exempting registered electric vehicles from charging fees until the end 2021 and parking fees till the year 2022.

Companies Operating in GCC Electric Vehicle Markets are Adopting Numerous Key Business Strategies

The GCC electric vehicle market is consolidated by a few players, such as Tesla Motors Inc., Volkswagen AG, Toyota Motor Corporation, Nissan Motor Co. Ltd, and Geely, among others. As the demand for electric vehicles is mounting in the GCC region, businesses are entering into partnerships, joint ventures, and acquisitions with foremost players in the market. The United Arab Emirates government is aiming to have 42,000 electric cars on the roads in the upcoming few years. Furthermore, favorable government policies and incentives provide profitable opportunities to key players to endorse the adoption of electric vehicles over the upcoming years in the GCC region. In addition, the Saudi Electricity Company signed a contract with Nissan Motor, Takaoka Tokyo, and Tokyo Electric Power Company for the first electric vehicle pilot project in Saudi Arabia. Purportedly, the agreement delivers for the development of fast-charger electric vehicle stations.

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Reasons to Buy this Report:

=> Comprehensive analysis of regional markets of the GCC electric vehicle.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and market size forecast up to 2027.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company. 

 => Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.