Saudi Arabia Electric Vehicle Market Outlook (2021-2027)

 

Market Forecast By Vehicle Types (Two-Wheeler, Passenger Vehicle, Bus, Trucks), By Regions (Western, Southern, Eastern, Central) And Competitive Landscape.

According to 6Wresearch, Saudi Arabia electric vehicle market size is projected to grow at CAGR of 42.5% during 2021-2027. Saudi Arabia electric vehicle market is expected to be robust owing to government’s focus on renewable energy and shift towards lower dependence on oil-based economy along with increased standard of living are the primary reasons contributing to the rising demand for electric vehicles. The country has signed a memorandum of understanding (MoU) with the United Kingdom in a move to reduce carbon emissions and support Saudi Vision 2030. The MoU commits both countries to cooperate and share expertise to develop technologies, including smart grids and electric vehicles.

The government of Saudi Arabia decided to adopt non-oil economy as a part of its “Vision 2030” and is encouraging multiple international firms to invest in its non-oil sectors. The country aims to diversify its non-oil exports and increase its share in the non-oil GDP from 16% to 50% in 2030. The transportation sector of Saudi Arabia has highest oil consumption which is 25% of total energy consumption hence the government is planning to reduce the oil dependency by encouraging green transport. Thus, the electric vehicle market would thrive in the coming years in Saudi Arabia. The Government of Saudi Arabia is determined to reduce its GHG emissions under its “Vision 2030” by replacing Internal Combustion Engines (ICE) with electric vehicles.

For Latest Press Release : https://www.6wresearch.com/press-release/saudi-arabia-electric-vehicle-market-size-is-projected-to-grow-at-a-cagr-of-425-during-2021-2027

Market by Vehicle Types Analysis

Within vehicle types, passenger cars acquired more than 60% of the market share in terms of revenue.

Key Highlights of the Report

• Saudi Arabia Electric Vehicle Market Overview
• Saudi Arabia Electric Vehicle Market Outlook
• Saudi Arabia Electric Vehicle Market Forecast
• Market Drivers and Restraints
• Industry Life Cycle
• Impact Analysis of COVID-19
• Market Trends
• Porter’s Five Force Analysis
• Saudi Arabia Electric Vehicle Market Revenue Ranking, By Companies
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations
• Historical Data and Forecast of Saudi Arabia Electric Vehicle Market Revenues and Volume for the Period 2017-2027F
• Historical Data and Forecast of Saudi Arabia Electric Vehicle Market Revenues, By Regions, for the Period 2017-027F
• Historical Data and Forecast of Saudi Arabia Electric Vehicle Market Revenues and Volume, By Vehicle Types, for the Period 2017-2027F

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