The Middle-East electric vehicles market was valued at $27.1 million in 2021 and it is expected to reach $130.8 million at a CAGR of 14.4% between 2022 and 2032. Due to the increasing awareness of global warming and the rise in fuel prices, the electric vehicles market is estimated to witness several growth opportunities across the Middle-East region during the forecast period.
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By region
Over the past few years, the price of fuel is growing in the Middle-East countries, which is a major concern currently all the governments of the nations are facing. The government of the Middle-East region is taking preconscious and focusing on grabbing advantage of this current situation. Several manufacturing companies are focusing on producing new electric vehicles for commercial transportation as well as private transportation. Hence, it certainly makes a better case for buying electric vehicles. Complete charging of an electric vehicle costs just a tiny fraction of filling the tank with petrol. Moreover, the public and private sectors both would work together on steering policy alongside innovation. At present days, travel and tourism agencies are adopting new electric vehicles which would benefit the public while traveling at low costs. However, the price of oil has surged in the past several weeks, mainly because of the supply concerns linked to the war between Russia and Ukraine. This is another major factor that is driving the growth of the electric vehicles market during the forecast period.
Based On Product Type
The Middle East electric vehicles market is segmented into battery electric vehicles and plug-in hybrid vehicles. The battery electric vehicles segment holds the largest share of the market and is accounted for the larger share in the upcoming years. Hence, this type of vehicle operates on an electric motor instead of an internal combustion engine. In addition, this engine generates power by burning a mix of fuel and gases. Thus, the segment is anticipated to boost market growth over the upcoming years.
Based On Vehicle Type
The Middle-East electric vehicles market is categorized into passenger cars and commercial cars. The commercial cars segment is accounted for the largest share of the market. Due to the increasing population and growing prices of fuel, public transportation is becoming more essential for people across the region. Hence, this category is projected to accelerate the growth of the market during the forecast period. Key players are also trying to produce more innovative electric vehicles for public passengers. This would also benefit the market to gain growth opportunities.
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Key players such as Ather Energy (India), Ampere Vehicles (India), BMW AG (Germany), Bajaj Group (India), DiDi Global (China), Denso (Japan), Greely (China), Groupe Renault (France), Goldstone Infratech Ltd (India), Hinduja Group (U.K), Hero Electric (India), Hyundai Motor Group (South Korea), JBM Auto Ltd (India), Lucid Motors (U.S), Mercedez-Benz Group (Germany), Mahindra Group (India), Ola Cabs (India), Porsche SE (Germany), Suzuki (Japan), SAIC Motor (China), Tesla Inc (U.S), Toyota (Japan), among others are leading the Middle-East electric vehicles market.
The Middle-East Electric Vehicles Market Has Been Segmented Into:
The Middle-East Electric Vehicles Market – by Product Type:
Battery Electric Vehicles
Plug-In Hybrid Vehicles
The Middle-East Electric Vehicles Market – by Vehicle Type:
Passenger Cars
Commercial Cars
The Middle-East Electric Vehicles Market – by Regions:
United Arab Emirates
Saudi Arabia
Qatar
Others
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