GCC Electric Vehicle Market Size

Report on Industry Size & Market Share Analysis - Growth Trends & Forecasts (2024 - 2029)

GCC Electric Vehicle Market has been Segmented By Vehicle Type (Passenger Cars, Commercial Vehicles), By Propulsion Type (Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, Fuel Cell Electric Vehicles, and Hybrid Vehicles), By Country (United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain).

GCC Electric Vehicle Market Size

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GCC Electric Vehicle Market Outlook
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 4.36 Billion
Market Size (2029) USD 10.42 Billion
CAGR (2024 - 2029) 19.03 %
Market Concentration High

Major Players

GCC Electric Vehicle Market

*Disclaimer: Major Players sorted in no particular order

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GCC Electric Vehicle Market Analysis

The GCC Electric Vehicle Market size is estimated at USD 4.36 billion in 2024, and is expected to reach USD 10.42 billion by 2029, growing at a CAGR of 19.03% during the forecast period (2024-2029).

The automotive industry in the GCC region is majorly dependent on conventional internal combustion engines. The region is one of the major producers of crude oil and accounts for the majority share of the economy. However, the rising environmental concerns and technological shift in other parts of the world toward electric vehicles are expected to encourage the adoption of electric vehicles, especially hybrid and plug-in hybrid electric vehicles, across the region.

Over the short term, The lack of charging infrastructure and government spending toward the same has been a restraining factor for the adoption of electric vehicles in the region. However, several private players are installing charging facilities, which is enhancing the demand in the market. For instance, in November 2021, Marriott Riyadh Diplomatic Quarter announced the first electric vehicle charging station for commercial and residential use in Saudi Arabia. The move aligns with Marriott International's sustainability goals and commitment.

In 2020, the sales of electric vehicles across the GCC region were hampered for the first time, primarily because of supply chain disruptions caused by a halt in international transportation activities.

GCC Electric Vehicle Market Trends

This section covers the major market trends shaping the GCC Electric Vehicle Market according to our research experts:

Heavy Investments by Automakers for Electric Vehicles

Heavy investments from automakers are expected to cater to the growing demand for EVs and play a major role in the evolution of the electric vehicle market. OEMs offer electric vehicles in different segments ranging from hatchbacks such as Nissan Leaf to high-end sedans like Tesla Model 3. For instance,

  • In March 2022, the German-Engineered Volkswagen Group agreed one million dollar investment with Qatar to further develop the Gulf nation's charging infrastructure. It's hoped the deal will encourage clean and sustainable mobility.
  • In May 2022, Schneider Electric Saudi Arabia and GREENER by IHCC signed a partnership agreement to develop e-mobility infrastructure in the Kingdom's nascent and fast-growing electric vehicle (EV) sector.
GCC Electric Vehicle Market Share

Friendly Government Policies Favors the High Market Demand

The government is introducing several programs and initiatives to promote green mobility across the country as transportation plays a crucial role in lowering the carbon footprint. The programs aim to provide public transportation systems and encourage consumers to shift towards natural gas, hydrogen, and electricity-based vehicles.

The Emirate of Dubai has introduced its Green Building Regulations and Specifications for new buildings through Dubai Municipality, which specifies that 5% of parking spaces should be dedicated to green or low emission vehicles.

The UAE boasts of the presence of one of the largest numbers of charging stations and are working to increase the number of charging stations. The Dubai Electricity and Water Authority launched an initiative called the 'Green Charger' initiative to build charging stations in Dubai to support the Dubai Green Mobility Strategy 2030. The incentives offered by the government and various financial institutions are encouraging the import of electric vehicles into the country. The high support from the government in the form of favorable government policies is expected to bolster the sales of electric vehicles for the next five years.

GCC Electric Vehicle Market Forecast

GCC Electric Vehicle Industry Overview

The electric vehicle market in the region is fairly consolidated, with the major players like Toyota, Nissan, Hyundai, and Jaguar Land Rover capturing the major market share amongst others.

In Saudi Arabia, 13 battery charging stations have been deployed, and the government approved the import of 16 EVs from different manufacturers. UAE is quite ahead as only Dubai has 200 charging stations and 4000 EVs on its road network.

  • In July 2021, ABB to charge Qatar's largest electric bus infrastructure project. The project will see ABB provide high power charging infrastructure for the fleet, which is expected to have 1,000 electric buses operating across the country and with a capacity to transport 50,000 passengers a day.
  • In April 2021, the Electricity and Water Authority minister inaugurated the first electric vehicle charging station in Bahrain.

GCC Electric Vehicle Market Leaders

  1. Toyota

  2. Nissan

  3. Hyundai Motor Company

  4. Tesla, Inc.

  5. Volkswagen

*Disclaimer: Major Players sorted in no particular order

Toyota, Nissan, Hyundai, and Jaguar Land Rover
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GCC Electric Vehicle Market News

  • In September 2021, L-Charge, a manufacturer of charging infrastructure for electric vehicles, announced that it would be launching its EV charging solutions in the United Arab Emirates.
  • In June 2021, Qatar General Electricity and Water Corporation (Kahramaa) unveiled the 19th charging station for electric cars at Katara. It is the fastest charger for electric vehicles in Qatar, with a capacity of 180 KW. It has a direct current system that can fully charge a car in less than 10 minutes.
  • In April 2021, Qatar General Electricity and Water Corporation announced that it would be installing 100 charging stations for electric cars by the end of 2022 to reduce harmful carbon emissions by at least 7% of total emissions.
  • In October 2020, Schneider Electric announced that it would be installing three new electric vehicles DC fast-charging stations at Prince Mohammad Bin Fahd University (PMU).

GCC Electric Vehicle Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Vehicle Type

      1. 5.1.1 Passenger Cars

      2. 5.1.2 Commercial Vehicles

    2. 5.2 By Propulsion Type

      1. 5.2.1 Battery Electric

      2. 5.2.2 Plug-in Hybrid

      3. 5.2.3 Fuel Cell Electric

      4. 5.2.4 Hybrid Vehicles

    3. 5.3 By Country

      1. 5.3.1 United Arab Emirates

      2. 5.3.2 Saudi Arabia

      3. 5.3.3 Qatar

      4. 5.3.4 Oman

      5. 5.3.5 Kuwait

      6. 5.3.6 Bahrain

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Tesla, Inc.

      2. 6.2.2 Nissan Motor Co., Ltd.

      3. 6.2.3 Hyundai Motor Company

      4. 6.2.4 Volkswagen

      5. 6.2.5 General Motors Company

      6. 6.2.6 Groupe Renault

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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GCC Electric Vehicle Industry Segmentation

The electric vehicle operates on an electric motor instead of an internal combustion engine. Therefore, the electric vehicle is seen as a possible replacement for the current-generation automobile in the near future to address environmental challenges.

The GCC electric vehicle market is segmented by vehicle type, propulsion type, and by country.

By vehicle type, the market is segmented into passenger cars and commercial vehicles. By propulsion type, the market is segmented as battery electric vehicles, plug-in electric vehicles, fuel cell electric vehicles, and hybrid electric vehicles. By charging type, the market is segmented into normal charging and fast charging. By country, the market is segmented into United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.

By Vehicle Type
Passenger Cars
Commercial Vehicles
By Propulsion Type
Battery Electric
Plug-in Hybrid
Fuel Cell Electric
Hybrid Vehicles
By Country
United Arab Emirates
Saudi Arabia
Qatar
Oman
Kuwait
Bahrain
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GCC Electric Vehicle Market Research FAQs

The GCC Electric Vehicle Market size is expected to reach USD 4.36 billion in 2024 and grow at a CAGR of 19.03% to reach USD 10.42 billion by 2029.

In 2024, the GCC Electric Vehicle Market size is expected to reach USD 4.36 billion.

Toyota, Nissan, Hyundai Motor Company, Tesla, Inc. and Volkswagen are the major companies operating in the GCC Electric Vehicle Market.

In 2023, the GCC Electric Vehicle Market size was estimated at USD 3.66 billion. The report covers the GCC Electric Vehicle Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the GCC Electric Vehicle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

GCC Electric Vehicle Industry Report

Statistics for the 2024 GCC Electric Vehicle market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. GCC Electric Vehicle analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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GCC Electric Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)