Market Size of GCC Electric Vehicle Industry
![GCC Electric Vehicle Market Outlook](https://s3.mordorintelligence.com/gcc-electric-vehicle-market/1654000041076_gcc-electric-vehicle-market_Market_Summary.webp)
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![]() *Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 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 |
GCC Electric Vehicle Market Size Summary
The GCC Electric Vehicle Market is expected to see substantial growth in the coming years. This growth is driven by a shift in the automotive industry in the region from reliance on conventional internal combustion engines to electric vehicles, particularly hybrid and plug-in hybrid electric vehicles. This shift is due to rising environmental concerns and technological advancements in other parts of the world. However, the adoption of electric vehicles in the region has been hampered by a lack of charging infrastructure and government spending towards the same. Nevertheless, the involvement of private players in establishing charging facilities is expected to boost the market demand. The market is also being propelled by heavy investments from automakers to meet the increasing demand for EVs. These investments are seen across different segments, from hatchbacks to high-end sedans. Government policies promoting green mobility are also contributing to the high market demand. These policies aim to encourage the use of public transportation systems and the shift towards natural gas, hydrogen, and electricity-based vehicles. The government's support in the form of favorable policies is expected to bolster the sales of electric vehicles in the coming years. The electric vehicle market in the region is fairly consolidated, with major players like Toyota, Nissan, Hyundai, and Jaguar Land Rover capturing the majority of the market share.
Explore MoreGCC Electric Vehicle Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.2 Market Restraints
-
1.3 Porter's Five Forces Analysis
-
1.3.1 Threat of New Entrants
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Bargaining Power of Suppliers
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 By Vehicle Type
-
2.1.1 Passenger Cars
-
2.1.2 Commercial Vehicles
-
-
2.2 By Propulsion Type
-
2.2.1 Battery Electric
-
2.2.2 Plug-in Hybrid
-
2.2.3 Fuel Cell Electric
-
2.2.4 Hybrid Vehicles
-
-
2.3 By Country
-
2.3.1 United Arab Emirates
-
2.3.2 Saudi Arabia
-
2.3.3 Qatar
-
2.3.4 Oman
-
2.3.5 Kuwait
-
2.3.6 Bahrain
-
-
GCC Electric Vehicle Market Size FAQs
How big is the GCC Electric Vehicle Market?
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.
What is the current GCC Electric Vehicle Market size?
In 2024, the GCC Electric Vehicle Market size is expected to reach USD 4.36 billion.