Market Size of GCC Electric Vehicle Industry
| 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.webp)
*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.
