Market Size of Middle East and Africa Automotive Electric Vehicle Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.33 Billion |
| Market Size (2029) | USD 9.42 Billion |
| CAGR (2024 - 2029) | 23.20 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Middle East and Africa |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle East Electric Vehicles Market Analysis
The Middle East and Africa Automotive Electric Vehicle Market size is estimated at USD 3.33 billion in 2024, and is expected to reach USD 9.42 billion by 2029, growing at a CAGR of 23.20% during the forecast period (2024-2029).
The impact of the COVID-19 pandemic on the electric vehicle market is inescapable. Several factors caused car sales to drop in 2020, including closures of manufacturing units, social distance norms, and reduced consumer spending on transportation. The automotive industry witnessed significant growth in terms of sales in the previous year, and it is expected to continue during the forecast period.
The growing focus of governments across the region to promote the use of electric vehicles and increased awareness about energy storage solutions in the renewable-based power sector is expected to drive the market during the forecast period. Moreover, expanding the 5th generation-based telecommunication network and implementation of Vision Documents in Saudi Arabia, the United Arab Emirates, Qatar, and Kuwait are likely to further aid the Middle East and African EV market in the coming years.
Sub-Saharan African (SSA) countries are in urgent need of alternative energy sources for transport to stave off the growing burden of fuel dependency and subsidies, as well as an electricity storage solution to leverage their abundant renewable energy resources. Electric vehicles (EVs), powered by electricity and running on battery storage, offer a potential solution to both of these problems. Many SSA countries are expected to make large power capacity investments in the next decade.
Countries like Saudi Arabia and the United Arab Emirates are becoming early adopters of electric vehicles in the Middle Eastern region. The Saudi Arabian Standards Organization (SASO) has plans to issue regulations for the use of electric vehicles. The Road Transport Authority (RTA) of the United Arab Emirates has issued advisory messages and worked to develop charging stations in the country.
