Market Size of Middle-East Electric Vehicle Battery Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 15.00 % |
| Market Concentration | Medium |
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?
Middle-East Electric Vehicle Battery Market Analysis
The Middle East Electric Vehicle Battery Market is expected to register a CAGR of 15% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the long term, Factors such as the growing usage of electric vehicles across various countries and Middle-Eastern regions such as the United Arab Emirates, Saudi Arabia, and Oman with supportive government policies are expected to drive the market.
- On the other note, the high cost of electric vehicles, the demand-supply gap of vital raw materials such as cobalt, and the lack of charging infrastructure are expected to restrain the market's growth.
- Nevertheless, increasing investments in deploying the public charging infrastructure clubbed with the increasing efficiency of the electric vehicle are expected to create a significant opportunity for the market's growth in the near future.
- The United Arab Emirates is expected to dominate the market due to the growing usage of electric vehicles across the country.
