According to a market report, published by Sheer Analytics and Insights, The Middle-East electric vehicles market was valued at $27.1 million in 2021 and it is expected to reach $130.8 million at a CAGR of 14.4% between 2022 and 2032. The Middle-East countries will be able to witness more growth opportunities in the electric vehicles market as the major infrastructure is expanding and a lot of consumers are willing to purchase new electric car models. This is projected to drive the growth of the market. The government is playing an essential role in supporting the key players across the region. These market players are focusing on expanding their business growth with new strategies. Moreover, the demand for electric vehicles is increasing in Middle East countries due to the high expenditure on fuel prices. Technological development is another factor that is accelerating market growth. Several key players are focusing on using mergers and acquisitions with other subsidiary companies to produce innovative electric vehicles for commercial purposes. Hence, all these major factors are estimated to boost the growth of the market during the upcoming years.
The demand for electric vehicles has been rising due to several advantages it has. This type of vehicle could be used to reduce environmental pollution. Commercial vehicles such as cab, buses, and others could be used for public transportation. The price of fuel is rising every year. Thus, an electric vehicle could take the place of fuel vehicles and reduce the expenditure of the public in developing nations, especially in rural areas. Government from several countries has become conscious of the environment. Hence, those governments are supporting their nation’s key players by investing in R&D activities to benefit the market.
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New transportation technology is another key factor that is driving market growth. Key players are focusing on creating new energy resources with the help of their government to create new electric vehicles. This would implement economic and energy diversification plans. In the Middle East region, countries such as United Arab Emirates, Saudi Arabia, and others have become the early adopters of electric vehicles. However, the main focus of the government of these two countries is to promote the use of electric vehicles and increased awareness about energy storage solutions in the renewable-based power sector.
NWTN announced the company’s symbol known as ICONIQ along with the launch of the new brand NWTN. Audi Abu Dhabi launched its first EV model under the e-Tron umbrella nearly two years ago and customer response since has been very encouraging. MG Motor launched its first electric vehicle for the Middle East region. Moreover, one of the key pillars of GM’s huge outlet is the free-spending Middle East, where the automaker aims to launch no fewer than thirteen different electric vehicles by the end of 2025. In 2022, the Emirati Company launched electric delivery vehicles designed for the region. Furthermore, Polestar opens first retail outlet for its electrical cars in UAE. Hence, these new launches are expected to fuel the growth of the Middle-East electric vehicles market during the forecast period from 2022 to 2032.
According to the study, key players dominating the Middle-East electric vehicles market are Ather Energy (India), Ampere Vehicles (India), BMW AG (Germany), Bajaj Group (India), DiDi Global (China), Denso (Japan), Greely (China), Groupe Renault (France), Goldstone Infratech Ltd (India), Hinduja Group (U.K), Hero Electric (India), Hyundai Motor Group (South Korea), JBM Auto Ltd (India), Lucid Motors (U.S), Mercedez-Benz Group (Germany), Mahindra Group (India), Ola Cabs (India), Porsche SE (Germany), Suzuki (Japan), SAIC Motor (China), Tesla Inc (U.S), Toyota (Japan), among others.
The Middle-East Electric Vehicles Market Has Been Segmented Into:
The Middle-East Electric Vehicles Market – by Product Type:
The Middle-East Electric Vehicles Market – by Vehicle Type:
The Middle-East Electric Vehicles Market – by Regions:
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