GCC Electric Vehicles Market Report

Market Overview:

The GCC electric vehicles market is exhibiting a growth rate (CAGR) of 44.4% during 2023-2028. The significant expansion in the automotive industry, the growing population, rapid urbanization, rising disposable income, emerging technological advancement, growing environmental awareness, and the increasing demand for electric vehicles represent some of the key factors driving the market.

Electric vehicles (EVs) are eco-friendly transportation modes that run on electricity instead of traditional fossil fuels such as gasoline or diesel. They are an essential advancement in the automotive industry to mitigate the environmental impacts of conventional vehicles and reduce the dependence on finite fossil fuels. They are powered by one or more rechargeable batteries that store electrical energy converted into mechanical energy to propel the vehicle. The absence of an internal combustion (IC) engine in EVs eliminates tailpipe emissions and significantly lower greenhouse gas (GHG) emissions than gasoline. They are available in various forms, from all-electric vehicles that rely solely on electricity to plug-in hybrid electric vehicles (PHEVs) that can switch between electric power and internal combustion engines. Additionally, they can reduce air pollution, combat climate change, and achieve a more sustainable transportation system. Additionally, as technology continues to evolve, the range, charging speed, and affordability of EVs are expected to improve, making them an increasingly accessible and viable choice for a cleaner and greener future.

GCC Electric Vehicles Market Trends:

The market is primarily driven by the significant advancement in the automotive sector. In addition, the growing population, rising demand for vehicles, and rapid urbanization are influencing market growth. Moreover, several advancements in battery technology with improvements in battery performance, energy density, and charging capabilities significantly extending the range and reducing the charging time of electric vehicles represent another major growth-inducing factor. Along with this, the incorporation of smart technologies and the Internet of Things (IoT) improve user experiences and vehicle connectivity with numerous features such as remote diagnostics, over-the-air updates, and advanced driver assistance systems (ADAS) are becoming standard offerings in electric vehicles, attracting tech-savvy consumers and fleet operators, propelling the market growth. Besides this, the increasing environmental awareness and acceptance of sustainable transportation options, such as electric vehicles, accelerate market growth. Also, numerous governments are implementing initiatives to promote the widespread adoption of electric vehicles through various incentives, subsidies, and regulatory measures to encourage manufacturers and consumers to transition to cleaner transport solutions, contributing to market growth. Apart from this, the extensive use of electric vehicles in numerous sectors to reduce operational costs and enhance their corporate sustainability image by opting for electric vehicles led to long-term savings in fuel and maintenance expenses, providing a positive thrust to the market growth. Furthermore, new players and startups are entering the sector with innovative electric vehicle designs and technologies, fostering healthy competition and driving further advancements in the industry.

GCC Electric Vehicles Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the GCC electric vehicles market report, along with forecasts at the regional and country level from 2023-2028. Our report has categorized the market based on component, charging type, propulsion type, and vehicle type.

Component Insights:

• Battery Cells and Packs
• On-Board Charger
• Fuel Stack
   

The report has provided a detailed breakup and analysis of the GCC electric vehicles market based on the component. This includes battery cells and packs, on-board charger, and fuel stack.

Charging Type Insights:

• Slow Charging
• Fast Charging
   

A detailed breakup and analysis of the GCC electric vehicles market based on the charging type has also been provided in the report. This includes slow charging and fast charging.

Propulsion Type Insights:

• Battery Electric Vehicle (BEV)
• Fuel Cell Electric Vehicle (FCEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)
   

A detailed breakup and analysis of the GCC electric vehicles market based on the propulsion type has also been provided in the report. This includes battery electric vehicle (BEV), fuel cell electric vehicle (FCEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV).

Vehicle Type Insights:

• Passenger Vehicles
• Commercial Vehicles
• Others
   

A detailed breakup and analysis of the GCC electric vehicles market based on the vehicle type has also been provided in the report. This includes passenger vehicles, commercial vehicles, and others.

Country Insights:

• Saudi Arabia
• UAE
• Qatar
• Bahrain
• Kuwait
• Oman
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, and Oman.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the GCC electric vehicles market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

GCC Electric Vehicles Market Report Coverage:

Key Questions Answered in This Report:

• How has the GCC electric vehicles market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the GCC electric vehicles market?
• What is the breakup of the GCC Electric vehicles market on the basis of component?
• What is the breakup of the GCC Electric vehicles market on the basis of charging type?
• What is the breakup of the GCC Electric vehicles market on the basis of propulsion type?
• What is the breakup of the GCC Electric vehicles market on the basis of vehicle type?
• What are the various stages in the value chain of the GCC electric vehicles market?
• What are the key driving factors and challenges in the GCC electric vehicles market?
• What is the structure of the GCC electric vehicles market and who are the key players?
• What is the degree of competition in the GCC electric vehicles market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the GCC electric vehicles market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the GCC electric vehicles market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the GCC electric vehicles industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.