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A recent report published by Infinium Global Research on the electric vehicle market provides in-depth analysis of segments and sub-segments in the GCC as well as regional electric vehicle market. The study also highlights the impact of drivers, restraints, and macro indicators on the GCC and regional electric vehicle market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of GCC electric vehicle market. According to the report, the GCC electric vehicle market is projected to grow at a CAGR of 23.77% over the forecast period of 2021-2027.
GCC electric vehicle is was valued at USD 31.52 billion in 2021 and is expected to reach USD 113.28 billion in 2027, growing with a CAGR of 23.77% during the forecast period. An electric vehicle operates on electricity, not like its counterpart, which runs on fuel. In its place of an internal combustion engine, these vehicles run on an electric motor that requires a continuous supply of energy from batteries. There are a variety of batteries utilized in these electric vehicles. These comprise lithium-ion, molten salt, zinc-air, and numerous nickel-based designs. Electric vehicles were predominantly designed to replace conventional ways of travel as they lead to environmental pollution. Electric vehicles have gained popularity due to various technological advancements.
The market is anticipated to witness substantial growth due to the swiftly escalating adoption rate of electric vehicles across the GCC region. The increasing focus of the governments across the region to promote the usage of electric vehicles and increased awareness about energy storage solutions in the renewable-based power sector is projected to drive the market during the projection period. Furthermore, intensifying the 5th Generation-based telecommunication network and enactment of Vision Documents in Saudi Arabia, the United Arab Emirates, Qatar, and Kuwait are likely to further support the GCC electric vehicle market in the upcoming years. On the other hand, higher costs involved in initial investments, and performance constraints could hinder the growth of the GCC electric vehicle market.
Among the geographies, the UAE is expected to hold the largest share in the GCC electric vehicle market. The adoption of electric cars is set to enter the fast lane in the Gulf, particularly in tech-savvy urban hubs, such as Dubai. As electric vehicles are in the nascent stage in the country, it has not yet set out incentives for the deployment of electric vehicles, such as free charging stations, Greenbank loans, etc. Furthermore, electric vehicle incentives are yet to be developed, especially when electric vehicle deployment starts on a commercial scale. Nevertheless, the country has taken a few initiatives, which are likely to increase the electric vehicle demand in the country. Moreover, the United Arab Emirates is the most developed market for electric vehicles, with Dubai having some 200 charging stations and Abu Dhabi around 2020.
The report on GCC electric vehicle market covers segments such as propulsion type, vehicle type, and charging type. On the basis of propulsion type, the sub-markets include battery electric vehicle (BEV), fuel cell electric vehicle (FCEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). On the basis of vehicle type, the sub-markets include passenger car, and commercial vehicles. On the basis of charging type, the sub-markets include normal charging, and fast charging.
The report provides profiles of the companies in the market such as Volkswagen AG, Tesla Motors Inc., Hyundai Motors, Toyota Motor Corporation, BMW AG, Nissan Motor Co. Ltd, Jaguar Land Rover Limited, Zhejiang Geely Holding Group Co. Ltd, SAIC Motor Corp. Ltd, and Honda Motor Company Ltd.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of electric vehicle market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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