Saudi Arabia Electric Vehicle Market Overview, 2027

Young people in Saudi Arabia are adopting novel innovations. The younger generation is actively looking for information about EVs and is becoming more interested in environmentally friendly transportation options. The passion and involvement of this group help the nation's culture around electric vehicles grow. The country has recognised the importance of environmental sustainability and reducing carbon emissions. Electric vehicles align with the country's goals of promoting cleaner and greener transportation. The focus on sustainability in Saudi Arabia's culture contributes to creating an environment where electric vehicles are seen as a positive choice. The government, along with various organisations, is actively conducting awareness campaigns to educate the public about electric vehicles. These campaigns aim to highlight the environmental benefits of EVs, dispel myths, and raise awareness about the availability of charging infrastructure. By increasing public knowledge, Saudi Arabia is working towards fostering an electric vehicle culture. According to the research report "Saudi Arabia Electric Vehicle Market Overview, 2027," published by Bonafide Research, the Saudi Arabia electric vehicle market was valued at above USD 250 million in 2021. Within vehicle types, passenger cars acquired more market share in terms of revenue. They are projected to show significant growth during the forecast period. The growing population suggests long-term potential in the electric vehicle segment, which is attributed to the rising disposable income of households and lower emissions targets set by the government. The country has decided to curb GHG emissions by 130 million metric tonnes of CO2 equivalent by 2030 under the Paris goal and INDC. Electric vehicles are increasingly equipped with connected features and autonomous capabilities. These technologies enhance the overall driving experience, provide seamless connectivity, and enable advanced driver assistance systems. The integration of connected and autonomous features in electric vehicles is a trend that is likely to continue in Saudi Arabia. Additionally, with the rise of electric vehicles, there is a need for effective energy management and integration with the existing power grid. Smart grid technologies are being explored to optimise charging, manage electricity demand, and enable dynamic pricing for EV charging. This trend focuses on leveraging intelligent systems to balance electricity supply and demand. Several companies are operating in the electric vehicle (EV) market in Saudi Arabia. Tesla, Nissan, BMW, Hyundai, Jaguar Land Rover, Audi, and Rivian are some of the major companies in the Saudi Arabian market. The country is working on initiatives to promote local electric vehicle manufacturing and attract investments in the EV sector. NEOM is a major development project in Saudi Arabia that aims to build a futuristic city known for its advanced technologies and sustainable practises. NEOM has plans to become a hub for EV manufacturing and innovation, attracting investments and fostering collaboration in the electric vehicle sector. The country has signed a memorandum of understanding (MoU) with the United Kingdom in a move to reduce carbon emissions and support Saudi Vision 2030. The MoU commits both countries to cooperate and share expertise to develop technologies, including smart grids and electric vehicles. The cost of electric vehicles, particularly in the early stages of market development, can be a significant barrier to adoption. Electric vehicles tend to have higher upfront costs compared to conventional internal combustion engines. Lowering the cost of electric vehicles through government incentives, subsidies, and economies of scale in production can help make them more affordable and accessible to a wider range of consumers. The government of Saudi Arabia is introducing several programmes and initiatives towards promoting green mobility across the country, as transportation plays a crucial role in reducing carbon footprints. The government is investing massively in establishing electrically powered public transportation systems while encouraging consumers to shift towards EVs or natural gas or hydrogen-based vehicles. Various government initiatives towards promoting green mobility in order to mitigate climate change and attain zero-carbon goals by 2060 are expected to boost the demand for electric buses in public transport fleets. Furthermore, the flourishing e-commerce and transportation and logistics sectors will also promulgate the demand for zero-emission commercial vehicles. Consequently, this will stimulate the overall growth of the electric vehicle market in Saudi Arabia over the coming years. Considered in this report • Geography: Saudi Arabia • Historic year: 2017 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Saudi Arabia market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type • Passenger Vehicle • Commercial Vehicle By population type • BEV • PHEV The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us. we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to organic food and beverage industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.