GCC Electric Vehicle Market: Expected Rapid Growth, Industry Size, And Share In 2028

MANHATTAN, N.Y. - May 31, 2023 - PRLog -- According to a report by TechSci Research titled "GCC Electric Vehicle Market–By Country, Competition Forecast and Opportunities, 2018-2028F," the GCC Electric Vehicle Market reached a value of USD 2794.83 million in 2022 and is projected to reach USD 10684.70 million by 2028. The market for electric vehicles in the region is being driven by positive government initiatives and the expansion of charging infrastructure throughout the GCC area. Saudi Arabia led the GCC electric vehicle market in 2022, and it is expected to grow at a rate of 22.64% during the forecast period.

One of the key factors influencing the demand for electric vehicles in the GCC region is the increasing need for environmentally friendly transportation. Governments in GCC countries are implementing policies to promote the use of EVs in order to reduce carbon emissions. For example, the UAE, Saudi Arabia, Bahrain, and Oman have set net-zero goals. The government's efforts to raise awareness among consumers about the benefits of electric vehicles, along with the establishment of regional production facilities by new market players, contribute to the market's growth. Leading companies are also investing in research and development to provide fast EV chargers for public charging stations, thereby driving the demand for electric vehicles.

New players, including startups and established automakers, are entering the GCC EV market and introducing innovative and advanced EV models. For instance, in 2021, Saudi company Lucid Motors launched the Lucid Air, a luxury electric sedan, in the GCC region. With a driving range of over 800 km on a single charge, the Lucid Air is one of the EVs with the longest range in the market. Mercedes-Benz also introduced its EQC electric SUV in the UAE in 2021, with plans to introduce more models from the EQ range. The entry of new players into the GCC EV market is driving innovation and competition, offering consumers a wider range of choices.

The market for electric vehicles (https://www.linkedin.com/pulse/gcc-electric-vehicle-marke...) is rapidly expanding, particularly in the two-wheeler and passenger car segments. Electric vehicle manufacturers are implementing strategic plans to meet the growing demand, including partnerships, mergers, business expansion, resource and workforce sharing, and enhanced research capabilities. M Glory, for example, opened the UAE's first electric vehicle manufacturing facility in Dubai Industrial City in 2022, with an investment of USD 408 million, to meet the increasing demand for eco-friendly transportation. The facility is expected to produce 10,000 electric cars annually.

Browse over 48 market data on "GCC Electric Vehicle Market" - https://www.techsciresearch.com/report/gcc-electric-vehicle-market/14906.html

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