Saudi Arabia Electric Vehicle Market Overview: 2024-2030

Base Year: 2023

Historical Years:  2019-22

Forecast Years: 2024-2030

The Saudi Arabia Electric Vehicle Market is expected to grow at an impressive CAGR of around 53.5% during the forecast period, i.e., 2024-30. 

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Saudi Arabia Electric Vehicle Market Dynamics: 2024-2030

Saudi Arabia Electric Vehicle Market Driver:

Various Government Initiatives Toward Attaining Zero-carbon Emissions - The government of Saudi Arabia is introducing several programs and initiatives toward 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 toward EVs or natural gas/hydrogen-based vehicles. Hence, with rising fuel prices and rising concerns over environmental degradation, more & more consumers are showing interest in EVs, which, consequently, would drive the Electric Vehicle Market in Saudi Arabia through 2030.

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Saudi Arabia Electric Vehicle Market (2024-30): Segmentation Outlook

The market report has segmented the market into the following categories:

By Vehicle Type

-Passenger Vehicles

-Two-Wheelers

-Commercial Vehicles

Trucks

-LCV (Up to 4 Tons)

-MHCV (4 to 8 Tons)

-HCV (Above 8 Tons)

-Buses

The Passenger Vehicles segment is projected to acquire a notable share of the Saudi Arabia Electric Vehicle Market during 2024-30. 

By Power Source

-Battery Electric Vehicle (BEV)

-Plug-In Hybrid Electric Vehicle (PHEV)

-Hybrid Electric Vehicle (HEV)

By Battery Type

-Lithium-Ion Battery

-Lithium Titanate Oxide

By Region

-Central

-East

-West

-South.

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Top Companies Operating in the Saudi Arabia Electric Vehicle Market:

-Chevrolet

-Renault Group

-BMW AG

-Canoo Inc. (GOEV)

-Lucid Group

-Nissan Motor Corporation

-Ford Motor Company

-Porsche Middle East & Africa

-Toyota Motor Corporation

-Tacita

-Tajeer Group (MG Motor Group)

-Electromin

-Caterpillar.

Industry Recent Development:

• January 2023: Canoo Inc. (GOEV) announced its partnership with GCC (General Contracting Company) Olayan for the sales, service, & distribution of its EVs in Saudi Arabia. There are also plans to launch a JV and co-develop a “digital vehicle ecosystem” for local assembly & EV manufacturing.
• May 2022: Lucid Group announced its plans to establish its EV manufacturing facility in Jeddah, with a production capacity of 155,000 vehicles annually, which will be the company's first factory outside the US and initially serve the local market.

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