Market Size of GCC Electric Vehicle Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.36 Billion |
| Market Size (2029) | USD 10.42 Billion |
| CAGR (2024 - 2029) | 19.03 % |
| Market Concentration | High |
Major Players.webp "GCC Electric Vehicle Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
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GCC Electric Vehicle Market Analysis
The GCC Electric Vehicle Market size is estimated at USD 4.36 billion in 2024, and is expected to reach USD 10.42 billion by 2029, growing at a CAGR of 19.03% during the forecast period (2024-2029).
The automotive industry in the GCC region is majorly dependent on conventional internal combustion engines. The region is one of the major producers of crude oil and accounts for the majority share of the economy. However, the rising environmental concerns and technological shift in other parts of the world toward electric vehicles are expected to encourage the adoption of electric vehicles, especially hybrid and plug-in hybrid electric vehicles, across the region.
Over the short term, The lack of charging infrastructure and government spending toward the same has been a restraining factor for the adoption of electric vehicles in the region. However, several private players are installing charging facilities, which is enhancing the demand in the market. For instance, in November 2021, Marriott Riyadh Diplomatic Quarter announced the first electric vehicle charging station for commercial and residential use in Saudi Arabia. The move aligns with Marriott International's sustainability goals and commitment.
In 2020, the sales of electric vehicles across the GCC region were hampered for the first time, primarily because of supply chain disruptions caused by a halt in international transportation activities.
GCC Electric Vehicle Industry Segmentation
The electric vehicle operates on an electric motor instead of an internal combustion engine. Therefore, the electric vehicle is seen as a possible replacement for the current-generation automobile in the near future to address environmental challenges.
The GCC electric vehicle market is segmented by vehicle type, propulsion type, and by country.
By vehicle type, the market is segmented into passenger cars and commercial vehicles. By propulsion type, the market is segmented as battery electric vehicles, plug-in electric vehicles, fuel cell electric vehicles, and hybrid electric vehicles. By charging type, the market is segmented into normal charging and fast charging. By country, the market is segmented into United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.
| By Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| By Propulsion Type | |
| Battery Electric | |
| Plug-in Hybrid | |
| Fuel Cell Electric | |
| Hybrid Vehicles |
| By Country | |
| United Arab Emirates | |
| Saudi Arabia | |
| Qatar | |
| Oman | |
| Kuwait | |
| Bahrain |
GCC Electric Vehicle Market Size Summary
The GCC electric vehicle market is poised for significant growth, driven by a shift from traditional internal combustion engines to electric vehicles, including hybrids and plug-in hybrids. This transition is influenced by increasing environmental concerns and technological advancements observed globally. Despite the region's historical reliance on oil production and conventional vehicles, the market is experiencing a gradual transformation. The adoption of electric vehicles is being supported by private sector initiatives to expand charging infrastructure, such as the installation of charging stations by companies like Marriott and partnerships like those between Schneider Electric and GREENER by IHCC. These efforts are complemented by government programs aimed at promoting green mobility and reducing carbon footprints through incentives and infrastructure development.
The market landscape is characterized by substantial investments from automakers and strategic partnerships to enhance e-mobility infrastructure. Key players such as Toyota, Nissan, Hyundai, and Jaguar Land Rover dominate the market, while countries like the UAE and Saudi Arabia are making strides in increasing the number of charging stations and electric vehicles on the road. Government initiatives, such as Dubai's Green Building Regulations and the UAE's Green Charger initiative, are further bolstering the market by encouraging the adoption of low-emission vehicles. The region's electric vehicle market is expected to continue its upward trajectory, supported by favorable policies, infrastructure development, and a growing commitment to sustainable mobility solutions.
GCC Electric Vehicle Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Vehicle Type
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2.1.1 Passenger Cars
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2.1.2 Commercial Vehicles
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2.2 By Propulsion Type
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2.2.1 Battery Electric
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2.2.2 Plug-in Hybrid
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2.2.3 Fuel Cell Electric
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2.2.4 Hybrid Vehicles
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2.3 By Country
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2.3.1 United Arab Emirates
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2.3.2 Saudi Arabia
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2.3.3 Qatar
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2.3.4 Oman
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2.3.5 Kuwait
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2.3.6 Bahrain
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GCC Electric Vehicle Market Size FAQs
How big is the GCC Electric Vehicle Market?
The GCC Electric Vehicle Market size is expected to reach USD 4.36 billion in 2024 and grow at a CAGR of 19.03% to reach USD 10.42 billion by 2029.
What is the current GCC Electric Vehicle Market size?
In 2024, the GCC Electric Vehicle Market size is expected to reach USD 4.36 billion.
