Middle East And Africa Lithium-ion Battery For Electric Vehicle Market Size (2024 - 2029)

The Middle East and Africa lithium-ion battery market for electric vehicles is projected to experience substantial growth over the forecast period, driven by factors such as decreasing battery prices and the rising adoption of electric vehicles, bolstered by supportive government initiatives. Despite challenges posed by emerging alternative battery technologies and raw material supply issues, the market is poised for expansion due to opportunities presented by rapid urbanization and smart city initiatives. The United Arab Emirates is anticipated to be a key growth area within this market, reflecting the country's increasing embrace of electric vehicles.

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Market Size of Middle East And Africa Lithium-ion Battery For Electric Vehicle Industry

Middle East And Africa Lithium-ion Battery For Electric Vehicle Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 0.58 Billion
Market Size (2029) USD 1.44 Billion
CAGR (2024 - 2029) 19.73 %
Market Concentration Medium

Major Players

Middle East And Africa Lithium-ion Battery For Electric Vehicle Market Major Players

*Disclaimer: Major Players sorted in no particular order

Middle East And Africa Lithium-ion Battery for Electric Vehicle Market Analysis

The Middle East And Africa Lithium-ion Battery For Electric Vehicle Market size is estimated at USD 0.58 billion in 2024, and is expected to reach USD 1.44 billion by 2029, growing at a CAGR of 19.73% during the forecast period (2024-2029).

  • Over the medium term, declining lithium-ion battery prices and the increasing adoption of electric vehicles supported by government initiatives are expected to drive the Middle East and African lithium-ion battery for the electric vehicle market during the forecast period.
  • On the other hand, the emerging alternative battery technologies and the demand-supply mismatch of raw materials are likely to hinder the market's growth during the forecast period.
  • Nevertheless, rapid urbanization, coupled with smart city initiatives, offers the opportunity to integrate EVs into new urban mobility solutions, which will likely create vast opportunities for the Middle East and African lithium-ion batteries for the electric vehicle market.
  • United Arab Emirates (UAE) is expected to witness significant growth for the Middle East and African lithium-ion batteries for the electric vehicle market due to the increasing adoption of electric vehicles in the country.

Middle East And Africa Lithium-ion Battery for Electric Vehicle Industry Segmentation

  • A lithium-ion battery for electric vehicles (EVs) is a type of rechargeable battery commonly used to power electric cars and other electric transportation. Known for its high energy density, long cycle life, and lightweight design, this battery technology enables efficient storage and delivery of electrical energy. Lithium-ion batteries consist of cells containing an anode, cathode, separator, and electrolyte. These batteries offer a high power-to-weight ratio, excellent energy efficiency, and reduced self-discharge compared to other rechargeable batteries, which make them a preferred choice for modern electric vehicles.
  • The Middle East and African lithium-ion battery for electric vehicle market is segmented by vehicle type, propulsion type, and geography. By vehicle type, the market is segmented into passenger vehicles, commercial vehicles, and others (bikes, scooters, etc.). By propulsion type, the market is segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV). The report also covers the market size and forecasts for the lithium-ion battery for electric vehicle market across major countries. The report offers the market size and forecasts for the market in revenue for all the above segments.
Vehicle Type
Passenger Vehicles
Commercial Vehicles
Others (Bikes, Scooters, etc.)
Propulsion Type
Battery Electric Vehicle (BEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Hybrid Electric Vehicles (HEV)
Geography
United Arab Emirates
Saudi Arabia
South Africa
Egypt
Rest of Middle East and Africa
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Middle East And Africa Lithium-ion Battery For Electric Vehicle Market Size Summary

The Middle East and Africa lithium-ion battery market for electric vehicles is poised for substantial growth over the forecast period, driven by declining battery prices and increased adoption of electric vehicles (EVs) supported by government initiatives. The region's automotive industry, while still emerging compared to Western and Asian markets, is witnessing a rise in battery electric vehicles (BEVs) due to technological advancements and growing environmental awareness. Countries like the United Arab Emirates and South Africa are leading this trend, with significant sales growth in BEVs. Government policies and incentives, such as reduced registration fees and the establishment of charging infrastructure, are crucial in promoting the adoption of BEVs, thereby creating a favorable environment for the growth of the lithium-ion battery market.

The United Arab Emirates is expected to be a key player in the region's lithium-ion battery market, with rapid industrialization and strategic economic positioning contributing to the rising demand for EV batteries. The UAE's commitment to electric and hybrid vehicles, along with investments in EV infrastructure and battery recycling, aligns with its sustainability goals. Additionally, advancements in battery technologies, such as the planned solid-state battery gigafactory, and initiatives to boost EV manufacturing are set to further enhance the market landscape. Meanwhile, Morocco's efforts to establish a gigafactory for EV batteries and Saudi Arabia's plans to promote local EV manufacturing underscore the region's potential as a significant market for lithium-ion batteries in the coming years.

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Middle East And Africa Lithium-ion Battery For Electric Vehicle Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Declining Lithium-ion Battery Prices

        2. 1.5.1.2 Increasing Adoption of Electric Vehicles Supported by Government Initiatives

      2. 1.5.2 Restraints

        1. 1.5.2.1 Emerging Alternative Battery Technologies

        2. 1.5.2.2 Demand-Supply Mismatch of Raw Materials

    6. 1.6 Supply Chain Analysis

    7. 1.7 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Vehicle Type

      1. 2.1.1 Passenger Vehicles

      2. 2.1.2 Commercial Vehicles

      3. 2.1.3 Others (Bikes, Scooters, etc.)

    2. 2.2 Propulsion Type

      1. 2.2.1 Battery Electric Vehicle (BEV)

      2. 2.2.2 Plug-In Hybrid Electric Vehicle (PHEV)

      3. 2.2.3 Hybrid Electric Vehicles (HEV)

    3. 2.3 Geography

      1. 2.3.1 United Arab Emirates

      2. 2.3.2 Saudi Arabia

      3. 2.3.3 South Africa

      4. 2.3.4 Egypt

      5. 2.3.5 Rest of Middle East and Africa

Middle East And Africa Lithium-ion Battery For Electric Vehicle Market Size FAQs

The Middle East And Africa Lithium-ion Battery For Electric Vehicle Market size is expected to reach USD 0.58 billion in 2024 and grow at a CAGR of 19.73% to reach USD 1.44 billion by 2029.

In 2024, the Middle East And Africa Lithium-ion Battery For Electric Vehicle Market size is expected to reach USD 0.58 billion.

Middle East And Africa Lithium-ion Battery For Electric Vehicle Market Report Snapshots

Middle East and Africa Lithium-ion Battery for Electric Vehicle Market Size & Share Analysis – Growth Trends & Forecasts (2024 – 2029)