(MENAFN) A recent report by Goldman Sachs Research has predicted that electric vehicles (EVs) will constitute approximately 50 percent of new car sales worldwide by 2035. Despite the fact that the EV market in the Middle East is still in its infancy, the rollout of new EV models worldwide is accelerating their adoption in the region. The transition towards EVs is being embraced by both governments and consumers, as they become more aware of the benefits of moving away from the internal combustion engine.
Goldman Sachs Research suggests that although there are some major crosscurrents affecting the EV sector, technology innovation is going to supersede these forces in the coming years. This will result in increased competition, government incentives, and falling prices of battery-related products and vehicle components, making EVs more affordable. As a result, it is likely that at least some EV models will become as cheap as vehicles with internal combustion engines by the end of the year.
Currently, Tesla is the leading brand in the Middle East EV market. However, there are also other electric models available in the region, such as the MG ZS EV, Renault Zoe E-Tech, Volvo XC40 Recharge Pure Electric, and the recently launched Swedish brand, Polestar. As more and more EV models become available, the adoption of this sustainable mode of transportation is expected to increase rapidly in the Middle East. This will result in a cleaner and more environmentally friendly transportation system, as well as reduce the region's reliance on fossil fuels.
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