(MENAFN) The introduction of Chinese-made car models into the Middle East region has the potential to boost sales of electric vehicles (EVs), especially as global projections anticipate reaching 17 million units by 2024.
As outlined in the recent report from the International Energy Agency (IEA), this forecast reflects a significant 21.42 percent surge compared to the preceding year. Notably, China accounted for nearly 60 percent of new electric car registrations in 2023, with the United States and Europe contributing 10 percent and 25 percent, respectively.
“The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others. Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth,” stated Fatih Birol, the executive director of the IEA.
According to the Global EV Outlook 2024, the electric car market in Africa, Eurasia, and the Middle East remains relatively undeveloped, with electric vehicles (EVs) accounting for less than 1 percent of total sales in these regions.
However, the recent interest from Chinese carmakers in exploring these markets, coupled with efforts to establish domestic production facilities, has the potential to alter this landscape significantly. As Chinese manufacturers delve into these regions, there is optimism that the market for EVs will witness substantial growth in the foreseeable future.
“In Uzbekistan, BYD (Chinese automaker) set up a joint venture with UzAuto Motors in 2023 to produce 50,000 electric cars annually, and Chery International established a partnership with ADM Jizzakh,” the IEA mentioned in the report.
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