(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 23, 2024 (GLOBE NEWSWIRE) -- The "Middle East Electric Vehicle market (2022-2028): Trends, Size, Share, Revenue, Analysis, Forecast, Value, Growth, Industry, Outlook: Market Forecast By Vehicle Types, By Countries and by Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Middle East electric vehicle market size grew at a CAGR of 28.9% during 2022-2028.
Middle East Vehicle market witnessed steady growth during 2021 owing to government efforts of the Middle East countries to reduce the dependence on oil and facilitate the adoption of electric vehicles to reduce automobile emissions for meeting net zero targets set by the Middle East countries. The market is estimated to experience improved demand for electric cars from the passenger vehicles segment owing to a high preference for luxury cars offered by brands such as Tesla, Lucid, BMW, among others. Government projects and policies are also affecting electric vehicle market's growth and are estimated to upkeep the growth over the near future.
Oil is one of the country's key sources of revenue, however, new renewable energy and sustainable transportation technologies are aiding the country's economic growth. The government strategies of the Middle East countries intend to lessen dependency on oil and diversify the economy while implementing a variety of reforms. As a result, the push to increase electric car sales would elevate the demand for efficient charging systems thus, boosting the electric vehicle industry.
Market Analysis By Vehicle Types
Passenger cars dominated the Middle East electric vehicle market in terms of revenue and volume during the year 2021 and a similar trend is expected to continue in the forthcoming years. The industry is innovative and constantly growing due to changing mobility needs and concepts, increasing demand for eco-friendly and efficient transportation, and improving technology. In recent years, a number of OEMs announced their intention to enhance their footprint in the Middle East electric vehicle industry.
Market Segmentation by Countries
By countries, UAE garnered the highest share in the Middle East Electric vehicle market majorly owing to incentive schemes such as free charging facilities and free of cost parking in regions such as Dubai and Abu Dhabi. On account of the presence of all major brands such as Tesla, BMW, Volkswagen, and General Motors, among others and the high preference for expensive automobiles driven by high-income of individuals is also expected to drive the future growth of the UAE electric vehicle market.
Key Highlights of the Report
Middle East Electric Vehicle Market Overview Middle East Electric Vehicle Market Outlook Middle East Electric Vehicle Market Forecast Historical Data and Forecast Middle East Electric Vehicle Market Revenues and Volume for the Period 2018-2028F Historical Data and Forecast of Middle East Electric Vehicle Market Revenues and Volume, By Vehicle Types, for the Period 2018-2028F Historical Data and Forecast of Middle East Electric Vehicle Market Revenues and Volume, By Countries, for the Period 2018-2028F Market Drivers and Restraints Industry Life Cycle Porter's Five Force Analysis Impact Analysis of COVID-19 Market Trends Middle East Vehicle Market Revenue Ranking, By Companies Competitive Benchmarking Key Strategic Recommendations
Companies Featured
Nissan Motor Co, Ltd. Tesla, Inc. Hyundai Motor Company Toyota Motor Corporation The Volkswagen AG General Motors Company Lucid Group, Inc., Zhengzhou Yutong Bus Co. Ltd. BMW Group MG Motors
Market Scope and Segmentation
By Vehicle Types
Passenger Cars Two Wheelers Commercial Vehicles
By Countries
Saudi Arabia UAE Qatar Kuwait Oman Bahrain
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