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GCC Electric Vehicle Market Size, Share, Growth, Forecast: By Vehicle Type: Passenger Cars, Commercial Vehicles; By Propulsion Type: Hybrid Vehicles, Battery Electric, Plug-in Hybrid, Fuel Cell Electric; By Speed: Less Than 150 mph, More Than 150 mph; By Vehicle Drive; By Price; Regional Analysis; Competitive Landscape; 2024-2032
GCC Electric Vehicle Market Outlook
The GCC electric vehicle market size was approximately USD 1.62 billion in 2023. The market is estimated to grow at a CAGR of 22.30% between 2024 and 2032, reaching a value of USD 10.44 billion by 2032.
Key Takeaways
- To support EV adoption, several countries in the GCC region have implemented incentives on the federal as well as local level, like the UAE.
- The region is focusing on building charging stations to encourage the use of electric vehicles, with both governments and private companies investing in the development of charging infrastructure.
- The emphasis on sustainable transportation in the GCC's smart city projects, like NEOM in Saudi Arabia and Masdar City in the UAE, is set to accelerate the use of electric vehicles.
Sustainability plays a crucial role in smart city projects of the Middle Eastern countries, leading governments to enhance the uptake of electric vehicles and reduce reliance on fossil fuels. This aligns with their efforts to develop sustainable infrastructure and leverage advanced technologies for energy conservation.
As per the GCC electric vehicle market analysis, luxury electric vehicles are expected to witness a growth in demand because of people’s higher affinity for sophisticated and high-quality vehicles. The increasing number of high-net-worth individuals in the region drives the demand for luxury vehicles that facilitate improved driving experience. Low and medium range EVs are expected to be demanded by households that seek to gain the benefits of technologically advanced vehicles within a limited budget.
Saudi Arabia is expected to account for a significant GCC electric vehicle market share. The Public Investment Fund (PIF), a $700 billion sovereign wealth fund of Saudi Arabia, aims to manufacture 500,000 electric vehicles annually by 2030, an increase from the initial target of 150,000 for 2026. Furthermore, Saudi Arabia has allocated a substantial amount of funds to enhance its competitiveness in the electric vehicle (EV) sector. The nation has made a significant investment of no less than $10 billion in Lucid Motors, an American company. Additionally, Saudi Arabia has established its own EV company, Ceer (which opened in September 2023) and constructed a factory dedicated to producing EV metals.
Market Segmentation
GCC Electric Vehicle Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Vehicle Type
- Passenger Cars
- Commercial Vehicles
Market Breakup by Propulsion Type
- Hybrid Vehicles
- Battery Electric
- Plug-in Hybrid
- Fuel Cell Electric
Market Breakup by Speed
- Less Than 150 mph
- More Than 150 mph
Market Breakup by Vehicle Drive
- Rear Wheel Drive
- Front Wheel Drive
- All Wheel Drive
Market Breakup by Price
- Low and Medium Range
- Luxury
Market Breakup by Country
- Saudi Arabia
- United Arab Emirates
- Kuwait
- Oman
- Qatar
- Bahrain
- Others
Competitive Landscape
The market participants are focusing on manufacturing high-performing electric vehicles and developing robust charging infrastructure to support the uptake of EVs.
- Mercedes Benz Group AG
- Volkswagen AG
- Nissan Motor Co. Ltd.
- Bayerische Motoren Werke AG
- Hyundai Motor Company
- BYD Company Limited
- General Motors Company (Chevrolet)
- Tesla Inc.
- Renault SA
- Toyota Motor Corp.
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Vehicle Type |
|
| Breakup by Propulsion Type |
|
| Breakup by Speed |
|
| Breakup by Vehicle Drive |
|
| Breakup by Price |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Electric Vehicle Market Overview
8.1 Key Industry Highlights
8.2 Global Electric Vehicle Historical Market (2018-2023)
8.3 Global Electric Vehicle Market Forecast (2024-2032)
8.4 Global Electric Vehicle Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 GCC Electric Vehicle Market Overview
9.1 Key Industry Highlights
9.2 GCC Electric Vehicle Historical Market (2018-2023)
9.3 GCC Electric Vehicle Market Forecast (2024-2032)
10 GCC Electric Vehicle Market by Vehicle Type
10.1 Passenger Cars
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Commercial Vehicles
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 GCC Electric Vehicle Market by Propulsion Type
11.1 Hybrid Vehicles
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Battery Electric
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Plug-in Hybrid
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Fuel Cell Electric
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
12 GCC Electric Vehicle Market by Speed
12.1 Less Than 150 mph
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 More Than 150 mph
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 GCC Electric Vehicle Market by Vehicle Drive
13.1 Rear Wheel Drive
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Front Wheel Drive
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 All Wheel Drive
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
14 GCC Electric Vehicle Market by Price
14.1 Low and Medium Range
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Luxury
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
15 GCC Electric Vehicle Market by Country
15.1 Saudi Arabia
15.1.1 Historical Trend (2018-2023)
15.1.2 Forecast Trend (2024-2032)
15.2 United Arab Emirates
15.2.1 Historical Trend (2018-2023)
15.2.2 Forecast Trend (2024-2032)
15.3 Kuwait
15.3.1 Historical Trend (2018-2023)
15.3.2 Forecast Trend (2024-2032)
15.4 Oman
15.4.1 Historical Trend (2018-2023)
15.4.2 Forecast Trend (2024-2032)
15.5 Qatar
15.5.1 Historical Trend (2018-2023)
15.5.2 Forecast Trend (2024-2032)
15.6 Bahrain
15.6.1 Historical Trend (2018-2023)
15.6.2 Forecast Trend (2024-2032)
15.7 Others
16 Market Dynamics
16.1 SWOT Analysis
16.1.1 Strengths
16.1.2 Weaknesses
16.1.3 Opportunities
16.1.4 Threats
16.2 Porter’s Five Forces Analysis
16.2.1 Supplier’s Power
16.2.2 Buyer’s Power
16.2.3 Threat of New Entrants
16.2.4 Degree of Rivalry
16.2.5 Threat of Substitutes
16.3 Key Indicators of Demand
16.4 Key Indicators of Price
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 Mercedes Benz Group AG
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 Volkswagen AG
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 Nissan Motor Co. Ltd.
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 Bayerische Motoren Werke AG
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Hyundai Motor Company
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 BYD Company Limited
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 General Motors Company (Chevrolet)
17.2.7.1 Company Overview
17.2.7.2 Product Portfolio
17.2.7.3 Demographic Reach and Achievements
17.2.7.4 Certifications
17.2.8 Tesla Inc.
17.2.8.1 Company Overview
17.2.8.2 Product Portfolio
17.2.8.3 Demographic Reach and Achievements
17.2.8.4 Certifications
17.2.9 Renault SA
17.2.9.1 Company Overview
17.2.9.2 Product Portfolio
17.2.9.3 Demographic Reach and Achievements
17.2.9.4 Certifications
17.2.10 Toyota Motor Corp.
17.2.10.1 Company Overview
17.2.10.2 Product Portfolio
17.2.10.3 Demographic Reach and Achievements
17.2.10.4 Certifications
17.2.11 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Vehicle Market: Key Industry Highlights, 2018 and 2032
2. GCC Electric Vehicle Market: Key Industry Highlights, 2018 and 2032
3. GCC Electric Vehicle Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
4. GCC Electric Vehicle Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
5. GCC Electric Vehicle Historical Market: Breakup by Propulsion Type (USD Billion), 2018-2023
6. GCC Electric Vehicle Market Forecast: Breakup by Propulsion Type (USD Billion), 2024-2032
7. GCC Electric Vehicle Historical Market: Breakup by Speed (USD Billion), 2018-2023
8. GCC Electric Vehicle Market Forecast: Breakup by Speed (USD Billion), 2024-2032
9. GCC Electric Vehicle Historical Market: Breakup by Vehicle Drive (USD Billion), 2018-2023
10. GCC Electric Vehicle Market Forecast: Breakup by Vehicle Drive (USD Billion), 2024-2032
11. GCC Electric Vehicle Historical Market: Breakup by Price (USD Billion), 2018-2023
12. GCC Electric Vehicle Market Forecast: Breakup by Price (USD Billion), 2024-2032
13. GCC Electric Vehicle Historical Market: Breakup by Country (USD Billion), 2018-2023
14. GCC Electric Vehicle Market Forecast: Breakup by Country (USD Billion), 2024-2032
15. GCC Electric Vehicle Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 1.62 billion.
The market is estimated to grow at a CAGR of 22.30% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 10.44 billion by 2032.
The market is being driven by the growing national commitments by middle eastern nations to achieve net zero emissions by 2030, resulting in a transition away from internal combustion engine vehicles.
The key trends aiding the market expansion include the development of smart cities, increasing environmental concerns, and the advent of autonomous vehicles.
The major countries considered in the market report are Saudi Arabia, the United Arab Emirates, Kuwait, Oman, Qatar, and Bahrain, among others.
The major vehicle types in the market are passenger cars and commercial vehicles.
The major players in the market are Mercedes Benz Group AG, Volkswagen AG, Nissan Motor Co. Ltd., Bayerische Motoren Werke AG, Hyundai Motor Company, BYD Company Limited, General Motors Company (Chevrolet), Tesla Inc., Renault SA, and Toyota Motor Corp., among others.
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