According to a new report by Univdatos Market Insights, Global GCC Electric Vehicles Market is expected to reach USD 12.32 Billion in 2030 by growing at a CAGR of 22.06%. Electric Vehicles have been slowly becoming an integral part of the vehicular transportation medium. With the customers varying towards the rising fuel prices as well as rising options in electric vehicles category, the demand for electric vehicles has amplified substantially.
“Electric Vehicles are Transforming Mobility in the GCC Region."
Electric vehicles offer lower operational cost when compared with their conventional fuel counterparts. With the higher mileage and better torque factor in the electric vehicle category many of the customers are looking forward to electric vehicle category as a viable alternative to the conventional fuel vehicle. This development is not only observed in the passenger vehicle category but also in the commercial vehicle segment where the cost of running plays a crucial role in the productivity of the enterprises.
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In line with this many of the new electric buses and trucks for the transportation of people and goods have been witnessed. With the availability of faster charging options this transition has become easier due to lower recharge time, reduction in turn around time, reduction in travelling time and cost, lowering carbon emission through electric vehicles. Many of the electric buses have been introduced in the GCC region that portrays the upcoming developments in the electric vehicle adoption in the coming years. For instance, in 2023, The Transport General Authority, in cooperation with Saudi Public Transport Company launched three electric buses in Dammam and Qatif. The electric buses offer a range of 300 km with a highly efficient battery of 420 kw.
"Ease in Regulations on Self-Driving Cars to Promote the Demand for EVs"
Self-driving is a rapidly growing technology across the globe. With vehicle related accidents being one of the key causes of deaths on roads, various governments in the GCC region have initiated their efforts to roll out self-driving cars. These self-driving cars in combination with electric powertrain would considerably reduce the emissions as well as road accidents in the coming years. Some of the recent developments concerning the government policies and mandates have been observed in the GCC region. For instance, in July 2023, the government of the UAE approved first preliminary national license for the self-driving cars, granting license to the Chinese company WeRide. The country is also aiming to have 25% of its transportation achieving autonomous operation by year 2030.
Additionally, the Kingdom of Saudi Arabia is also foraying into the realm of self-driving cars. The government is aiming to 15% of its transportation to be autonomous by the year 2030.
In 2020, the Dubai Police General Command has signed an M.O.U with Acacus Technologies, to have driver-less patrol vehicles on Dubai roads by 2020.
The upcoming and existing cities will be designed to be sustainable by introducing completely sustainable and autonomous vehicle technology in the coming years.
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"Rapidly Growing Electric Vehicle Charging Infrastructure to Promote EV Adoption"
Range Anxiety has been one of the most challenging obstacles for the adoption of electric vehicles among the buyers. With the slow charging solutions at home and limited range in smaller electric vehicle options for the buyers often prioritize conventional fuel vehicle due to their expansive refueling infrastructure.
However, with the rising number of electric vehicles in the countries of the GCC, various private and public players have started establishing fast charging infrastructure to ease the recharging as well as to reduce the range anxiety among the customers. Various developments have been observed in the region in line with the rapidly growing charging infrastructure. For instance, in 2023, the government of the UAE announced its plans to increase its vehicle charging infrastructure to 800 outlets by 2024. The emirates expect to require 70,000 charging points by the year 2030 to meet growing EV demand with the total investment of USD200 million.
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Conclusion
Electric Vehicles are driving growth and transforming transportation in the GCC region. With growing environmental concerns as well as customers looking for low-running-cost vehicles the electric vehicle segment has gained prominence in the region. Additionally, many of the companies are expanding their presence in the region with the establishment of electric vehicle manufacturing units. Some other factors such as government allowance towards the adoption of self-driving vehicles would also play a role in higher adoption of electric vehicles in the coming period i.e., 2023-2030.
Key Offerings of the Report
Market Size, Trends, & Forecast by Revenue | 2023−2030.
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Vehicle Type and Propulsion Type, By Country
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
