According to Markntel Advisors Report, GCC Electric Vehicle Market is expected to grow at a significant growth rate, and the analysis period is 2023-2028, considering the base year as 2023. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
Electric Vehicles (EVs) are vehicles powered by electric motors & energy stored in batteries. These vehicles involve low running costs, less maintenance, and are highly eco-friendly as they do not use fossil fuels. With various measures to mitigate pollution, shifts in consumer preferences, subsidies for EV buyers by the governments of major GCC countries, EVs show immense potential to hamper the demand for fossil fuels around the region in the coming years.
GCC Electric Vehicle Market Research Report & Summary:
According to a new study by MarkNtel Advisors, the GCC Electric Vehicle Market is expected to grow at an exponential rate through 2028..
Time Period Captured in the Report:
- Historical Years: 2018-21
- Base Years: 2022
- Forecast Years: 2023-2028
Who are the Key Players Operating in the GCC Electric Vehicle Market?
The top companies of the GCC Electric Vehicle Market ruling the industry are:
Tesla, Inc., Nissan Motor Company, Ltd., Hyundai Motor Company, Volkswagen Motor Company LTM, General Motors Company, Groupe Renault, Rivian Automotive, Inc. , Fisker Inc, MG Motor, BYD Auto, Others
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The GCC Electric Vehicle Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
-By Vehicle Type
-Two Wheeler
-Passenger Car
-Commercial Vehicle
-By Propulsion Type
-Battery Electric Vehicle (BEV)
-Plug-In Hybrid Electric Vehicle (PHEV)
-Hybrid Electric Vehicle (HEV)
-By Battery Type
-Lithium-Ion Battery
-Lithium Titanate Oxide
-By Capacity
-Upto 40kWh
-40-70 kWh
-Above 70-100 kWh
-Above 100 kWh
-By Range
-Short Range (Up to 240 km)
-Mid-Range (240-400km)
-Long Range (Above 400km)
-By Country
-The UAE
-Saudi Arabia
-Qatar
-Oman
-Bahrain
-Kuwait
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Market Dynamics - GCC Electric Vehicle Market:
Rising Government Support to Support the Adoption of EVs
The mounting support from the governments of the member countries in the region through various initiatives & programs toward curbing the prevailing environment pollution and diversifying the economic resources by reducing dependency on oil is the prime factor anticipated to drive the GCC Electric Vehicle Market in the forecast period.
Under Developing Charging Infrastructure Could Restrain the Market Growth
The relatively underdeveloped public transportation infrastructure including charging stations, coupled with the low cost of fossil fuels that eliminates the need for fuel-efficient vehicles, might restrain the market from growing during 2023-28. In addition, the unavailability of appropriate EV models to attract mass market, where a car remains a symbol of status, shall further challenge the market growth in the coming years.
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