The Saudi Arabia Electric Car Market size was valued at around USD 560 million in 2024 and is projected to reach USD 2,224.88 million by 2030. Along with this, the market is estimated to grow at a CAGR of around 25.85% during the forecast period, i.e., 2025-30. According to MarkNtel Advisors Study.
Saudi Arabia Electric Car Market Driver:
Inclination Towards Carbon Neutrality Driving Market Growth – The investments and public-private partnerships in the electric car market have increased lately, due to the increasing government support and initiatives in the country for the electrification of the automotive sector.
The government support has increased lately in the market to attain carbon neutrality and attain Saudi Arabia’s Vision 2030, for effective management of the traffic, to conserve the depleting fossil fuels, focus on public health, and offer a quality of life to the citizens. Thus, the surging carbon emissions, depleting fossil fuels, and the need to improve public health have pushed the government to promote the adoption of electric products, including automotive. To support the shift, the Saudi government announced to invest more than USD50 billion by 2030, in the manufacturing, charging infrastructure development, and in the creation of the electric eco-system. Additionally, the government is investing in public-private partnerships to attain its goal to reduce carbon emissions by 55% by 2030. For instance, the joint venture of the government and Hyundai Motor Manufacturing Middle East (HMMME), of investment worth USD500 million, to set up the manufacturing units of the automaker in the country by 2026. Similarly, the other ongoing partnerships with Lucid Motors and others promote the adoption of electric cars in the nation.
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Key Market Reports Highlights
- Market Dimensions & Projections
- Pricing Evaluation
- Recent Strategic Moves by Companies
- Primary Stakeholders
- Import/Export Trend Analysis
- Competitive Landscape Assessment
- Emerging Opportunities
- Market Trends and Indicators
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Saudi Arabia Electric Car Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2024
-Historical Period: 2020 to 2023
-Forecast Period: 2025 to 2030
- By Propulsion Type
- Battery Electric Vehicle (BEV) – Market Size & Forecast 2025–2030, USD Million & Million Units
- Plug-in Hybrid Electric Vehicle (PHEV) – Market Size & Forecast 2025–2030, USD Million & Million Units
- Hybrid Electric Vehicle (HEV) – Market Size & Forecast 2025–2030, USD Million & Million Units
- Fuel Cell Electric Vehicle (FCEV) – Market Size & Forecast 2025–2030, USD Million & Million Units
- By Battery Type
- Lithium-Ion Battery – Market Size & Forecast 2025–2030, USD Million & Million Units
- Nickel-Metal Hydride Battery – Market Size & Forecast 2025–2030, USD Million & Million Units
- Lead Acid Battery – Market Size & Forecast 2025–2030, USD Million & Million Units
- Others – Market Size & Forecast 2025–2030, USD Million & Million Units
- By Range
- 0–150 km – Market Size & Forecast 2025–2030, USD Million & Million Units
- 151–250 km – Market Size & Forecast 2025–2030, USD Million & Million Units
- 251–350 km – Market Size & Forecast 2025–2030, USD Million & Million Units
- 351–500 km – Market Size & Forecast 2025–2030, USD Million & Million Units
- Above 500 km – Market Size & Forecast 2025–2030, USD Million & Million Units
- By Charging Type
- AC Charging – Market Size & Forecast 2025–2030, USD Million & Million Units
- DC Fast Charging – Market Size & Forecast 2025–2030, USD Million & Million Units
- Wireless Charging – Market Size & Forecast 2025–2030, USD Million & Million Units
- By Distribution Channel
- Dealerships – Market Size & Forecast 2025–2030, USD Million & Million Units
- Company-Owned Stores – Market Size & Forecast 2025–2030, USD Million & Million Units
- Online Retail– Market Size & Forecast 2025–2030, USD Million & Million Units
- Direct to Consumer – Market Size & Forecast 2025–2030, USD Million & Million Units
- Others – Market Size & Forecast 2025–2030, USD Million & Million Units
- By End-User
- Individual– Market Size & Forecast 2025–2030, USD Million & Million Units
- Commercial– Market Size & Forecast 2025–2030, USD Million & Million Units
- Public Sector – Market Size & Forecast 2025–2030, USD Million & Million Units
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – Ceer Motors, Lucid Group, Inc., Tesla, Inc., Nissan Motor Corporation, BMW AG, Hyundai Motor Company & Kia, BYD Auto, MG Motor (SAIC), Volkswagen Group, Geely Automobile Holdings (incl. Geometry, Zeekr, etc.) forward to strengthening their market positions.
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