Middle East Electric Vehicle market size is projected to grow at a CAGR of 28.9% during 2022-2028.

By countries, the UAE obtained the maximum revenue share in Middle East Electric Vehicle Market – 6Wresearch

The UAE garnered the highest growth in the Middle East electric vehicles industry in 2021 owing to their policies towards adoption of electric vehicles and various incentives such as free parking and charging facilities for non-commercial vehicles driving the adoption of electric vehicles in the country.

According to 6Wresearch, Middle East Electric Vehicle market size is projected to grow at a CAGR of 28.9% during 2022-2028. Middle East electric vehicle market is at a nascent stage, the market witnessed minimum sales in the previous few years. However, the industry is expected to propel in the forthcoming period as the region aims at becoming less dependent on the exploration and the trading of crude oil and focus more on other energy sources, focusing more on manufacturing sector. Hence, the future demand for electric vehicles is expected to be supplemented by local manufacturing units in the region.

Oil is one of the country's key sources of revenues, 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, 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

Low fuel prices among the oil producing and exporting countries is the primary factor restraining the adoption of electric vehicles in the Middle East countries. The major reason why consumers opt for EV’s is the cost benefit of running the vehicle in terms of price, running cost and maintenance. With fuel prices being lower than the global average along with high cost of purchasing and maintaining the vehicle, the preference for electric vehicles in the middle east countries remains low in comparison with rest of the world.

According to Dhaval, Research Manager, 6Wresearch, passenger cars accomplished major growth in the market and the same segment will continue to rise more on the back of the changing mobility requirements as well as concepts.

Middle East Electric Vehicle Market (2024-2030) report provides an in-depth analysis with 54 figures and 14 tables, covered in 113 pages. The report comprehensively covers the market by vehicle types and countries. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.