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The EV Charging equipment market is growing rapidly, owing to New Manufacturing Plants in the Kingdom and the Entry of new market players: Ken Research

02-07-2023 06:48 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Ken Research

The EV Charging equipment market is growing rapidly, owing to New

Driven by an increased focus on sustainability, and government initiatives, the EV Charging equipment market in KSA has ample growth potential in the coming years.

Manufacturing of EV charging equipment: KSA is one of the Middle East's fastest expanding economies, which allows the Kingdom to diversify and experiment when it comes to investing in new areas. It is an import-oriented market when it comes to the manufacturing of EV charging equipment. In 2022, there was a 0.0% contribution of KSA to the market share. To increase accessibility to charging infrastructure the Establishing standardized protocols for EVSE-grid communication are being followed.

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Collaboration with International Brands: As of 2022, the EV charging equipment market has very few players operating in the country. As the market for electric vehicle charging equipment in KSA is at a very nascent stage most of the revenue generated is through direct sales and not via distribution as the supply chain still needs to develop. The market is extremely reliant on imports from other nations. Moreover, many major infrastructure companies have started investing in the e-mobility space in the region resulting in a major share of CPOs in the space. For, instance Al Sharif group launched ASX EV Solutions. Domestic players such as Electromin collaborate with international brands such as Siemens for increasing their service offerings in KSA.

Regulatory Framework for EV Charging activity: The technical evaluation of requests for the installation of EV chargers and connecting them to the grid is the responsibility of the distribution service provider. Owners and operators of EV charging stations/equipment must be completely knowledgeable of how the equipment works. In addition to this, before beginning device installation operations, it is necessary to consult with the distribution services provider. Furthermore, contractors that want to install charging stations or equipment for electric vehicles must establish qualifying procedures and submit them to the certification organization.

Lack of Repair & Maintenance Services and Number of Charging Stations: When compared to ICEVs, EV technology is very new, and the number of people skilled in the technology is rather small. Additionally, current EV owners encounter challenges owing to a lack of repair and maintenance services in the region, which discourages future purchasers. Moreover, there are currently few charging stations in KSA, which has a direct influence on EV sales in the region. As there is a scarcity of charging outlets, consumers are wary of purchasing any electric vehicle.

Analysts at Ken Research in their latest publication "KSA EV Charging Equipment Market Outlook to 2027F Outlook to 2027F - Driven by Government Initiatives, Demand for Eco-friendly Transportation and Entry of New Brands in the market" observed the potential of the EV Charging Equipment Market in KSA. New manufacturing plants in the kingdom, a growing economy, a high urban population, and empowerment of new energy resources along with government incentives are expected to contribute to the market growth over the forecast period. The KSA EV Charging Equipment Market is expected to grow at ~88% CAGR over the forecasted period 2022-2027F.

For more information on the research report, refer to below link: -

Key Segments Covered: -

KSA EV Market Segmentations:
By Types of Vehicles:
• Sedan
• Small / Hatchback
• Minivan
• Heavy Trucks
• Others

By Types of Battery:
• Lithium-Ion
• NiMH

By Types of Propulsion:

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By Major Cities:
• Riyadh
• Jeddah
• Dammam
• Al Khobar
• Rest of KSA

KSA EV Charging Equipment Market Segmentations:
By Types of Vehicles:
• Passenger Vehicle
• Commercial Vehicle

By Types of Chargers:
• AC (Slow)
• DC (Fast)

By Types of Connectors:
• Type 2 (7 Pin)
• Type 1 (5 Pin)

By Types of Ecosystems:
• CPOs
• Service Providers
• Manufacturers

By Types of Sales Channels:
• Direct Sales
• Distribution

By Source of Manufacturing:
• Import
• Domestic

By Application:
• Private Chargers
• Public Chargers
• Portable Chargers

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Key Target Audience
• Electricity Supplier
• EV Manufacturers
• EV Charging Equipment Manufacturers
• EV Charging System Operator
• Demand side Transport Operators
• Government Bodies

Time Period Captured in the Report:
• Historical Year: 2021
• Base Year: 2022
• Forecast Period: 2022- 2027F

Companies Covered:
EV Charging Equipment Companies
• Electromin
• ASX EV Solutions
• Motevs
• EVBox
• WallBox Charger
• Circontrol ALITCO
• Siemens
• ABB Ltd.
• Schneider Electrics
• Qabis
• Abunayyan Trading
• Altaaqa Alternative Solutions
• Turning Point Energy
• Zain

EV Companies
• Ford
• Toyota
• Lucid
• MG
• Chevrolet
• General Motors
• Nissan
• Hyundai
• Volkswagen
• Peugeot
• Kia
• Scania

Key Topics Covered in the Report
• EV Market Overview in KSA
• Ecosystem of Major Entities in the KSA
• Government Initiatives and Regulations
• KSA EV Market Sizing and Segmentations, 2022
• Competition Framework EV Market in KSA
• Future Plans of Major EV brands in KSA
• KSA EV Charging Equipment Market Overview
• Ecosystem of Entities Operating in EV Charging Equipment Market
• Value Chain Analysis of EV Charging Equipment Market in KSA
• KSA EV Charging Equipment Market Sizing Segmentations, 2022
• SWOT Analysis of KSA EV Charging Equipment Market
• Barriers in the Adoption of EVs in Saudi Arabia
• Growth Drivers of KSA EV Charging Equipment Market
• End User Analysis of EV Equipment Charging Market in KSA
• Competition Framework for EV Charging Equipment Market
• Pricing Analysis for EV and EV Charging Equipment Market in KSA
• Future Market Sizing and Segmentation, 2027F
• Future Market Trends for EV Charging in KSA
• Market Opportunities and Analyst Recommendations

Related Reports by Ken Research: -

Sec 49

Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

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