GCC Electric Vehicle Market Assessing the Impact of New Technologies on the Market in 2023-2031

Report Ocean released a thorough intelligence report named "GCC Electric Vehicle Market" Report, Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2030. This research offers a thorough examination at the micro-level, concentrating on insurers, significant market sectors, products, and distribution methods within the industry.

The report's competitive segment provides a summary of competitors, their financial conditions, recent developments, competitive analysis, and market advancements. This study helps market participants find relevant prospects more effectively by looking at the strengths and weaknesses of key competitors.

Market Definition Electric Vehicles (EVs) are vehicles that run on electricity stored in batteries and are powered by electric motors. Due to their non-use of fossil fuels, these vehicles have lower operating costs, require less upkeep, and are extremely environmentally friendly. Electric vehicles (EVs) have a great deal of potential to reduce demand for fossil fuels in the region in the coming years, thanks to a variety of measures to reduce pollution, shifts in consumer preferences, and government subsidies for EV buyers in major GCC countries.

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GCC Electric Vehicle Market will expand at an exponential rate through 2028. Concerns about future energy savings, greenhouse gas emissions, and surging economies in the GCC region, which has a large fossil fuel consumption and ever-increasing traffic congestion, are primarily to blame for the market expansion.

The introduction of electric vehicles (EVs), particularly in Saudi Arabia and the United Arab Emirates, is anticipated to be a promising option for addressing widespread environmental pollution and worries about the future economy. In this regard, the member nations' governments are taking initiative and proposing a set of policies that will allow these nations to accelerate their efforts and achieve the intended goals for reducing greenhouse gas (GHG) emissions.

Also, the UAE and Qatar are putting forth eminent attempts toward embracing Green Versatility arrangements by acquainting a few strategies with advance maintainable transportation through EVs. Additionally, in accordance with its Saudi Vision 2030 national development program, Saudi Arabia unveiled its first zero-carbon city, The Line, at NEOM in 2021. As a result, the aforementioned indicators point to a substantial expansion of the Electric Vehicle Market in the GCC region through 2028.

Market Drivers Rising Government Support for the Adoption of EVs The GCC Electric Vehicle Market is Expected to Be Driven by Rising Government Support for the Adoption of EVs The GCC Electric Vehicle Market is Expected to Be Driven By Rising Government Support for the Adoption of EVs The GCC Electric Vehicle Market is Expected to Be Driven By Rising Government Support for the Adoption of EVs The GCC

Electric Vehicle Market is Expected to Be Driven By Rising Government Support for the Ad

Market Restraints The relatively underdeveloped public transportation infrastructure, including charging stations, as well as the low cost of fossil fuels, which eliminates the requirement for fuel-efficient vehicles, may prevent the market from expanding between 2023 and 2028. In addition, the lack of suitable EV models to attract the mass market, where automobiles remain status symbols, will further impede market expansion in the coming years.

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Segmentation of the Market by Vehicle Type:

Electric Vehicles
Bikes
Trucks
LCV (As much as 4 Tons)
MHCV (4 to 8 Tons)
HCV (Over 8 Tons)
Transports

Others (Three wheelers, and so forth.,)
Due to government efforts to electrify public transportation fleets and the growing demand for zero-emission vehicles in the e-commerce and logistics industries, electric buses and trucks are expected to see higher sales volumes across GCC nations.

Qatar, the host nation for the FIFA 2022 World Cup, plans to colonize the region with clean energy transportation and become one of the first nations to implement electric bus systems. It intends to change 25% of its public transportation to electric energy by 2022 and 100 percent by 2030 in accordance with the Qatar Public Transportation Plan (QPTP), 2030 of the Service of Transport and Correspondences. According to a report released by the US-Qatar Business Council (USQBC), the entire transformation will include public bus services, government school buses, and Doha Metro buses.

Based on the Source of Power:

Battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and excellent backup provided by hybrid electric vehicles (HEVs), which enable long-distance driving without battery degradation, are expected to see an increase in sales in the coming years.

In accordance with its Saudi Vision 2030, Saudi Arabia's various government initiatives aimed at promoting the adoption of EVs and HEVs aim to reduce the country's dependence on oil and diversify their economic resources in the region.

The country's capital, Riyadh, is expected to host an e-Motor Show in February 2022 to showcase the future of transportation while raising awareness of EVs and HEVs. According to Report Ocean' research report, "GCC Electric Vehicle Market Analysis, 2023," the show is likely to bring substantial investments to the manufacturing, application, imports, and exports of these vehicles and create lucrative opportunities for market leaders in the coming years.

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Landscape of the Country as It Is:

The United Arab Emirates, Saudi Arabia, Qatar, Bahrain, Oman, and Kuwait With more than 300 EV charging stations, the UAE has a greater share of the EV market. The government's, banks', and auto dealers' participation in the EV revolution through a variety of incentives and an increased public awareness of environmental issues are the primary contributors to its rapid progress. In addition, the United Arab Emirates anticipates implementing a number of programs and initiatives to promote "Green Mobility" and lessen carbon footprints, which is another crucial factor that will increase EV sales in the country in the coming years.

In contrast, Kuwait Ports Authority (KPA) announced in 2021 that it would become the first city in the region to provide ports for all logistic services to the leading EV manufacturers in the market for producing EVs in the nation. This initiative would be part of Kuwait Vision 2035, which aims to make the country a financial and commercial hub by making it more attractive to investments and more competitive.

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Table of Content:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix
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