Saudi Arabia Electric Car Market Size to Surpass $2,600M by 2033: Growth & Opportunities

Saudi Arabia Electric Car Market Overview

Base Year: 2024

Historical Years: 2019-2024

Forecast Years: 2025-2033

Market Growth Rate: 17.20% (2025-2033)

The Saudi Arabia electric car market is gaining traction due to sustainability goals and increasing environmental awareness. Infrastructure development and changing consumer preferences are driving growth in the electric car segment. Saudi Arabia electric car market size reached USD 500 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 2,600 Million by 2033, exhibiting a growth rate (CAGR) of 17.20% during 2025-2033.

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Saudi Arabia Electric Car Industry Trends and Drivers:

Sustainability initiatives backed by the Government of Saudi Arabia and its growing urban footprint are driving the Saudi Arabia Electric Car Market as electric vehicles are growing in demand in cities such as Riyadh and Jeddah. The growing demand for electric vehicles is supported by government subsidies and developing EV charging stations, which is also attracting environmentally conscious consumers and fleet operators. The Saudi Arabia Electric Car Market is benefitting from collaborations to sell electric vehicles with international electric vehicle manufacturers such as Tesla and BYD that offers electric vehicles with high-performance suited to desert conditions. Digital platforms such as social media and electric vehicle innovators are making the purchase process seamless and removing friction with suggestions of government incentives, emissions savings and overall environmental impact of electric vehicles increasing interest from consumers in the Saudi Arabia Electric Car Market. On occasions, Urban and city buyers lean towards luxury SUVs with electric drive while rural buyers or buyers in remote areas opt for smaller vehicles without emissions and who are price sensitive. Evolving regulatory frameworks and government standards, primarily for battery safety impact the potential for electric vehicles, but various market challenges particularly in the form of insufficient charging stations and importation costs are still impeding the much-needed growth of infrastructure in the electric car market in Saudi Arabia.

Additionally, tourism and smart city projects are also enhancing the growth of the Saudi Arabia Electric Car Market. Rentals have aggressive adoption of electric vehicles to meet the needs of tourist and Ready-to-go electric vehicles meeting the need for fleets within the public sector . As the regulations provide benefits for low-emission mobility a development of smart charging systems and vehicle-to-grid are all becoming available to the public. The Saudi Arabia Electric Car Market exploits growth with online purchase platforms and dealerships, while areas like pricing and infrastructure are substantially hindering growth in the rural market. Social Media Influencers and automotive expos have both been very impactful at increasing engagement from younger citizens regarding electric vehicle efficiencies on range and cost savings. Urban buyers in Saudi Arabia are trail blazers as they have some the most robust EV charging networks and ownership options while rural areas are limited on range and efficacy of the vehicle to match infrastructure. The electric car market is held back by global battery shortages and high demand based point of sale.

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Saudi Arabia Electric Car Industry Segmentation:

The report has segmented the market into the following categories:

Type Insights:

● Battery Electric Vehicle
● Plug-In Hybrid Electric Vehicle
● Fuel Cell Electric Vehicle

Vehicle Class Insights:

● Mid-Priced
● Luxury

Drive Type Insights:

● Front Wheel Drive
● Rear Wheel Drive
● All-Wheel Drive

Regional Insights:

● Northern and Central Region
● Western Region
● Eastern Region
● Southern Region

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key highlights of the Report:

● Market Performance (2019-2024)
● Market Outlook (2025-2033)
● COVID-19 Impact on the Market
● Porter's Five Forces Analysis
● Strategic Recommendations
● Historical, Current and Future Market Trends
● Market Drivers and Success Factors
● SWOT Analysis
● Structure of the Market
● Value Chain Analysis
● Comprehensive Mapping of the Competitive Landscape

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Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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This release was published on openPR.