Middle East & Africa Electric Vehicle Market research report helps business or organization in every sphere of trade to take better decisions, to respond the toughest business questions and reduce the risk of failure. This market study analyses the market status, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, and distributors. Efficient and advanced tools and techniques are used to prepare this report that includes SWOT analysis and Porter's Five Forces Analysis. Middle East and Africa Electric Vehicle Market was valued at USD 129.85 million in 2021 and is expected to reach USD 9391.51 million by 2029, registering a CAGR of 44.60% during the forecast period of 2022-2029. An electric vehicle (EV) operates on an electric motor instead of an internal combustion engine that generates power by burning a mix of fuel and gases. Therefore, such a vehicle is seen as a possible replacement for current-generation automobiles to address rising pollution, global warming, depleting natural resources, etc. The automotive industry has grown enormously over the years owing to the rising demand for luxurious electric vehicles. Some of the factors driving the sales of electric vehicles include stringent government regulations towards vehicle emissions, increasing demand for fuel-efficient, high performance, and low emissions. It has been observed that governments of many states are raising the awareness among the citizens about electric vehicles and providing more benefits like tax redemption or rebate. People are shifting towards more automated and technologically updated electric vehicles, as more electric vehicles have been observed on the roads.
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Electric vehicles are increasingly visible on roads, with a sharp drop in the cost of EVs in the past years that has encouraged increased adoption in the region. With low fuel prices and a passion for speed, luxurious electric automobile drivers have shown a slow shift towards the market. However, the adoption of electric cars will enter the fast lane in the Gulf, especially in tech-savvy urban hubs like Dubai. In particular, Saudi Arabia and UAE are becoming early adopters of electric vehicles in the region. In addition, even though it is still cheaper in both countries to drive an internal-combustion engine vehicle than EVs, the efforts of these governments are encouraging. Unlike the major global trend, the region is to grow collectively in the year 2020, despite of Covid pandemic reaching to a market of 38.48 Thousand Units. However, considered individually the major countries show a considerable decline during the same. The growing focus of governments across the region to promote the use of electric vehicles and increased awareness about energy storage solutions in the renewable-based power sector is expected to drive the market during the forecast period. Moreover, expanding the 5th generation-based telecommunication network and implementation of Vision Documents in Saudi Arabia, the United Arab Emirates, Qatar, and Kuwait are likely to further aid the Middle East and African EV market in the coming years.
Sub-Saharan African (SSA) countries are in urgent need of alternative energy sources for transport to stave off the growing burden of fuel dependency and subsidies, as well as an electricity storage solution to leverage their abundant renewable energy resources. Electric vehicles (EVs), powered by electricity and running on battery storage, offer a potential solution to both of these problems. Many SSA countries are expected to make large power capacity investments in the next decade.
Countries like Saudi Arabia and the United Arab Emirates are becoming early adopters of electric vehicles in the Middle Eastern region. The Saudi Arabian Standards Organization (SASO) has plans to issue regulations for the use of electric vehicles. The Road Transport Authority (RTA) of the United Arab Emirates has issued advisory messages and worked to develop charging stations in the country.
Highlight of Table of Content:
· Chapter 1: Market overview
· Chapter 2: Middle East & Africa Electric Vehicle Market Analysis
· Chapter 3: Regional analysis of the Middle East & Africa Electric Vehicle Market
· Chapter 4: Market segmentation based on types and applications
· Chapter 5: Revenue analysis based on types and applications
· Chapter 6: Market share
· Chapter 7: Competitive Landscape
· Chapter 8: Drivers, Restraints, Challenges, and Opportunities
· Chapter 9: Gross Margin and Price Analysis
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Some of the major players operating in the electric vehicle charging stations market are
- ChargePoint, Inc. (US)
- ABB (Switzerland)
- Webasto Thermo & Comfort (Germany)
- Shell International B.V. (Netherlands)
- Schneider Electric (France)
- Groupe Renault (France)
- Phihong USA Corp. (US)
- EV Safe Charge Inc. (US)
- Tesla (US)
- Daimler AG. (Germany)
- Siemens (Germany)
Profound Questions Answered in this Report:
· What is the growth rate of various stages in the value chain of the industry?
· Which region has the highest growth rate and size of the emerging market by value in 2022?
· Who are the competitive players in Middle East & Africa Electric Vehicle Market?
· Which region has the largest share and degree of competition in the industry?
· What is the CAGR of the market during the forecast period 2022 to 2027?
· Which region is expected to hold the highest market share for the market?
· What is the main driver of the Middle East & Africa Electric Stations Market?
· What is sales volume, revenue, and price analysis of top players of the market?
· What are the market opportunities and threats faced by the vendors in the industry?
· What has been the impact of COVID-19 on the Middle East & Africa Electric Stations Market?
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