An electric vehicle (EV) is a type of car that has one or more electric motors for propulsion and is powered by rechargeable batteries. Unlike traditional cars with internal combustion engines that run on fossil fuels, electric cars generate their own power by storing and utilizing electricity. The two primary components of an electric vehicle are the electric motor, which converts electrical energy into mechanical energy, and the battery pack, which stores and supplies the required electricity. Benefits of electric vehicles (EVs) include a reduced reliance on fossil fuels, a drop in greenhouse gas emissions, and potentially lower running costs.
Saudi Arabia Electric Vehicle Market Driving Factors and Challenges
Drivers: The Saudi Arabian government is launching a number of initiatives and schemes to encourage environmentally friendly mobility throughout the nation because transportation is a major factor in lowering carbon emissions. The government is pushing people to switch to electric vehicles (EVs) or natural gas/hydrogen-powered cars while simultaneously making significant investments in the establishment of electrically powered public transportation systems. Because of the growing interest in electric vehicles (EVs) among consumers due to rising fuel prices and growing concerns about environmental degradation, the Saudi Arabian market for EVs is expected to grow through forcast period.
Challenges: Numerous challenges stand in the way of Saudi Arabia's electric vehicle (EV) market's growth and widespread adoption. First of all, the nation's strong economic and cultural reliance on oil creates a barrier to the switch to electric vehicles because it upends the current energy landscape. Using EVs is less convenient because the infrastructure for charging stations is still underdeveloped. The network will require a substantial financial investment to be expanded across the nation. Moreover, the initial high costs of electric vehicles (EVs) and related technology deter many potential buyers, even with the potential for long-term cost savings. It's also essential to improve public education and knowledge of the benefits of electric vehicles.
Impact of COVID-19 on Saudi Arabia Electric Vehicle Market
The impact of COVID-19 on public transit was substantial. Visitors were cautioned against traveling during the social distancing period unless it was absolutely necessary. The pandemic has also definitely changed people's behavior, which has affected the sale of cars. Sales of electric vehicles sharply declined during the pandemic due to the lockdown that was implemented in most regions. Because of the lockdown, producers and consumers were forced to cease all operations for several months. The demand for electric vehicles rapidly declined as a result of the collapse of several auto, transportation, and electronics industries. Global sales of electric vehicles also reached a record low.
Saudi Arabia Electric Vehicle Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; BMW AG, Canoo Inc, Chevrolet, Ford Motor Company, Lucid Group, Nissan Motor Corporation, Porsche Middle East & Africa, Renault Group, Toyota Motor Corporation, and others.
Saudi Arabia Electric Vehicle Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, Saudi Arabia Electric Vehicle Market is segmented as; Electric Cars, Two Wheelers, Trucks, LCV ( Up to 4 Tons), MHV (Above 8 Tons), HCV ( Above 8 Tons) Buses.
By Power Sources: Based on the Power Sources, Saudi Arabia Electric Vehicle Market is segmented as; Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Hybrid Electric Vehicle.
By Battery Type: Based on the End User, Saudi Arabia Electric Vehicle Market is segmented as; Lithium-ion, Lithium-Titanate Oxide( LTO).
By Region: This research also includes data for East Region, West Region, north Region, Central.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.