DUBLIN, June 21, 2023 /PRNewswire/ — The “Saudi Arabia Electric Vehicle Charging Infrastructure Market, By Vehicle Type (Two- Wheeler, Passenger Car, Commercial Vehicle), By Type, By Charging Mode, By Installed Location, By Connector Type, By Type of Charging, By Region, Competition Forecast & Opportunities, 2028” report has been added to ResearchAndMarkets.com’s offering.
Saudi Arabia electric vehicle charging infrastructure market is anticipated to register a robust CAGR during the forecast period, 2024-2028.
Increasing sales of electric vehicles and favorable government initiatives are the primary factors driving the growth of Saudi Arabia electric vehicle charging infrastructure market.
Also, the rise in the market players investing in the set-up of electric vehicle charging infrastructure and the ongoing advancements in electric vehicle charging infrastructure is the other factors boosting the Saudi Arabia electric vehicle charging infrastructure market growth in the next five years.
Rising Sales of Electric Vehicle Drives the Market Growth
The high per capita income of consumers, rapid urbanization, and road infrastructure development enables consumers to afford a quality lifestyle. Consumers prefer to invest in purchasing private vehicles for daily commute purposes. With growing awareness about the benefits of using electric vehicles and support from the government, the demand for electric vehicles is expected to grow at a rapid rate.
The electric vehicle charging infrastructure market in Saudi Arabia generated revenue of USD0.71 million in 2021. The Kingdom of Saudi Arabia is working on developing an EV battery supply chain as the mining companies have begun searching for battery metals which are expected to fuel the growth of Saudi Arabia electric vehicle charging infrastructure market in the next five years.
Modern Group and Hyzon Motors announced in May 2021 that they had signed a memorandum to construct an electric vehicle manufacturing plant that can produce up to 10,000 hydrogen fuel cell commercial vehicles annually in Saudi Arabia.
The rise in the number of market players obtaining metal exploration licenses for electric vehicle battery manufacturing and the growing demand from the booming transportation and logistics industry is expected to accelerate the Saudi Arabia electric vehicle charging infrastructure market demand in the forecast period.
Supportive Government Policies Favor the Market Growth
The government is focusing on generating new income sources to reduce the dependency on the oil & gas industry and promoting the growth of other prominent industry verticals. The Kingdom of Saudi Arabia has pledged that at least 30% of total cars will be electric in Riyadh by 2030.
At the Saudi climate conference, Crown Prince Mohammad bin Salman announced to achieve net-zero carbon emissions by 2060. Vehicles using conventional sources of energy release harmful emissions into the environment and are considered the major source of pollution.
The government is taking steps to promote the adoption of electric vehicles among consumers to promote a sustainable environment, such as the National Industrial Development Center (NIDC) targets to attract 3-4 original equipment manufacturers to accelerate the production of electric vehicles in the country. In compliance with the vision of Saudi Arabia 2030, lading authorities are offering income tax rebates, tax incentives, loans, and subsidies for the manufacturing and sales of electric vehicles.
To facilitate the smooth running of electric vehicles, the government is investing in constructing adequate electric vehicle charging stations. With the support and huge funds for the construction of EV charging stations, the Saudi Arabia electric vehicle charging infrastructure market is expected to grow at a significant rate.
Construction of Smart City Supports the Market Growth
The ongoing construction of the mega-city Neom city is expected to support only electric vehicles as it aims to achieve net-zero carbon emission and use only renewable sources of energy. To support the running of a large number of electric vehicles, the construction of EV charging stations is mandatory.
Government authorities are expected to make hefty investments to make electric vehicle charging infrastructure in Neom city. The growing advancements in battery charging technology and the introduction of wireless chargers are expected to fuel the Saudi Arabia electric vehicle charging infrastructure market growth in the next five years.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia electric vehicle charging infrastructure market.
- Electromaps S.L.
- Schneider Electric Saudi Arabia
- NEC Saudi Arabia Ltd.
- ABB Ltd.
- CATEC Mobility
Voice of Customer Analysis
- Charging Station Selection Criteria
- Challenges/Unmet Needs
- Charging Time
Report Scope:
Saudi Arabia Electric Vehicle Charging Infrastructure Market, By Vehicle Type:
- Two- Wheeler
- Passenger Car
- Commercial Vehicle
Saudi Arabia Electric Vehicle Charging Infrastructure Market, By Type:
Saudi Arabia Electric Vehicle Charging Infrastructure Market, By Charging Mode:
- Plug-in
- Wireless
Saudi Arabia Electric Vehicle Charging Infrastructure Market, By Installed Location:
- Commercial
- Residential
Saudi Arabia Electric Vehicle Charging Infrastructure Market, By Connector Type:
- Type 1
- Type 2
- UK 3-Pin
- CHAdeMO
- CCS
- Others
Saudi Arabia Electric Vehicle Charging Infrastructure Market, By Type of Charging:
Saudi Arabia Electric Vehicle Charging Infrastructure Market, By Region:
- Northern & Central
- Southern
- Eastern
- Western
For more information about this report visit https://www.researchandmarkets.com/r/yfb31x
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