Acceptance of hybrid vehicle technology, and advancements in charging technologies, along with rising environmental consciousness to drive the Saudi Arabia Electric Commercial Vehicle Market.
According to TechSci Research report, Saudi Arabia Electric Commercial Vehicle Market – By Region, Competition Forecast & Opportunities, 2017-2027,” the Saudi Arabia Electric Commercial Vehicle Market is anticipated to register a growth rate of 20.07% in terms of value and reach USD 283.42 million during the forecast period, owing to sustainable government investments and regulations for the adoption of green energy vehicles. To reduce greenhouse gas emissions and cut oil consumption, the Saudi Arabia government has announced that it will invest USD 7.2 billion in electric vehicle production. The country's Public Investment Fund will partner with manufacturers such as Tesla and Hyundai to build the first factories in the country that produce electric cars and trucks. The new investment is part of a larger plan by the Saudi government to reduce carbon emissions and move away from oil dependence which will boost the demand for electric commercial vehicles in the country in upcoming years. In June, Crown Prince Mohammed bin Salman outlined a new future for energy production in the country, including a pledge to end all oil exports in the next 25 years. Deputy Crown Prince Mohammed bin Salman unveiled a plan to invest up to USD 200 billion in renewable energy over the next ten years, including solar and wind power investments and focusing on hydropower projects.
Browse 27 market data Figures spread through 70 Pages and an in-depth TOC on" Saudi Arabia Electric Commercial Vehicle Market"
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Saudi Arabia Electric Commercial Vehicle Market is classified based on propulsion type, vehicle type, range, battery capacity, and region. Based on propulsion type, the market is segmented into hybrid electric vehicle, battery electric vehicle, plug-in hybrid electric vehicle. Based on vehicle type, the market is segmented into electric truck and electric bus. The increase in the adoption of trucks due to the increasing demand for light electric trucks in delivery services is driving the growth of light trucks.
In terms of propulsion type, the plug-in hybrid electric vehicle is the fastest growing segment in the forecast years. In the forecast period, the plug-in hybrid electric vehicle segment will account for the 8.75% volume of the market as these vehicles' batteries can also be charged through regenerative braking and by outsourcing power. During the forecast period, the hybrid electric commercial vehicle and battery electric commercial vehicle market are anticipated register CAGR of 15.50% and 42.40%, respectively.
On the basis of battery capacity, the market is segmented into <100 kWh, 100 kWh - 200 kWh, 201 kWh to 300 kWh, and> 300 kWh. The widespread usage of electric trucks and buses, particularly for applications in public transportation and freight services, is primarily responsible for this market segment's rapid expansion. A wide range of electric commercial vehicles, including light commercial vehicles like vans, pickup trucks, and utility vehicles, have power outputs between 100kW and 250kW. To reduce country’s oil dependency the government of Saudi Arabia is also taking initiatives to reduce fleet emissions from buses and vehicles, driving up the use of electric commercial vehicles.
In addition to that, on the basis of regional analysis, the Northern and Central Region accounted for the largest market share in 2021. To boost the revenue of electric commercial vehicles, the Saudi Arabia government has said that a significant portion of its investment will go toward building electric vehicles and battery production plants in the country. The Public Investment Fund has already signed a deal with Tesla to build a USD400 million solar panel and battery factory in the country. It is also in talks with South Korea's Hyundai to build electric cars and batteries in Saudi Arabia.
The northern and central region will grow at a CAGR of 18.80% in terms of volume, followed by the Eastern Region, Western Region, and Southern Region with CAGR of 21.92%, 20.58%, and 20.27%, respectively.
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IVECO company holds the largest share in Saudi Arabia Electric Commercial Vehicle market, followed by Scania AB and VOLVO AG. Companies such as Lucid Motors are planning to enter the market of Saudi Arabia in the upcoming years.
Due to its impressive dealership network, which serves a range of affordable yet high-quality products that satisfy governmental safety standards, IVECO led the market in 2021. The demand for electric commercial vehicles is anticipated to increase in the country in the coming years, on account of strict government policies for electric vehicle adoption and welcoming of vehicle manufacturers to operate in the country.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Electric Commercial Vehicle Market By Propulsion Type (Hybrid Electric Vehicle (HEV), Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)), By Vehicle Type (Electric Truck and Electric Bus), By Range (0-150 Miles, 151-250 Miles, 251-400 Miles, Above 400 Miles), By Battery Capacity (<100 kWh, 100 kWh - 200 kWh, 201 kWh to 300 kWh, > 300 kWh), By Region Competition Forecast & Opportunities, 2017- 2027F” has evaluated the future growth potential of Saudi Arabia Electric Commercial Vehicle Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Electric Commercial Vehicle Market.
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