GCC Electric Vehicle Market Research Report 2025-2034: A $10.44 Billion Revenue Opportunity by 2034, Dominated by Mercedes Benz Group, Volkswagen, and Nissan Motor Co.

Discover Why the GCC is Poised to Become a Global Leader in Electric Mobility

Dublin, March 03, 2025 (GLOBE NEWSWIRE) -- The "GCC Electric Vehicle Market Report and Forecast 2025-2034" has been added to ResearchAndMarkets.com's offering.

According to this report, the GCC electric vehicle market size reached a value of nearly USD 1.62 billion in 2024. Aided by the region's growing emphasis on sustainability and cleaner transportation solutions, the market is projected to grow at a CAGR of 22.30% between 2025 and 2034 to reach a value of around USD 10.44 billion by 2034.

The GCC (Gulf Cooperation Council) region, comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, has witnessed a steady surge in the adoption of electric vehicles, driven by both environmental and economic factors. As the world shifts towards cleaner energy and sustainable mobility, the region is positioning itself as a leader in the transition to electric transportation, resulting in the GCC electric vehicle market growth.

Electric vehicles, which are powered by electricity stored in batteries, offer a more sustainable alternative to traditional internal combustion engine (ICE) vehicles. EVs generate no direct emissions, reducing air pollution and greenhouse gas emissions. This aligns with the growing emphasis on sustainability, as governments and organisations in the GCC are focused on reducing their carbon footprint and achieving ambitious climate goals. Furthermore, the rising demand for energy-efficient and cost-effective means of transportation is accelerating the GCC electric vehicle market development.

Several factors are driving the rapid growth of the electric vehicle market in the GCC. The region's governments are introducing significant initiatives and providing incentives to promote EV adoption. For example, Saudi Arabia, which is the largest market for EVs in the GCC, has set ambitious targets for the adoption of electric cars, including the establishment of a national EV manufacturing facility and plans to integrate EVs into public transportation. Thus, Saudi Arabia is expected to constitute a major portion of the GCC electric vehicle market share. Besides, the UAE has pledged to have 10% of all vehicles in the country electric by 2030, supported by various policies such as EV charging infrastructure expansion and subsidies for EV buyers.

In addition to government support, the increasing availability and affordability of EV models are also boosting the GCC electric vehicle market revenue. Major global automakers, such as Tesla, Nissan, and BMW , have expanded their EV portfolios to meet the growing demand in the region. Furthermore, several local manufacturers are entering the market, contributing to increased competition and lowering the overall cost of EVs. The launch of affordable EV models is crucial in making electric vehicles more accessible to a larger segment of consumers in the GCC.

Another key driver of the GCC electric vehicle market value is the development of EV charging infrastructure across the region. A well-established network of public and private charging stations is critical to the widespread adoption of electric vehicles. In recent years, significant investments have been made in building a robust charging infrastructure, particularly in urban areas and along major highways. For instance, Dubai aims to have 100% of its public transport fleet electrified by 2030, alongside an extensive network of fast-charging stations to facilitate the shift to electric mobility. This is creating a favourable GCC electric vehicle market outlook.

Despite the promising outlook, the GCC electric vehicle market faces some challenges. One of the primary concerns is the high initial cost of electric vehicles compared to traditional petrol or diesel-powered cars. Although EVs are more cost-effective over the long term, the upfront investment remains a barrier for many consumers. However, as technology advances and manufacturing processes become more efficient, the price disparity between electric and traditional vehicles is expected to decrease and favourably impact the GCC electric vehicle market dynamics.

In conclusion, the GCC electric vehicle market demand is set for significant expansion in the coming years, fuelled by strategic government initiatives, the growing availability of electric vehicle models, and the rapid development of essential charging infrastructure.

Market Segmentation

The market can be divided based on vehicle type, propulsion type, speed, vehicle drive, price, and country.

Market Breakup by Vehicle Type

• Passenger Cars
• Commercial Vehicles

Market Breakup by Propulsion Type

• Hybrid Vehicles
• Battery Electric
• Plug-in Hybrid
• Fuel Cell Electric

Market Breakup by Speed

• Less Than 150 mph
• More Than 150 mph

Market Breakup by Vehicle Drive

• Rear Wheel Drive
• Front Wheel Drive
• All Wheel Drive

Market Breakup by Price

• Low and Medium Range
• Luxury

Market Breakup by Country

• Saudi Arabia
• United Arab Emirates
• Kuwait
• Oman
• Qatar
• Bahrain
• Others

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the GCC electric vehicle market. Some of the major players explored in the report are as follows:

• Mercedes Benz Group AG
• Volkswagen AG
• Nissan Motor Co. Ltd.
• Bayerische Motoren Werke AG
• Hyundai Motor Company
• BYD Company Limited
• General Motors Company (Chevrolet)
• Tesla Inc.
• Renault SA
• Toyota Motor Corp.

Key Attributes

For more information about this report visit https://www.researchandmarkets.com/r/66qh42

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

CONTACT: 
CONTACT: ResearchAndMarkets.com 
         Laura Wood, Senior  Press Manager 
         press@researchandmarkets.com
         For E.S.T Office Hours Call 1-917-300-0470 
         For U.S./ CAN Toll Free Call 1-800-526-8630 
         For GMT Office Hours Call +353-1-416-8900