The GCC electric vehicle market size was approximately USD 1.62 Billion in 2024. The market is estimated to grow at a CAGR of 22.30% between 2025 and 2034, reaching a value of USD 12.13 Billion by 2034.
Base Year
Historical Year
Forecast Year
To support EV adoption, several countries in the GCC region have implemented incentives on the federal as well as local level, like the UAE.
The region is focusing on building charging stations to encourage the use of electric vehicles, with both governments and private companies investing in the development of charging infrastructure.
The emphasis on sustainable transportation in the GCC's smart city projects, like NEOM in Saudi Arabia and Masdar City in the UAE, is set to accelerate the use of electric vehicles.
Value in USD Billion
2025-2034
GCC Electric Vehicle Market Outlook
*this image is indicative*
Sustainability plays a crucial role in smart city projects of the Middle Eastern countries, leading governments to enhance the uptake of electric vehicles and reduce reliance on fossil fuels. This aligns with their efforts to develop sustainable infrastructure and leverage advanced technologies for energy conservation.
As per the GCC electric vehicle market analysis, luxury electric vehicles are expected to witness a growth in demand because of people’s higher affinity for sophisticated and high-quality vehicles. The increasing number of high-net-worth individuals in the region drives the demand for luxury vehicles that facilitate improved driving experience. Low and medium range EVs are expected to be demanded by households that seek to gain the benefits of technologically advanced vehicles within a limited budget.
Saudi Arabia is expected to account for a significant GCC electric vehicle market share. The Public Investment Fund (PIF), a $700 billion sovereign wealth fund of Saudi Arabia, aims to manufacture 500,000 electric vehicles annually by 2030, an increase from the initial target of 150,000 for 2026. Furthermore, Saudi Arabia has allocated a substantial amount of funds to enhance its competitiveness in the electric vehicle (EV) sector. The nation has made a significant investment of no less than $10 billion in Lucid Motors, an American company. Additionally, Saudi Arabia has established its own EV company, Ceer (which opened in September 2023) and constructed a factory dedicated to producing EV metals.
GCC Electric Vehicle Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Vehicle Type
Market Breakup by Propulsion Type
Market Breakup by Speed
Market Breakup by Vehicle Drive
Market Breakup by Price
Market Breakup by Country
The market participants are focusing on manufacturing high-performing electric vehicles and developing robust charging infrastructure to support the uptake of EVs.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2024, the market reached an approximate value of USD 1.62 Billion.
The market is estimated to grow at a CAGR of 22.30% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach a value of around USD 12.13 Billion by 2034.
The market is being driven by the growing national commitments by middle eastern nations to achieve net zero emissions by 2030, resulting in a transition away from internal combustion engine vehicles.
The key trends aiding the market expansion include the development of smart cities, increasing environmental concerns, and the advent of autonomous vehicles.
The major countries considered in the market report are Saudi Arabia, the United Arab Emirates, Kuwait, Oman, Qatar, and Bahrain, among others.
The major vehicle types in the market are passenger cars and commercial vehicles.
The major players in the market are 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, and Toyota Motor Corp., among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Vehicle Type |
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| Breakup by Propulsion Type |
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| Breakup by Speed |
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| Breakup by Vehicle Drive |
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| Breakup by Price |
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| Breakup by Country |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-723-689-1189
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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