Middle East EV market set for massive growth
The global automotive sector is on the brink of a seismic shift, with electric vehicles (EVS) leading the way as the most promising contender in the pursuit of sustainable transportation. As the world races towards a greener future, the Middle East, often associated with its oil-rich heritage, is making one stride after another in adopting EVS.
According to a Deloitte report, the EV market in the Middle East is expected to witness massive growth in the coming years. It is projected to reach $7.65bn by 2028, up from $2.7bn in 2023.
'This surge is being driven by a number of factors, including government initiatives to promote the use of electric vehicles, increased awareness of energy storage solutions, the expansion of 5G telecommunications networks, and the implementation of Vision documents in Saudi Arabia, the United Arab Emirates, Qatar, and Kuwait,' the report said.
Some of the world's most renowned EV manufacturers have already established their presence in the Gulf region and are now competing head-to-head for market domination.
However, range anxiety stands as a major obstacle to the adoption of EVS around the world. This is especially true in the Middle East where the vast desert landscapes can make it difficult to find charging stations, according to Deloitte report.
The report suggest that there are a number of ways to mitigate range anxiety, including the ongoing development of advanced battery technologies that offer longer ranges and faster charging times, as well as the implementation of an EV infrastructure strategy.
'A robust charging infrastructure is essential for the widespread use of EVS. In the Middle East, governments are actively working to create a network of charging stations that will make EVS more accessible and convenient for drivers. Not only does this effort promote practicality, but it also demonstrates the region's commitment to sustainability,' the report said.
EVS produce zero emissions, which can help to reduce air pollution and improve air quality. They also use less energy than gasolinepowered cars, which can help to reduce greenhouse gas emissions and combat climate change.