The rise in popularity of electric vehicles (EVs) in the relatively prosperous GCC countries is moving the area closer to Western market trends.
The global electric car industry was valued at roughly $105 billion in 2021, according to Vantage Industry Research, and is expected to reach $354.80 billion by 2028, rising at a dizzying speed over the previous decade.
According to the forecast, EV sales would have more than doubled to 6.6 million by 2021, accounting for nearly 9% of global car sales and more than tripling their market share from just two years ago.
As automakers attempt to bring more EV models to market each year, interest in environmentally friendly alternatives to internal combustion engines is slowly growing throughout the Middle East.
Saudi Arabia wants at least 30% of its automobiles to be electric by 2030, as part of its ambition to attain net zero carbon emissions by 2060. Lucid, an electric vehicle firm, announced a long-term partnership last year.intention to develop the country’s first international manufacturing factory at King Abdullah Economic City, with a production capacity of 150,000 vehicles per year.
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