Future of Saudi Arabia Electric Car Market
The future of the Saudi Arabia electric car market is set to transform rapidly, driven by government initiatives, technological advancements, and a growing consumer focus on sustainability. According to MarkNtel Advisors , the market, valued at USD 560 million in 2024, is projected to reach USD 2.22 billion by 2030, representing a CAGR of 25.85% from 2025 to 2030. Government Policies and Vision 2030 Central to the future of the Saudi Arabia electric car market is the Kingdom’s Vision 2030. This ambitious plan seeks to diversify the economy and reduce reliance on oil. Key initiatives like the Saudi Green Initiative, the National Transport and Logistics Strategy, and the Electric Vehicle Infrastructure Development Program are accelerating EV adoption. Incentives such as subsidies on licensing fees and reduced VAT rates make electric vehicles more accessible to residents. For more details on government support, visit. Infrastructure Expansion and Technological Advancements The f...