Dublin, July 26, 2022 (GLOBE NEWSWIRE) -- The "Saudi Arabia Electric Commercial Vehicle Market, By Propulsion Type (BEV, HEV, PHEV), By Vehicle Type (Bus, Truck), By Range (0-150 Miles, 151-250 Miles, 251-400 Miles and Above 400 Miles), By Battery Capacity, By Company and By Geography, Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
Saudi Arabia electric commercial vehicle market is anticipated to grow at a significant rate
The market growth can be attributed to the growing environmental awareness and increasing use of commercial vehicles in the logistics and transportation sectors.
Flourishing small and medium-sized enterprises and favorable government policies, tax exemptions, subsidies, low buying costs, and charging facilities for promoting the rising adoption of electric vehicles are expected to drive the Saudi Arabia electric commercial vehicle market.
Additionally, rising demand for fuel-efficient automobiles and the launch of new models by automobile manufacturers are anticipated to drive the Saudi Arabia electric commercial vehicle market. Growing innovations in EV battery capacity to make the EV models more affordable and reduce the frequency for charging are boosting the adoption of commercial electric vehicles in Saudi Arabia.
As part of diversifying its economy away from oil, Saudi Electric Company (SEC) collaborated with major automobile manufacturers such as Nissan Motor Company, Tokyo Electric Power Company, and Tecaoca Coco Energy Solutions Company to strengthen the domestic market of commercial electric vehicles in 2018.
The deal will also aim to expand electric charging stations, boosting the demand for electric commercial vehicles and driving its market growth.
However, the high development costs of electric commercial vehicles and related components such as batteries and monitoring systems could hinder the growth of Saudi Arabia electric commercial vehicle market. Besides, inadequate electric vehicle charging infrastructure is a significant factor restricting the growth of Saudi Arabia electric commercial vehicle market.
Saudi Arabia electric commercial vehicle market is segmented based on propulsion type, vehicle type, range, component, region, and company. Based on vehicle type, Saudi Arabia electric commercial vehicle market is sub-segmented into bus, truck, van, and pickup trucks. The electric van segment is expected to hold the largest share in Saudi Arabia electric commercial vehicle market owing to the increased usage of electric vans in the logistics sector and e-commerce sectors.
Companies leading the Saudi Arabia electric commercial vehicle market have strong distribution networks at a global level and extensive product range.
Higher Bus Company Ltd., Anhui Ankai Automotive Co, Ltd., China Yuchai International Ltd., Daimler AG, AB Volvo, Tesla, etc., are the top players in the Saudi Arabia electric commercial vehicle market.
Objective of the Study:
- To analyze and forecast the market size of Saudi Arabia Electric Commercial Vehicle Market, in terms of value and volume.
- To classify and forecast Saudi Arabia Electric Commercial Vehicle Market based on propulsion type, vehicle type, range, battery capacity and regional distribution.
- To identify drivers and challenges for Saudi Arabia Electric Commercial Vehicle Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Saudi Arabia Electric Commercial Vehicle Market.
- To conduct the pricing analysis for Saudi Arabia Electric Commercial Vehicle Market.
- To identify and analyze the profile of leading players involved in the manufacturing of Saudi Arabia Electric Commercial Vehicle Market.
Report Scope:
Years considered for this report:
- Historical Years: 2017-2020
- Base Year: 2021
- Estimated Year: 2022
- Forecast Period: 2023-2027
Saudi Arabia Electric Commercial Vehicle Market, By Propulsion Type:
- BEV
- HEV
- PHEV
Saudi Arabia Electric Commercial Vehicle Market, By Vehicle Type:
- Bus
- Truck
Saudi Arabia Electric Commercial Vehicle Market, By Battery Capacity:
- < 100 kWh
- 100-200 kWh
- 201-300 kWh
- >300 kWh
Saudi Arabia Electric Commercial Vehicle Market, By Region:
- Northern & Central Region
- Western Region
- Southern Region
- Eastern Region
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia Electric Commercial Vehicle Market.
- Higher Bus Company Ltd.
- Anhui Ankai Automotive Co, Ltd.
- China Yuchai International Ltd.
- Daimler AG
- AB Volvo
- Tesla
For more information about this report visit https://www.researchandmarkets.com/r/kmlfw6
