Gurugram, India, March 15, 2023 (GLOBE NEWSWIRE) -- The KSA EV Charging Equipment market is expanding as a result of the rise in the number of EVs in the region, and government initiatives to support the EV infrastructure in the country. The KSA EV Charging Equipment market is a highly consolidated market with EV Box and Electromin having a major share of the market. Market players such as ABB AND CirControl are positioned as challengers and offer affordable charging equipments in the EV charging market.
- The adoption of EVs is expected to increase as the KSA government is looking out for more sustainable options to reduce carbon emissions in the region.
- The government of KSA plans on diversifying the revenue stream by making way for Electric Vehicles.
- The region imports the charging equipment from other countries. Currently, there are no manufacturing plants in KSA.
Growth of Commercial Vehicles in the Region: The EV charging equipment market in KSA is expected to generate a revenue of SAR 4.8 Mn by 2027 as the market is expected to progress due to a rise in the number of electric vehicles and increased investment in charging infrastructure, looks promising in terms of growth in the region. Additionally, logistic companies worldwide are under continuous pressure to reduce their carbon footprint and bring in more eco-friendly solutions, which is expected to add to the growth of commercial vehicles in the region.
KSA Vision 2030: Many private players are setting up charging stations on their own premises such as workstations, malls, petrol pumps, and so on. This is expected to fuel the growth of private chargers in the region; however, the demand for public and portable chargers is expected to increase once the number of EVs rises in the region. In addition to this, the government has high ambitions to increase the number of EVs in the region under Vision 2030. By 2030, the Kingdom of Saudi Arabia intends for 30% of automobiles on Riyadh's roadways to be electric. Moreover, new brands entering the market along with new manufacturing projects in the region are expected to be major catalysts of growth in the Kingdom.
Advantages of EVs: Buying an EV costs more than buying an ICE. However, the operational expenditures of an ICE car for gasoline and maintenance are higher than those of an EV. The mass manufacture of batteries, as well as potential tax breaks, will further reduce the cost, making it much more cost-effective. Moreover, because an electric engine produces rapid torque, electric cars accelerate and decelerate smoothly and quickly. In addition, electric vehicles have a low center of gravity, which enhances handling, responsiveness, and ride comfort. Furthermore, electric vehicles reduce noise pollution since they are significantly quieter.
Analysts at Ken Research in their latest publication “KSA EV Charging Equipment Market Outlook to 2027F - Driven by Government Initiatives, Demand for Eco-friendly Transportation and Entry of New Brands in the market” observed the potential of the EV Charging Equipment Market in KSA. New manufacturing plants in the kingdom, a growing economy, a high urban population, and empowerment of new energy resources along with government incentives are expected to contribute to the market growth over the forecast period. The KSA EV Charging Equipment Market is expected to grow at ~88% CAGR over the forecasted period 2022-2027F.
Key Segments Covered:-
KSA EV Market Segmentations
By Types of Vehicles
- Sedan
- SUV
- Small / Hatchback
- Minivan
- Heavy Trucks
- Others
By Types of Battery
- Lithium-Ion
- NiMH
By Types of Propulsion
- HEV
- BEV
- PHEV
By Major Cities
- Riyadh
- Jeddah
- Dammam
- Al Khobar
- Rest of KSA
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KSA EV Charging Equipment Market Segmentations:
By Types of Vehicles
- Passenger Vehicle
- Commercial Vehicle
By Types of Chargers
- AC (Slow)
- DC (Fast)
By Types of Connectors
- Type 2 (7 Pin)
- Type 1 (5 Pin)
- CHAdeMO
- CCS
By Types of Ecosystems
- CPOs
- Service Providers
- Manufacturers
By Types of Sales Channels
- Direct Sales
- Distribution
By Source of Manufacturing
- Import
- Domestic
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By Application
- Private Chargers
- Public Chargers
- Portable Chargers
Key Target Audience
- Electricity Supplier
- EV Manufacturers
- EV Charging Equipment Manufacturers
- EV Charging System Operator
- Demand side Transport Operators
- Government Bodies
Time Period Captured in the Report
- Historical Year: 2021
- Base Year: 2022
- Forecast Period: 2022– 2027F
Companies Covered
EV Charging Equipment Companies
- Electromin
- ASX EV Solutions
- Motevs
- EVBox
- WallBox Charger
- Circontrol ALITCO
- Siemens
- ABB Ltd.
- Schneider Electrics
- Qabis
- ESSCO
- Abunayyan Trading
- Altaaqa Alternative Solutions
- Turning Point Energy
- Zain
EV Companies
- Ford
- Toyota
- Lucid
- MG
- Chevrolet
- General Motors
- Nissan
- Hyundai
- Volkswagen
- Peugeot
- Kia
- BMW
- Scania
Key Topics Covered in the Report:-
- EV Market Overview in KSA
- Ecosystem of Major Entities in the KSA
- Government Initiatives and Regulations
- KSA EV Market Sizing and Segmentations, 2022
- Competition Framework EV Market in KSA
- Future Plans of Major EV brands in KSA
- KSA EV Charging Equipment Market Overview
- Ecosystem of Entities Operating in EV Charging Equipment Market
- Value Chain Analysis of EV Charging Equipment Market in KSA
- KSA EV Charging Equipment Market Sizing Segmentations, 2022
- SWOT Analysis of KSA EV Charging Equipment Market
- Barriers in the Adoption of EVs in Saudi Arabia
- Growth Drivers of KSA EV Charging Equipment Market
- End User Analysis of EV Equipment Charging Market in KSA
- Competition Framework for EV Charging Equipment Market
- Pricing Analysis for EV and EV Charging Equipment Market in KSA
- Future Market Sizing and Segmentation, 2027F
- Future Market Trends for EV Charging in KSA
- Market Opportunities and Analyst Recommendations
For more insights on the market intelligence, refer to below link:-
KSA EV Charging Equipment Market
Related Reports By Ken Research:-
UAE Electric Vehicle Charging Equipment Market Outlook to 2026: Driven by government support and incentives with the increasing focus to achieve green and sustainable economy
The strength of EVs on UAE roads is increasing, and eventually, it will knit electricity and transportation sectors. One of their key initiatives is under the Dubai Autonomous Transportation Strategy, which aims to transform 25% of the transportation in Dubai to autonomous mode by 2030. Adoption of clean energy strategies by the country as a part of UAE’s vision 2030 and focus on achieving net zero emissions by 2050 would also stimulate the market growth in the years to come. The Smart Dubai initiative adopted by the government focusing on the conversion of the country into a smart city by the year 2030 is further expected to boost the UAE electric vehicle charging infrastructure market, which is expected to grow at a CAGR of ~35% from 2022 to 2026.
India EV Charging Equipment Market is expected to generate substantial revenues owing to increase in market penetration of EVs and surge in government initiatives for development of EV charging infrastructure. With the right government policies, a local supply chain, lower battery prices and widespread charging infrastructure, the EV market could contribute $6.4 Bn in next 5 years. eRickshaws, eAutos, and e2Ws are the most promising segments for electrification in India and are expected to account for more than 4 million units by 2025. Further, limited number of EV charging stations, lack of standardization of EV charging, rise in demand for luxury and feature enabled vehicles, and wireless charging for EVs to have strong impact on the market.
With over 22% of the world’s nickel reserves found in Indonesia, the government’s commitment to reduce its emissions (29% by 2030) and a growing public interest towards environment-friendly vehicles. This will really help EV manufactures to grow. Indonesia aims to reach an adoption of 2.1 million electric motorcycle and 400,000 electric cars – of which 20% are locally manufactured by 2025. All motorcycles sold from 2040 will be electric-powered, while all new cars sold from 2050 will be electric vehicles (EVs). Charging Equipment Revenue is expected to grow at a CAGR of 44% from 2022 to 2026.
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