KSA EV Charging Equipment Market is expected to grow@ 88% CAGR in 2022-2027F owing to the increasing investments under Vision 2030 by the government: Ken Research
1. The EV charging equipment market generated a revenue of SAR ~200 Th in 2022 owing to the rise in the number of EVs after the lifting of the ban imposed on the import of EVs in the region.
In 2018, Saudi officials began permitting residents to import EVs for personal use. The market for electric vehicles saw a rise in the present years due to the lifting of the ban imposed on the import of EVs in the Kingdom. Additionally, the general public’s growing awareness about the pollution levels is also driving the adoption of EVs. The market for EV charging equipment in Saudi Arabia is dominated by imports from various regions around the world. The majority of the equipment is brought from Europe, specifically Germany, France, and the Netherlands. Portable chargers, public charging stations, and private charging stations are the three forms of charging available for EVs in the market.
2. The KSA area experienced significant growth in the EV category as a result of government’s measures to diversify the country’s economy and lessen the reliance on oil.
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Total energy consumption in KSA exceeded 289 TWh in 2020, with a high of 61.7 GW and 53.5 GW generating capacity. As a remedy to this dilemma, Vision 2030 developed the King Salman Renewable Energy Resources and Initiative to empower new energy resources. In addition to this, KSA is one of the Middle East’s fastest-growing economies, which allows the government to diversify and experiment when it comes to investing in new areas. More than 80% of the population lives in cities and is aware of regional trends and social duties, opening the path for environmentally friendly technologies such as EVs to thrive in the market. Electric vehicles are viewed as a solution to the problem of climate-related difficulties. The use of EVs produces no greenhouse gas emissions. This notion has grown in popularity in recent years as people become more conscious of the importance of living in an environmentally responsible manner.
3. The EV Charging Equipment Market in KSA is expected to grow by CAGR of ~88% by 2027F due to increasing EV and EV charging infrastructure along with companies offering better charging solutions in the country.
The EV charging equipment market in Saudi Arabia is estimated to produce a CAGR of ~88% by 2027 as the industry grows, owing to an increase in the number of electric cars and greater investment in charging infrastructure. With new manufacturers joining the market and a large percentage of the region’s urban population, the number of electric vehicles in Riyadh is likely to grow. Furthermore, logistic organizations throughout the world are under constant pressure to minimize their carbon footprint and implement more eco-friendly solutions, which is projected to contribute to the growth of commercial vehicles in the area.
4. Lack of Repair and Maintenance Services with Underdeveloped Charging Infrastructure in the Kingdom of Saudi Arabia are some of the barriers in the adoption of EVs by the population.
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Saudi Arabia has a desert temperature, and the constant usage of air conditioning quickly drains the battery. Drivers are hesitant to go longer distances, and recharge stations are needed on all major roadways. Additionally, electric vehicles consume a large amount of electricity in a short period of time, creating instability in power networks. In the Kingdom of Saudi Arabia, summer power usage might surpass supply, and the introduction of EVs can place a further strain on the system. There are currently few charging stations in KSA, which has a direct influence on EV sales in the region. Therefore, because of the paucity of charging stations, consumers are hesitant to purchase any electric car.
