DUBLIN--(BUSINESS WIRE)--The "Africa & Middle East Electric Vehicle and Charging Infrastructure Market Databook - 75+ KPIs Covering EV Market Size by Value and Volume, Vehicle Type, Price Point, Propulsion Type, Component, Location - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The electric vehicle market in the Africa and Middle East is expected to grow by 17.6% on an annual basis to reach US$3.3 billion in 2024. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 20.6% during 2024-2028. The electric vehicle market in the region will increase from US$2.8 billion in 2023 to reach US$7 billion by 2028.
In the Middle East, especially, several global firms are seeking to expand their presence in 2024. Nio, for instance, has announced plans to expand to the Middle East in 2024. Lucid Group, the US-based electric vehicle manufacturer, announced the launch of its second retail space in the Emirati nation in June 2024.
In Africa, several innovative startups have emerged in the segment. These startups are raising funding rounds to scale up production and drive adoption. Roam, the Kenyan electric vehicle startup, announced that the firm had raised US$24 million as part of its Series A funding round in February 2024. Overall, the publisher maintains a positive growth outlook for the electric vehicle industry in Africa and the Middle East market over the next three to four years.
Global firms, in large numbers, are entering the Middle East electric vehicle market in 2024
- Nio, the Chinese electric vehicle firm, has announced plans to expand to the Middle East in 2024. The firm's foray into the Middle Eastern region comes at a time when other rival companies are also making a global push. BYD, for instance, has also launched its product offerings for customers in the Emirates. The firm, in November 2023, revealed that it had opened a showroom in Dubai Festival City as part of its collaboration with Al-Futtaim Electric Mobility Company.
- Lucid Group, the US-based electric vehicle manufacturer, announced the launch of its second retail space in the Emirati nation in June 2024. The firm already operates a retail location in Saudi Arabia.
- Planet Electric, the Indian electric vehicle startup, also revealed that the firm is eyeing the Middle East market in 2024. It is, however, focusing on the commercial electric vehicle mobility segment.
African electric vehicle startups are raising funding rounds to scale up production in 2024
- Roam, the Kenyan electric vehicle startup announced that the firm had raised US$24 million as part of its Series A funding round in February 2024. The Series A round, which was led by Africa-focused climate tech VC Fund Equator, also includes a US$10 million debt commitment from the US International Development Finance Corporation.
- Roam plans to use the capital infusion to scale up the production of electric buses and motorcycles. The firm, notably, is targeting to increase the production rate to 1,000 motorcycles a month. Roam has developed a hybrid solution for its motorcycle clientele. This means consumers can charge the batteries at home or swap them at stations. For electric buses, Roam currently has the capacity to assemble 40 Move buses a month. Roam is also planning to invest part of the funding into research and tooling, to deepen the vertical integration of its products.
- Ampersand, the Rwanda-based firm, is another key player in the expanding electric vehicle market in Africa, particularly in Rwanda and Kenya. The firm also secured US$19.5 million in debt-equity funding at the end of 2023. With the capital raise, the firm plans to boost the production of electric motorcycle batteries and to broaden its network of battery swapping stations across the two East African nations.
The Public Investment Fund sets up a new firm to enhance the electric vehicle and automotive industry in the Kingdom
- The Public Investment Fund, in October 2023, announced the launch of a new firm Tasaru Mobility Investments. The new firm is part of the strategy to drive EV manufacturing in the Kingdom while developing local supply chain capabilities for the automotive and mobility industry.
- The new focuses on research and development, the adoption of advanced technology, and sustainable opportunities in the automotive sector. Its first project is a joint venture with Zamil Group Real Estate Company, Abdullah Ibrahim Alkhorayef Sons Company, and Dar Al-Himmah Projects Company to create an automotive logistics hub in King Abdullah Economic City
- Saudi Arabia, OPEC's leading oil producer and the world's largest crude exporter, aims to tackle climate change and reduce carbon emissions to transform its economy and lessen its dependence on oil. The nation has set a goal to achieve net-zero carbon emissions by 2060. Tasaru will help accelerate the transition to electric vehicles and future mobility solutions, supporting the country's environmental goals, including the net-zero 2060 target, and aligning with PIF's own net-zero goal for 2050.
This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.
Report Scope
This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in through 97 tables and 119 charts.
Below is a summary of key market segments:
- Overall Vehicle Market Size and Future Growth Dynamics
- Electric Vehicle Market Size and Forecast
- Electric Vehicle Market Volume By Drive Segment
- Electric Vehicle Market Value and Volume By Car Segment
- Electric Vehicle Market Value and Volume By Passenger Car Segment
- Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
- Electric Vehicle Market Value By Vehicle Class
- Electric Vehicle Market Value By Powertrain
- Electric Vehicle Market Value By Distance Range
- Electric Vehicle Market Value By Charging Type
- Electric Vehicle Market Value By Propulsion Type
- Electric Vehicle Market Value and Volume By Vehicle Type
- Electric Vehicle Market Value By Cities
- Electric Vehicle Market Value By Components
- Electric Vehicle Infrastructure Market Value
- Electric Vehicle Infrastructure Market Volume
- Electric Vehicle - Number of Charging Points By Charging Type
- Electric Vehicle - Number of Charging Stations By Charging Type
- Electric Vehicle - Number of Charging Points By Location
- Electric Vehicle - Number of Charging Points By Charging Speed
- Electric Vehicle - Number of Charging Stations By Charging Speed
- Electric Vehicle - Number of Charging Points By Vehicle
- Electric Vehicle - Number of Charging Points By Connection Phase
- Electric Vehicle - Number of Charging Points By Infrastructure Type
- Electric Vehicle - Number of Charging Points By Connectivity
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