Last Updated on January 4, 2024 by News Editor
The Middle East’s demand for electric cars and charging infrastructure has been fueled in recent years by growing government involvement as well as the emergence of regional and international firms in the EV industry.
The Middle Eastern EV Industry and EV Charging Market
Since electric cars don’t emit any pollutants, they contribute to better air quality and lower air pollution. Additionally, they use less energy than gasoline-powered cars, which contributes to the battle against climate change and a decrease in greenhouse gas emissions. This is in line with the worldwide shift toward EVs as people realize how important it is to embrace eco-friendly practices.
Next Move Strategy Consulting research shows that the Middle East Electric Vehicle (EV) Charging Market will be valued at USD 246.64 million by 2022. By the year 2030, it is expected to reach USD 1437.7 million. This means from 2023 to 2030, there will be a significant Compound Annual Growth Rate (CAGR) of 25.3%.
Increasing the number of EV charging stations in the area is one of the ways the governments in this region are embracing these cars.
Major financial investments are being made in these schemes to provide more infrastructure for EV charging. The main goal is to reduce emissions and encourage ecologically friendly means of transportation while simultaneously building a large and user-friendly network of charging stations to accommodate the increasing number of electric vehicle (EV) users.
EV Charging Infrastructure Developments
Charging infrastructure progress varies across the region, with the UAE taking the lead, while initiatives in KSA, Qatar, and other areas are also gaining traction. The region boasts an impressive public vehicle-to-point ratio of 6.5. This is largely due to the relatively small EV parc.
United Arab Emirates
Etihad Water & Electricity launched an initiative for EV chargers. The company aims to install various AC and DC chargers in the northern region of the UAE. Also, ADNOC Distribution has partnered with TAQA to construct and manage EV charging stations. In Dubai, DEWA’s EV charging network has grown to 350 stations and anticipates reaching 1,000 public stations by 2025.
In August 2022, the Saudi Ministry of Energy worked with other authorities to complete all the legal and technological requirements needed to control the market for EV charging stations. This significant achievement is anticipated to support the nation’s green effort. The Kingdom seeks to attain net-zero carbon emissions by 2060 and encourage the development of jobs.
Petromin remains a prominent supplier of lubricants and automotive services. The company set up Electromin. This subsidiary focuses on creating EV solutions. In 2022, Electromin unveiled plans to deploy 100 EV charging points throughout KSA and a corresponding mobile application.
The Middle East moves closer to a day when sustainable transportation is the norm. We are currently witnessing increased government participation and wider adoption of EVs. Also, there is an increase in the charging infrastructures for these EVs.