( MENAFN - GlobeNewsWire - Nasdaq) Dublin, Oct. 23, 2024 (GLOBE NEWSWIRE) -- The "Middle East Electric Vehicle market (2022-2028): Trends, Size, Share, Revenue, Analysis, Forecast, Value, Growth, Industry, Outlook: Market Forecast By Vehicle Types, By Countries and by Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Middle East electric vehicle market size grew at a CAGR of 28.9% during 2022-2028. Middle East Vehicle market witnessed steady growth during 2021 owing to government efforts of the Middle East countries to reduce the dependence on oil and facilitate the adoption of electric vehicles to reduce automobile emissions for meeting net zero targets set by the Middle East countries.
The market is estimated to experience improved demand for electric cars from the passenger vehicles segment owing to a high preference for luxury cars offered by brands such as Tesla, Lucid, BMW, among others. Government projects and policies are also affecting electric vehicle market's growth and are estimated to upkeep the growth over the near future. Oil is one of the country's key sources of revenue, however, new renewable energy and sustainable transportation technologies are aiding the country's economic growth.
The government strategies of the Middle East countries intend to lessen dependency on oil and diversify the economy while implementing a variety of reforms. As a result, the push to increase electric car sales would elevate the demand for efficie.