A recent study by BCC Research forecasts that the electric vehicle (EV) market in the Middle East and North Africa (MENA) will grow to $14.5 billion by the end of 2029. This growth represents a compound annual growth rate (CAGR) of 11.2% between 2024 and 2029.
The report provides a detailed analysis of the EV market across the MENA region. It covers market size based on EV registrations, sales, and infrastructure development in key countries. The study also examines important factors shaping the market, such as new technologies, government policies, investment trends, and consumer behavior. Additionally, it explores the economic impact, business opportunities, and sustainability efforts that support the sector’s expansion. The report also profiles major companies involved in EV manufacturing, charging stations, battery technology, and mobility solutions. It highlights the main drivers, challenges, and regional trends that affect the growth of electric transportation in MENA.
Notably, Turkey is excluded from this report. Although geographically close, Turkey is considered part of Europe and Central Asia due to its economic ties and regulatory alignment with European automotive standards. Turkey’s EV industry, including brands like Togg, follows EU policies, making its market conditions different from those in MENA.
Several factors are driving the growth of the EV market in MENA:
Government Policies and Incentives: MENA governments are encouraging EV adoption by offering subsidies, tax breaks, and lower tariffs. The UAE and Saudi Arabia, for example, have introduced strong incentives and are working with global companies to improve EV infrastructure.
Rising Investment in Manufacturing and Infrastructure: Investments in EV production and charging networks are increasing. Saudi Arabia is building EV factories and expanding charging stations through partnerships with international firms.
Growing Consumer Awareness and Demand: More consumers in MENA are choosing EVs due to rising fuel prices, environmental concerns, and government incentives. In the UAE, EV sales are expected to grow steadily.
Expansion of Charging Infrastructure and Smart Energy Solutions: The development of charging stations and smart energy technologies is critical for EV adoption. Egypt and Saudi Arabia are investing in large charging networks. They are also integrating renewable energy with EV charging to support sustainable growth.
Fleet Electrification and Ride-Hailing Services: Many companies in MENA are switching their vehicle fleets to electric models to save costs and reduce emissions. Ride-hailing services are also adding EVs to their fleets, supported by government policies and improved charging infrastructure.
