KSA EV Charging Equipment Market Outlook to 2027F

KSA EV Charging Equipment Market Outlook to 2027F

The report provides a comprehensive analysis of the potential of the EV Charging Equipment market in KSA. The report covers an overview and genesis of the industry, and market size in terms of revenue generated for EV Charging Equipments along with a snapshot on EV Market.

Market segmentations for EV Market include - By Types of Vehicles, By Types of Battery, By Types of Propulsion, and By Major Cities. Market Segmentations for EV Charging Equipments Market include - By Types of Chargers, By Types of Connectors, By Types of Entities, By Types of Sales Channels, By Source of Manufacturing and By Application. The report also includes growth enablers and drivers; challenges and bottlenecks; driving adoption trends; regulatory framework; end-user analysis, competitive landscape including competition scenario and market shares of major players. The report concludes with future market projections of each market segmentation, future trends and analyst recommendations.

Market Overview:

According to Ken Research estimates, the KSA EV Charging Equipment Market –grew from approximately SAR ~0.2 Mn in 2022 to SAR ~1.5 Mn in 2025F. This is forecasted to grow further into a SAR ~4.8 Mn opportunity by 2027F, owing to supportive government policies and the entry of new market players.

Saudi authorities began allowing their citizens to import EVs for personal use in 2018.

Under Vision 2030, the government has strong plans for increasing the number of EVs in the region, supporting the EV Charging equipment market.

Currently, there are no domestic EV charging equipment manufacturing companies in KSA. All products are imported into the country.

Key Trends by Market Segment:

By Type of Application: Private chargers are widely used in the region as public infrastructure is not efficient in the region. Portable chargers are expensive and are not considered by the majority of EV owners right now.

By Major Cities: In 2022, the majority of revenue was generated in Riyadh. Riyadh being the capital city is foremost to absorb the ongoing trends in the market.

Competitive Landscape for EV Market

Competitive Landscape for EV Charging Equipment Market

Future Outlook

The KSA EV Charging Equipment market is projected to witness a CAGR of ~88% between 2022 to 2027F. This is majorly due to the setting up of new manufacturing plants in the kingdom, the growing economy and high urban population, and the empowerment of new energy resources.

The EV market in Saudi Arabia is predicted to grow at a very high growth rate by 2027 as a result of increased government expenditures, the desire for a sustainable mode of transportation, and logistics firms shifting to eco-friendly solutions. Vision 2030 is expected to be a significant development driver in the industry, fuelling the rise of EVs. New brands entering the market, as well as new industrial projects in the region, are likely to be significant growth drivers in the Kingdom. Moreover, the EV charging equipment market in KSA is expected to generate a revenue of SAR 4.8 Mn by 2027F as the market is expected to progress due to a rise in the number of electric vehicles and increased investment in charging infrastructure.

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