Improvement in battery technology and the growing popularity of electric micro-mobility are expected to drive the demand for the Saudi Arabia electric two-wheeler market over the forecast period, 2023-2027.
According to TechSci Research report, “Saudi Arabia Electric Two-Wheeler Market - By Region, Competition Forecast & Opportunities, 2017-2027”, the Saudi Arabia electric two-wheeler market is expected to register an impressive CAGR of 78.24% by value in the forecast period, 2023-2027, to reach USD2117.94 thousand by 2027. The growth of the market is attributed to the factors such as growing fuel prices, a rise in environmental concerns about the negative effect of greenhouse gases, and the availability of quality road infrastructure. Consumers are becoming aware of the benefits of investing in two-wheeler vehicles over four-wheeler vehicles, such as easy maneuverability, lower cost, low maintenance and operational costs, and the ability to navigate through dense traffic easily. The E-commerce industry has gained popularity among consumers in the past few years due to high-speed internet penetration, the proliferation of smart devices, and ease of shopping through online platforms. The rise in the demand for two-wheelers from the e-commerce industry is expected to boost Saudi Arabia's electric two-wheeler market growth in the upcoming years.
However, the long charging time of electric two-wheelers and the lack of supportive charging infrastructure may restrain Saudi Arabia electric two-wheeler market growth over the forecast period.
Browse over 28 market data Figures spread through 79 Pages and an in-depth TOC on "Saudi Arabia Electric Two-Wheeler Market"
The Saudi Arabia electric two-wheeler market is segmented into vehicle type, battery capacity, battery type, range, regional distribution, and competitive landscape.
Based on vehicle type, the market is divided into electric scooter & moped and electric motorcycle. Electric scooter & moped segment is expected to dominate the market by growing at a CAGR of 64.83% over the forecast period, 2023-2027. Most people who prefer to travel via electric scooters are the working population, and the continuous increase in the working population is driving the segment demand in the country. Electric scooters & mopeds have wide seating and storage space which makes them ideal for delivery and daily commuting purposes and for making last-mile deliveries.
Based on battery type, the market is divided into lead acid and lithium-ion. The lithium-ion battery segment is expected to hold the largest market share in the forecast period to reach USD191 thousand by 2027. Lithium-ion batteries have a larger storage capacity, making them suitable to cover large distances through electric two-wheeler vehicles and reducing the need to re-fuel in short time intervals.
On the basis of regional analysis, the Northern & Central region is expected to dominate the market over the next five years and capture 51.83% of the overall market share. The electric two-wheeler market is driven by a large population in the region and the demand for two-wheeler vehicles in famous religious places like Riyadh, and Buraidah. The region also boasts an extensive dealership and distribution network consisting of major automotive brands and an expanding base of consumers who can afford electric vehicles, which is expected to accelerate market growth over the next five years.
Major market players operating in the Saudi Arabia electric two-wheeler market are:
- Barq EV
- ONE MOTO Technologies Ltd
- BMW Motorrad
- Hon Hai Precision Industry Co.
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“Oil and gas is the major revenue-generating industry, and the Saudi government is working to reduce its dependency on the oil and gas industry and diversify the income sources for the country. Due to growing air pollution and harsh climatic conditions, the temperature keeps rising to 2-3°C compared to previous years. The Saudi government is allocating funds and introducing policies to produce 50% of the required electricity through renewable energy sources and promote the adoption of electric vehicles among consumers. Therefore, favorable government policies and growing awareness among consumers about the benefits of using electric vehicles are expected to propel Saudi Arabia electric two-wheeler market growth till 2027,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Electric Two-Wheeler Market By Vehicle Type (Electric Scooter & Moped and Electric Motorcycle), By Battery Capacity (<25Ah and >25Ah), By Battery Type (Lead Acid and Li-ion), By Range (Less than 50 Km, 50–100 Km, 100–150 Km, Above 150 Km), By Region, Competition Forecast & Opportunities, 2017-2027”, has evaluated the future growth potential of Saudi Arabia electric two-wheeler market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia electric two-wheeler market.
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