GCC Electric Vehicle Market Share

Market Share of GCC Electric Vehicle Industry

The electric vehicle market in the region is fairly consolidated, with major players like Toyota Motor Corporation, Nissan Motor Co. Ltd, Hyundai Motor Company, BMW AG, Audi AG, and Tesla Inc. capturing the major market share, amongst others. Many players are investing in new technologies to gain the upper hand over their competition and focusing on new launches.

• February 2024: Xpeng, a Chinese smart electric vehicle manufacturer, announced a strategic partnership with United Arab Emirates-based distributor Ali & Sons. This collaboration is a significant step in Xpeng’s international expansion following its entry into parts of the European market. Under its "Go Abroad 2.0" strategy, Xpeng seeks to attract more overseas distributors to deliver their smart EV technology to local consumers.
• February 2024: Kia United Arab Emirates and Africa introduced the 'Platform Beyond Vehicle' business, which is set to revolutionize mobility in the MEA region. Scheduled for availability in 2026, the PBV business will integrate purpose-built EVs with advanced software technology, moving beyond traditional automotive offerings.
• April 2023: Saudi Arabia’s Ministry of Investment signed a USD 5.6 billion deal with Chinese electric car maker Human Horizons for collaboration on the development and sale of vehicles.
• September 2023: Abu Dhabi's CYVN Holdings took a 7% stake in Chinese electric vehicle start-up Nio for USD 739 million.

GCC Electric Vehicle Market Leaders

1. Hyundai Motor Company

2. Tesla, Inc.

3. Volkswagen

4. Toyota Motor Corporation

5. BMW AG

6. Audi AG

*Disclaimer: Major Players sorted in no particular order