The Electric Vehicle Market is an Aspirational Market right now in KSA and Have Ample Number of opportunities across the Automobile Industry: Ken Research

02-Feb-2023   Kanv Garg, Designation: Market Expert, eMobility and Charging Infrastructure and Ex Strategy Director, Electromin, Electromin   Author: Rishabh Pahava

In conversation with Mr. Kanv, Strategy Director at Electromin, we tried to understand the EV Charging Market in KSA. We also discussed the major trends and the future of the EV Charging Equipment Market in KSA going forward.

“The Electric Vehicle Market is an Aspirational Market right now in KSA and Have Ample Number of opportunities across the Automobile Industry.”

Q1. How do you describe the EV and EV Charging Infrastructure Situation in KSA?

EV and EV Charging Equipments market are very new markets in Saudi Arabia. Electric market growth will be slow in a newer country but it is growing rapidly in KSA. EV Market is a supply constraint market, if there are an ample number of quality products people will buy them thereafter. Saudi needs its own OEM companies to cater to the demand of people and to grow the Auto market.

Q2. What are the Developments happening in EV Market?

Saudi is a transportation and logistics hub in the middle-east, If EVs can be commercialized in the logistics sector that will be very beneficial for both, EV & EV Charging equipment companies and the Logistics Sector. Government of Saudi is continuously offering developments in terms of approval, process, and launch OEMs such as CEER. Multiple big infrastructure and construction company is coming into the EV space.

Q3. Is there any Charger Manufacturing Company, based out in KSA?

No, there are none. Currently, all the chargers are imported in Saudi. There is no domestic manufacturing happening here. Only CPOs and Service Providers are operating in Saudi. Major players include Electromin, ASX EV, and Alfanar.

Q4. How is Kingdom Vision 2030 impacting the EV Charging Equipments Market in Saudi Arabia?

Under the Kingdom Vision 2030, there are multiple ongoing projects such as the downtown project, neon project, E-mobility. The charging infrastructure setup and expansion is also planned under the vision 2030. The government also plans to set up domestic manufacturing units for EVs and EV Charging Equipments in KSA which will support the growth of the market.

Q5. Can you tell us more about Electromin and how is it operating in Saudi Arabia?

We are part of one of largest automotive and lubricants company, Petromin Corporation. We are one of the leading multi-national organization in the Kingdom of Saudi Arabia. We stand as a strong transformative force, enabling the movement of people, products and services through sustainable and innovative mobility solutions serving individuals and businesses alike. We have recently partnered with Siemens to supply EV chargers for the development of a Kingdom and region-wide charging network.

Q6. What the major locations where Electromin have setup their charging stations?

We have setup EV charging stations across the country. Our charging stations are dominantly setup within the group company, Petromin express stations. Apart from that we have our charging station setup in repair workshops and petrol pumps across the country.

Q7. According to you, what is the future of EV Charging Equipments Market in Saudi Arabia?

The EV and EV charging equipments market has a very high growth potential in Saudi Arabia. This market is expected to showcase a very high double digit growth rate over the next coming years, but we can’t predict the exact future. It’s an evolving business, and as the market will grow, it will keep changing depending upon the customer’s needs for EVs in this region.

For more insights on the market intelligence, refer to the link below: -

KSA EV Charging Equipment Market

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