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Electrifying Growth: Middle East & Africa's EV Market to Surge to $9.42B by 2029
Poised for an electrifying leap, the Middle East and Africa's automotive EV market is set to skyrocket from $3.33 billion in 2024 to an impressive $9.42 billion by 2029, charting a robust 23.20% CAGR.
Governments across MEA are putting the pedal to the metal, promoting electric vehicles with policies and incentives, while the buzz around renewable energy storage solutions accelerates market momentum.
In Africa, for instance, where fuel subsidies cost governments an average of 1.4% of GDP.
Steering towards a cleaner future, the pivot to electric vehicles, powered by the region's rich renewable resources, offers a twofold advantage: slashing fuel imports to cut dependency and capitalizing on established low-carbon sources like geothermal and hydropower.
It will be interesting to see how governments, development partners, and private-sector stakeholders will further build an ecosystem for electric vehicles in the region.
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The State of the Electric Vehicle Revolution 2023
Global electric vehicle (EV) stock has surpassed 30 million, and China is home to over half of all the EVs on the world’s roads. 1 in 7 new cars sold last year was electric, and by 2030, we will have 138 Million EVs.
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