Global & GCC EV Market Size 2024-2029

The electric vehicles (EV) market size is estimated at 1.21 trillion USD in 2024, and is expected to reach 2.42 trillion USD by 2029, growing at a CAGR of 14.9% during the forecast period. 

The GCC EV market is forecast to grow at a higher CAGR of 19.3% to reach a total market value of 10.42 billion USD in 2029 driven by a current lower market penetration compared to more mature markets such as Europe, North America and parts of Asia. 

Overall, the growth of the EV market is driven by factors like environmental concerns, advances in battery tech, government support, and growing public awareness.