SAUDI ARABIA EV COMPONENTS MARKET
An electric motor replaces the internal combustion engine in all-electric vehicles, often known as battery electric vehicles (BEVs). The electric motor of the vehicle is powered by a sizable traction battery pack, which must be hooked into a wall outlet or charging apparatus, also known as electric vehicle supply apparatus (EVSE).
The car does not have a tailpipe or any usual liquid fuel components like a fuel tank, fuel line, or fuel pump because it is an electric vehicle. Electric Vehicles seem to be the way of the future of transportation. Electric vehicles are becoming more and more popular around the world, and the industry is unquestionably on the upswing.
SAUDI ARABIA EV COMPONENTS MARKET SIZE AND FORECAST
The Saudi Arabia EV Components Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
SAUDI ARABIA EV COMPONENTS MARKET DYNAMICS
The Saudi Basic Industries Corporation (SABIC) has started a new programme to aid in the advancement of battery performance in electric car technologies. SABIC will enhance battery performance using its cutting-edge thermoplastics.
By reducing overall weight, the materials are superior to the metals now utilised in electric vehicles. Additionally, Bluehero makes use of the business’ expertise in polymer flame interaction, large part moulding, compression moulding, and these sophisticated injection moulding techniques.
According to SABIC, the Bluehero programme will be expanded to support the growth of the energy storage, charging infrastructure, and other relevant industries.
Avass Group, based in Australia, recently disclosed that it has inked a contract with Saudi Arabia to produce lithium batteries and electric vehicles together.
A Memorandum of Understanding has been approved by the Group (MoU). The arrangement supports Avass Group’s intentions to produce lithium batteries and entire electric buses in large quantities in Saudi Arabia.
The alliance is the result of thinking about the strategic advantage Saudi Arabia enjoys because of its location in the middle of both Asia and Europe.
By signing a front-end engineering design agreement with Wood Group subsidiary Mustang and Faisal Jameel Al, Consulting Engineering Business, battery chemicals and technology company EV Metals Group has taken a step toward building its anticipated lithium chemicals plant in Saudi Arabia.
- Lucid Group
- Saudi Basic Industries Corporation (SABIC)
- Fiat Chrysler
- Avass Group
- General Motors
THIS REPORT WILL ANSWER FOLLOWING QUESTIONS
- What is the average cost per Saudi Arabia EV Components Market right now and how will it change in the next 5-6 years?
- Average cost to set up an EV Components Market in Saudi Arabia?
- How many Saudi Arabia EV Components Market are manufactured per annum globally? Who are the sub-component suppliers in different regions?
- What is happening in the overall public, globally?
- Cost breakup of a Saudi Arabia EV Components Market and key vendor selection criteria
- Where is the Saudi Arabia EV Components Market manufactured? What is the average margin per equipment?
- Market share of Saudi Arabia EV Components Market manufacturers and their upcoming products
- The most important planned Saudi Arabia EV Components Market in next 2 years
- Details on network of major Saudi Arabia EV Components Market and pricing plans
- Cost advantage for OEMs who manufacture Saudi Arabia EV Components Market in-house
- 5 key predictions for next 5 years in Saudi Arabia EV Components Market
- Average B-2-B Saudi Arabia EV Components Market price in all segments
- Latest trends in Saudi Arabia EV Components Market, by every market segment
- The market size (both volume and value) of Saudi Arabia EV Components Market in 2022-2027 and every year in between?
- Global production breakup of Saudi Arabia EV Components Market, by suppliers and their OEM relationship