Middle East EV Powertrain Market: Current Analysis and Forecast (2022-2030)

Report Description

The Middle East EV powertrain market was valued at USD 2.1 Billion in 2022 & is expected to grow at a CAGR of 26.73% from 2023-2030. This is mainly due to the steady growth in vehicle sales with the overall demand for advanced electric systems. Furthermore, Saudi Arabia and the UAE, traditionally reliant on oil exports, are pursuing economic diversification and reducing their dependence on fossil fuels hence promoting EVs and their powertrains, boosting the demand for electric vehicle powertrains in the region. Moreover, the governments of middle eastern regions are introducing various incentives and policies to encourage EV adoption, including favorable regulations, tax exemptions, and subsidies for EVs and related technologies. Moreover, several investments are being done by the sovereign wealth funds or PIF in order to acquire technology and create the whole value chain of the electric vehicle ecosystem in the region further driving up the demand for electric vehicle powertrains in the region. In addition, consumers of these regions are also giving positive responses, and the traction among the consumers for the adoption of electric vehicles is also high paired with government efforts and investments creating a very promising environment for the growth of this industry in the coming near future.

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Some of the major players operating in the market include EV Dynamics (Holdings) Limited; Dana Limited; Robert Bosch GmbH; Lucid; REE; EVR MOTORS; HEIDRON; Pravaig Dynamics Pvt. Ltd.; Siro; and Hyundai Motor Company

Insights Presented in the Report

“Amongst vehicle type, BEV to witness significant growth during the forecast period”

Based on vehicle type, the electric powertrain market is divided into BEV and HEV/PHEV. The BEV segment is expected to witness the highest growth during the forecast period owing to the increasing demand for electric vehicles, stricter standards, and modernization of conventional engines around the world. The increasing electrification of vehicles coupled with stricter government emission standards is some of the factors expected to boost sales of automotive powertrains worldwide.

“Amongst component, battery category to hold prominent share during the forecast period”

Based on component, the electric powertrain market is categorized into motor/generator, battery, power electronics controller, converter, transmission, and onboard charger. An electric vehicle has significant emission benefits over conventional vehicles & run-on alternate power sources such as battery electricity, natural gas, and gasoline (in the case of PHEV). The growth of the electric vehicle battery industry expanded significantly over the last few years, underpinned by supportive policies and technological advances for clean energy across the world. For instance, as per IEA, only about 17,000 electric cars were on the world’s roads in 2010. By 2019, that number had swelled to 7.2 million, 47% of which were in The People’s Republic of China (“China”). The surging demand for EVs would propel the demand for EV batteries thus increasing the market size of the electric vehicle battery market. However, environmental harm caused while manufacturing and disposal of batteries would hamper the growth.

Middle East EV Powertrain Market Report Coverage

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“Saudi Arabia and UAE are anticipated to be the fastest growing Middle East EV powertrain market during the forecasted period.”

The Middle East is undergoing a remarkable transformation in the fields of energy and technology, with Saudi Arabia and the United Arab Emirates (UAE) emerging as the primary drivers for electric vehicle powertrain demand. These nations have pursued strategic initiatives through significant investments and a focus on creating a complete lithium-ion battery value chain, where the battery is one of the major components of the electric vehicle powertrains. For instance, in June 2023, Australian startup European Lithium and Saudi Arabia’s Obeikan Investment Group announced a joint venture to build and operate a lithium hydroxide refinery in Saudi Arabia. The floor price for selling lithium spodumene is set at USD 3,000 per tonne and a ceiling price over the life of the current resource of the Wolfsberg mine. Furthermore, Saudi Arabia and the UAE have ambitious visions to diversify their economies and reduce fossil fuel dependency. Vision 2030 and 2021 focus on technology-driven development and innovation, driving investments in emerging tech such as clean and green energy, and new energy vehicles, where Saudi Arabia and the UAE are investing heavily in battery technology, with PIF investing in tech companies and startups, and the UAE fostering R&D collaborations globally. In conclusion, the outstanding progress made by Saudi Arabia and the UAE within the middle eastern electric vehicle marketplace has been a showcase of their dedication to technological development, economic diversification, and sustainable energy solutions. via strategic investments, the establishment of lithium-ion battery value chains, worldwide collaborations, attention on human capital improvement, and contributions to the worldwide power transition, these nations have placed themselves as leaders in the location’s journey toward a battery-powered future. With these efforts continuing to yield effective outcomes, the Middle East is now well-placed to emerge as a chief participant in the global electric vehicle and its ecosystem landscape.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The Middle East EV powertrain market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Middle East EV Powertrain Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the Middle East EV powertrain market were the three major steps undertaken to create and analyze the adoption of electric vehicle powertrains in major regions of the Middle East. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Middle East EV powertrain market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Middle East EV powertrain market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Middle East EV powertrain market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report by vehicle type and by component. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Middle East EV powertrain market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type and components of the Middle East EV powertrain market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Middle East EV powertrain market sector.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Middle East EV powertrain market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets of the Middle East. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Middle East EV powertrain market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Middle East EV powertrain market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Middle East Middle East EV powertrain market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of propulsion, by drive, by application, and by purchasing option in the Middle East EV powertrain market.

The main objective of the Middle East EV Powertrain Market Study

The current & future market trends of the Middle East EV powertrain market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Middle East EV powertrain market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas by vehicle type and by component.
• Define and analysis of the regulatory framework for the Middle East EV powertrain
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Middle East EV powertrain market for the major region.
• Major countries of regions studied in the report include Saudi Arabia, UAE, Israel, Qatar, Turkey, and Rest of the Middle East.
• Company profiles of the Middle East EV powertrain market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

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