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QATAR, 11 June 2023: Qatar’s electric vehicle (EV) market is expected to reach 10% sales by 2030, according to a report by Fitch Solutions. The report states that the market will witness a rising demand and will drive passenger EV sales by more than 300% in 2023 to reach year-on-year sales volumes of around 600 units.
The report highlights the following factors that are driving the growth of the EV market in Qatar:
- The government’s plan to electrify 35% of its fleet of vehicles and all public transport by 2030.
- The recent resolution of diplomatic ties between Qatar and Bahrain, which is expected to boost economic activity in the region and benefit the EV market in Qatar.
- The increasing availability of EVs in the market, with global automakers such as Tesla, Nissan, and Toyota now selling EVs in Qatar.
- The government’s introduction of incentives for the purchase of EVs, such as tax breaks and subsidies.
The report also states that the EV market in Qatar is expected to face some challenges, such as the high cost of EVs and the lack of charging infrastructure. However, the report believes that these challenges can be overcome, and that the EV market in Qatar has the potential to grow significantly in the coming years.
In addition to the factors mentioned above, the report also highlights the following opportunities for the EV market in Qatar:
- The increasing demand for sustainable transportation solutions.
- The country’s commitment to reducing its carbon emissions.
- The growing popularity of EVs in the Middle East region.
The report concludes by stating that the EV market in Qatar is poised for significant growth in the coming years. The report expects the market to reach 10% sales by 2030, and believes that the market has the potential to grow even further in the future.
