Doha is in a strategic location and has the resources to serve as an electric vehicle (EV) manufacturing hub for the Middle East and North Africa (Mena) region and beyond, according to Investment Promotion Agency Qatar (IPA Qatar).Qatar’s attractive market is attracting EV manufacturers with Volkswagen, Gaussin, and Yutong already partnering with the government entities to transform Qatar’s as well as the region’s mobility, it said in a report.The extensive investments into innovation and infrastructure plus incentives greatly improve EV industry’s cost competitiveness in Qatar, it said.The report said the country's EV targets are underpinned by Qatar National Vision 2030 and the National Development Strategy to create opportunities for EV investors and businesses.In this regard, IPA Qatar highlighted that EV is expected to be 10% of total sales target by 2030 from 4% in 2020; the number of public charging stations is slated to be 15,000 by 2030 against 600 in 2020; and 100% public transport electrification by 2030 compared to 25% in 2020.IPA Qatar said national champions including Qatar Foundation, Hamad International Airport, and Lusail City are investing in EV.As part of the country's EV strategy, the Qatar General Electricity and Water Corporation or Kahramaa is set to supply, install, and operate some 37 EV charging units at 22 of Woqod stations in Doha and its vicinities, as well as in Al Khor, Al Wakra, and border outlets.According to 6Wresearch, Qatar electric vehicle market size grew at a CAGR (compound annual growth rate) of 31.4% during 2022-2028.Qatar EV market is projected to register exponential growth during the forecast period owing to government initiatives such as the ‘Green Car Initiative’ which was launched by Kahramaa, in collaboration with the Ministry of Energy and Industry and the Ministry of Transport and Communications (MoTC) to increase the number of electric cars in the country and contribute to achieving the sustainability targets set under Qatar National Vision 2030.Finding that Middle East auto market is set to reach $18.5bn by 2023; it said amid a growing focus across the Middle East to promote the use of EV, the market in the region has a huge potential for the growth"Major economies in the region plan to transition to EV mobility in the near future," IPA Qatar said.Highlighting the sustained policy support for the sector; the report said public spending on subsidies and incentives for EVs nearly doubled in 2021 to approximately $30bn.From an estimated 3.3mn units in 2020 to an expected 27.5mn units by 2027, the global EV market is witnessing a quantum leap, led by the US, China, and Germany. Globally, the potential of the lucrative EV industry is immense with an expected market share of 58% of all global vehicle sales by 2040.
April 23, 2023 | 06:32 PM