Dubai, UAE (Enmaeya News) — The electric vehicle (EV) market in the Middle East and North Africa (MENA) is expected to grow rapidly, nearly doubling in value from $7.8 billion in 2024 to $14.5 billion by 2029, according to a new report by BCC Research. The sector is projected to expand at a compound annual growth rate (CAGR) of 11.2%.

This growth is driven by government policies and incentives, increased investment in local EV manufacturing and infrastructure, rising consumer awareness, and advances in battery and charging technologies. Companies in the region are also moving toward sustainable operations by electrifying their vehicle fleets.

However, the market faces challenges including limited charging infrastructure, high upfront costs, concerns about driving range in harsh climates, and regulatory uncertainties.

Still, opportunities exist in expanding domestic production, developing smart charging networks, electrifying ride-sharing and corporate fleets, and boosting exports.

With the right combination of finance, technology, and policy, the MENA region could become a key player in the global EV market, advancing toward cleaner and more sustainable transportation.