The GCC region has a vibrant automobile market. The region is known for its desire for luxury sedans and sports utility vehicles (SUVs). Inherent growth drivers such as an expanding consumer base, significant infrastructure developments, and expanding tourism industry. The emergence of electric vehicles (EVs), and fuel cell powered vehicles is grabbing consumer attention in recent times. The introduction of EVs throws up high growth opportunities for industry participants connected with hybrid electric vehicles and battery electric vehicles. The industry is expected to evolve against the backdrop of growing opportunities amidst challenges of moderating economic growth and shifts in demographics.
July 16, 2024
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