The UAE Electric Vehicle Market Size & Insights

The  UAE Electric Vehicle Market is expected to grow at a CAGR of around 28.5% during the forecast period, i.e., 2024-30. Currently, the market for electric vehicles in the UAE is at nascent stage. However, in the future, it is set to expand at a phenomenal pace owing to rising concerns over future energy savings & growing levels of greenhouse gas emissions on account of the massive consumption of fossil fuels and the ever-increasing traffic congestions. In addition, the mounting influx of tourists, migrants, & pilgrims in the country, i.e., leading to the rapidly booming car rental industry, is another prominent aspect projected to propel the electric vehicle market in the UAE over the forecast years.

What are the Key DROs in The UAE Electric Vehicle Market?

Active Government Efforts Toward Attaining Carbon Neutrality - In order to achieve carbon-zero targets and diversify the economy away from the overburdened oil & gas sector, the UAE government is taking various initiatives toward raising awareness among citizens about the benefits of electric vehicles and providing them with tax redemption or rebate. Hence, more & more people are shifting towards more automated & technologically updated electric vehicles, given the rising fuel prices and growing concerns over environmental degradation, thereby driving the UAE Electric Vehicle Market.

What are the Key Segments in The UAE Electric Vehicle Market?

The UAE Electric Vehicle Market is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

• By Vehicle Type
  • Passenger Vehicles
  • Two Wheelers
  • Commercial Vehicles
• By Power Source
  • Battery Electric Vehicle (BEV)
  • Plug-In Hybrid Electric Vehicle (PHEV)
  • Hybrid Electric Vehicle (HEV)

Hybrid Electric Vehicles (HEVs) are anticipated to witness significantly growing demand in the UAE over the coming years, principally due to more power, enhanced fuel efficiency, reduced emissions, and the excellent backup provided by them, which, in turn, enables long-distance driving with relatively less battery degradation.

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• By Battery Type
  • Lithium-Ion Battery
  • Lithium Titanate Oxide (LTO)

How does geographical analysis highlight in The UAE Electric Vehicle market?

By Region

• Dubai
• Al Ain & Abu Dhabi
• Sharjah & Northern Emirates

Who are the Key Players in The UAE Electric Vehicle Market?

• Renault Group
• Tesla
• Chevrolet
• BMW AG
• Hyundai Motor Company
• Nissan Motor Corporation
• Ford Motor Company
• Porsche Middle East & Africa
• Toyota Motor Corporation
• Ashok Leyland
• Volvo Bus Company
• One Moto
• Others

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The UAE Electric Vehicle Market News

• In July 2022, the RIT (Rochester Institute of Technology) Dubai signed an agreement with ONE MOTO to expand the use of electric motorbikes in the last-mile delivery & logistics sectors, in line with the UAE’s Net Zero 2050 strategy.

• In March 2022, M Glory Holding Group opened a new USD408 million electric vehicle manufacturing unit in Dubai with an aim to produce 55,000 EVs a year in view of the dramatically rising demand for green mobility in the emirate.

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Why This MarkNtel Advisors Research Report:

• In-depth Market Analysis: Understand trends and dynamics shaping growth.
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• Geographical Performance: Assess market opportunities by geographic area.
• Emerging Technologies: Discover advancements like AI integration.
• Risk Identification: Pinpoint challenges to inform strategic planning.
• Future Forecasts: Prepare for market changes with actionable projections.

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