The UAE Electric Vehicle Market: Analysis and Forecast

UAE Electric Vehicle Market

UAE Electric Vehicle Market Insights:

According to MarkNtel Advisors, the  UAE Electric Vehicle Market is expected to grow at a CAGR of around 28.5% during the forecast period, i.e., 2023-28. Currently, the market for electric vehicles in the UAE is at a 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 congestion.

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UAE Electric Vehicle Market Definition:

As CO2 emissions from industries & traffic continue to severely impact the climate & the environment, Electric Vehicles (EVs) hold promise to mitigate this rapid climate change as they are carbon-neutral and do not run on fossil fuels. Worldwide, governments of various countries, including the UAE, are taking numerous initiatives toward encouraging the adoption of EVs while also providing buyers with tax rebates & redemption.

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Key Driver: 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 rebates. 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.

UAE Electric Vehicle Market Segmentation:

1. By Vehicle Type

  • Passenger Vehicles
  • Two Wheelers
  • Commercial Vehicles

2. By Power Source

  • Battery Electric Vehicle (BEV)
  • Plug-In Hybrid Electric Vehicle (PHEV)
  • Hybrid Electric Vehicle (HEV)

3. By Battery Type

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

UAE Electric Vehicle Market Geographically Analysis:

-By Region

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

UAE Electric Vehicle Leading Companies:

  • 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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