The UAE Electric Vehicle Market Overview: 2024-2030
Base Year: 2023
Historical Years: 2019-22
Forecast Years: 2024-2030
The UAE Electric Vehicle Market is expected to grow at a CAGR of around 28.5% during the forecast period, i.e., 2024-30.
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The UAE Electric Vehicle Market Dynamics: 2024-2030
UAE Electric Vehicle Market 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 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.
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The UAE Electric Vehicle Market (2024-30): Segmentation Outlook
The market report has segmented the market into the following categories:
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,
By Battery Type
-Lithium-Ion Battery
-Lithium Titanate Oxide (LTO)
By Region
-Dubai
-Al Ain & Abu Dhabi
-Sharjah & Northern Emirates.
Dubai holds the largest share of the UAE Electric Vehicle Market, and the same trend is likely during 2024-30.
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Top Companies Operating in the 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.
Industry Recent Developments
- 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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