UAE Electric Vehicle Market Overview, 2027

"The United Arab Emirates has a strong sense of collective duty and community. This attitude extends to the encouragement of environmentally friendly behaviours, such as the use of electric automobiles. The country has committed to pursuing ambitious policies geared towards ensuring the country is carbon neutral in fewer than three decades. Alongside a raft of measures under the Net Zero 2050 Charter and UAE Vision 2021 initiatives, a key element of this Dh600 billion strategy involves encouraging the adoption of electric vehicles, or EVs. Powertech Mobility is one of the UAE's key providers of EV infrastructure. As far as alternative power sources are concerned, the UAE is set to launch its National Hydrogen Strategy imminently. Increasing environmental consciousness is influencing the culture surrounding electric vehicles in the UAE. As people become more aware of the impact of traditional fossil-fueled vehicles on air pollution and climate change, there is a growing appreciation for the benefits of electric vehicles in reducing emissions and promoting sustainability. This awareness is leading to a cultural shift towards embracing electric vehicles as a cleaner and more eco-friendly alternative. According to the research report ""United Arab Emirates Electric Vehicle Market Overview, 2027,"" published by Bonafide Research, the United Arab Emirates electric vehicle market is expected to grow at a CAGR of above 13.92% from 2022 to 2027. Wireless charging technology is being explored and implemented in the UAE. This technology eliminates the need for physical charging cables by allowing EVs to charge simply by parking over a charging pad or plate. Wireless charging systems offer convenience and can be integrated into parking spaces, homes, and public areas. EVs are incorporating connected features and advanced driver-assistance systems (ADAS). These features include connectivity to smartphones and smart home devices, over-the-air updates, and autonomous driving capabilities. Connected and autonomous features enhance the overall user experience, convenience, and safety of EVs. Various roadshows and exhibitions are organized in the UAE to showcase electric vehicles and educate the public about their benefits. These events provide an opportunity for people to explore different EV models, learn about charging infrastructure, and experience test drives. The United Arab Emirates Hybrid and Electric Vehicle Market is fragmented, with the top five companies The major players in this market are Ford Motor Company, General Motors Company, Hyundai Motor Company, Mitsubishi Fuso Truck and Bus Corporation, and Toyota Motor Corporation. Recently, the RIT (Rochester Institute of Technology) in Dubai signed an essential agreement with ONE MOTO in order to increase the use of electric motorbikes in the logistics and delivery markets with the Net Zero 2050 strategy of the UAE. The M Glory Holding Group launched a new $408 million electric vehicle manufacturing unit with a goal to produce 55,000 EVs a year owing to the growing demand for green mobility in the UAE. In August 2022, General Motors Middle East (GM MEO) announced the signing of a Memorandum of Understanding (MoU) with Al Wegdaniya Transport to explore electric vehicle (EV) leasing opportunities. The MoU reinforces the mutual commitment to bring electrification to all modes of transport. Ford has announced a series of initiatives for sourcing battery capacity and raw materials that will help it reach its targeted annual run rate of 600,000 electric vehicles by late 2023 and more than 2 million by the end of 2026. The UAE Electric Vehicle Market is the most popular and lucrative market, and it will remain popular and lucrative in the years to come as many developments are happening in the sector. The UAE electric vehicle market is currently in its early stages and has witnessed certain growth during the period 2018–2021, owing to the Electric Vehicle (EV) Green Charger initiative undertaken by the government of the UAE. The UAE government introduced a green vehicle registration initiative where EV owners receive distinctive green-coloured licence plates. This allows for easy identification and recognition of electric vehicles on the roads. Additionally, the UAE government offers various incentives and exemptions to encourage the purchase and use of electric vehicles. These include exemption from vehicle registration fees, reduced or waived toll fees on certain roads and bridges, and discounted or free parking in public areas. Although the UAE government has been investing in charging infrastructure, there is still a need for further expansion and accessibility. EV owners may face challenges finding charging stations, especially in remote areas or less developed regions. Expanding the charging network is crucial to alleviating range anxiety and promoting wider EV adoption. Considered in this report • Geography: United Arab Emirates • Historic year: 2017 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • UAE market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type • Passenger Vehicle • Commercial Vehicle By population type • BEV • PHEV The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us. we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to organic food and beverage industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. "