UAE Electric Vehicle Market Growth, Share, Industry Trends, Key Manufacturers, Revenue, Competition and Forecast Research Report 2023-2033: SPER Market Research
Electric vehicles (EVs), because they are carbon-free and run on non-fossil fuels, have a chance of slow the rate of climate change, as CO2 emissions from traffic and industry continue to have a negative impact on the climate and the environment. Governments around the world, including the UAE, are launching a variety of programs to promote the use of electric vehicles (EVs) and provide tax breaks and redemption opportunities to consumers.
An electric vehicle, as opposed to its gasoline-powered counterpart, is powered by electricity. Rather than an internal combustion engine, these vehicles are powered by an electric motor, which requires a constant supply of energy from battery packs to function.
According to SPER market research, ‘UAE Electric Vehicle Market Size – By Vehicle Type, By Propulsion, By Range – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the UAE Electric Vehicle Market is predicted to reach USD 1107.57 million by 2033 with a CAGR of 8.79%.
The government of the United Arab Emirates has implemented several incentives aimed at encouraging the adoption of electric vehicles. These consist of free charging, lower registration costs, and availability of EV lanes. These rewards have played a crucial role in persuading people to choose electric cars.
Electric cars are no exception to the UAE’s taste for opulent, high-performance automobiles. Prominent automakers have launched high-end electric models, which has helped the region’s high-end EV adoption increase.
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Costly Initial Prices: Compared to conventional gasoline-powered cars, electric cars typically have higher initial costs. The cost of the electric drivetrain and battery is the reason for this price difference. EVs have higher initial costs, which may discourage many potential buyers, especially in price-sensitive market segments, even though they require less fuel and maintenance over time.
Infrastructures for Charging: The UAE has made significant investments to develop its infrastructure for charging, but issues still exist. These include offering faster charging options, particularly in crowded areas, and providing nationwide coverage.
Impact of COVID-19 on UAE Electric Vehicle Market
The COVID-19 pandemic has presented a number of opportunities and challenges for the electric vehicle (EV) market in the United Arab Emirates (UAE). Early in the pandemic, disruptions in the supply chain delayed the production and delivery of electric vehicles. Furthermore, lower consumer spending and unpredictability in the economy affected the entire automotive industry, including the EV sector. But as the globe struggled to deal with the crisis’s effects on the environment, environmentally friendly and sustainable solutions gained more attention.
UAE Electric Vehicle Market Key Players:
Furthermore, In the UAE, Dubai serves as a major hub for electric vehicles. The wealthy citizens of the Emirate have demonstrated a keen interest in high-end, high-performance electric cars, creating a significant market for luxury EVs. Additionally some of the market players are: BMG AG, Ford Motor Technologies LTD, General Motor Company, Groupe Renault, Hyundai Motor Company.
UAE Electric Vehicle Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, UAE Electric Vehicle Market is segmented as; Two-Wheeler, Passenger Car, LCV, M&HCV, OTR.
By Propulsion: Based on the Propulsion, UAE Electric Vehicle Market is segmented as; BEV, HEV, PHEV, FCEV.
By Range: Based on the Range, UAE Electric Vehicle Market is segmented as; 50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, Above 400 Miles.
By Region: This research also includes data for Dubai, Abu Dhabi, Sharjah, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link: –
UAE Electric Vehicle Market Demand
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