UAE Electric Vehicle Market Introduction and Overview
According to SPER Market Research, the UAE Electric Vehicle Market is estimated to reach USD 1107.57 million by 2033 with a CAGR of 8.79%.
The report includes an in-depth analysis of the UAE Electric Vehicle Market, including market size and trends, product mix, distribution channels, and supplier analysis. Electric vehicles (EVs), being carbon-neutral and non-fossil fuel-powered, have the potential to slow down the rate of climate change, as CO2 emissions from traffic and industry continue to impact the environment and climate badly. Governments from all over the world, including the UAE, are launching a number of programs to promote the use of electric vehicles (EVs) and offer discounts on taxes and redemption opportunities to consumers.
- Unlike its gasoline-powered counterpart, an electric vehicle runs on electricity. Instead of an internal combustion engine, these vehicles are powered by an electric motor, which requires a constant supply of energy from batteries to function.
- The United Arab Emirates aims to have 50% electric vehicles on its roads by 2050, starting in July 2023.
- The UAE's electric vehicle industry is expected to grow in July 2023, ahead of COP28, thanks to grants from the private sector, initiatives from the government, and partnerships with countries like India.
Market Opportunities and Challenges
Opportunities: There are many factors, such as the growing demand for high-performance, fuel-efficient, and low-emission vehicles; stringent government regulations regarding vehicle emissions; declining costs for electric vehicle batteries; and rising fuel prices, are expected to contribute to the growth of the electric vehicle market. The absence of infrastructure for charging, high manufacturing costs, range anxiety, and serviceability are additional factors that are anticipated to impede the growth of the electric vehicle (EV) market. Additionally, the development of self-driving electric vehicle technology, proactive government initiatives, and technological advancements are anticipated to generate ample opportunities for the major players in the electric vehicle market.
The UAE government has started a number of programs to encourage the use of electric vehicles as part of its larger environmental and sustainability objectives. Incentives like tax breaks, lowered registration costs, and access to charging infrastructure are part of these programs. For example, the "Green Charger" initiative sought to create a nationwide network of EV charging stations in order to facilitate the adoption of EVs.
Challenges:
- Expensive Initial Costs: The cost of buying an electric vehicle is typically higher than that of a conventional gasoline-powered car. The cost of the battery and electric drivetrain technology is the cause of this price difference. Although EVs have lower fuel and maintenance costs over the long run, many potential buyers may be put off by the higher initial cost, particularly in price-sensitive market segments.
- Charging Infrastructures: There are still issues even though the UAE has significantly invested in developing its infrastructure for charging. These include meeting the need for quicker charging options, particularly in busy areas, and guaranteeing nationwide coverage. They also involve preserving the dependability of charging stations. It is crucial to make sure that the infrastructure for EV charging keeps up with the increasing number of EVs on the road.
Market Competitive Landscape
The UAE Electric Vehicle Market is highly consolidated. Some of the market key players are BMG AG, Ford Motor Technologies LTD, General Motor Company, Groupe Renault, Hyundai Motor Company, Mitsubisgi Fuso Truck and Bus Corporation, Rivian, LLC, Tesla, Inc, Volkswagen Motor Company LTM, Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Vehicle Type, By Propulsion, By Range
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| Regions covered | Dubai, Abu Dhabi, Sharjah, Rest of UAE
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| Companies Covered | BMG AG, Ford Motor Technologies LTD, General Motor Company, Groupe Renault, Hyundai Motor Company, Mitsubisgi Fuso Truck and Bus Corporation, Rivian, LLC, Tesla, Inc, Volkswagen Motor Company LTM, Others.
|
COVID-19 Impact on UAE Electric Vehicle Market
The COVID-19 pandemic has brought about a range of opportunities and challenges for the electric vehicle (EV) market in the United Arab Emirates (UAE). Early in the pandemic, supply chain disruptions led to production and delivery delays for electric vehicles. Furthermore, lower consumer spending and economic uncertainty had an impact on the entire automotive industry, which included the EV sector. However, there was a renewed focus on eco-friendly and sustainable solutions as the globe struggled with the crisis's effects on the environment.
Key Target Audience
- Consumers
- Fleet Operators and Businesses
- Government Agencies
- Urban Planners
- Charging Infrastructure Providers
Our in-depth analysis of the UAE Electric Vehicle Market includes the following segments:
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By Vehicle Type:
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Two-Wheeler
Passenger Car
LCV
M&HCV
OTR
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By Propulsion:
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BEV
HEV
PHEV
FCEV
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By Range:
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0-50 Miles
51-150 Miles
151-200 Miles
201-400 Miles
Above 400 Miles
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Key Topics Covered in the Report
- UAE Electric Vehicle Market Size (FY’2023-FY’2033)
- Overview of UAE Electric Vehicle Market
- Segmentation of UAE Electric Vehicle Market By Vehicle Type (Two-Wheeler, Passenger Car, LCV, M&HCV, OTR)
- Segmentation of UAE Electric Vehicle Market By Propulsion (BEV, HEV, PHEV, FCEV)
- Segmentation of UAE Electric Vehicle Market By Range (50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, Above 400 Miles)
- Expansion Analysis of UAE Electric Vehicle Market
- Problems and Obstacles in UAE Electric Vehicle Market
- Competitive Landscape in the UAE Electric Vehicle Market
- Impact of COVID-19 and Demonetization on UAE Electric Vehicle Market
- Details on Current Investment in UAE Electric Vehicle Market
- Competitive Analysis of UAE Electric Vehicle Market
- Prominent Players in the UAE Electric Vehicle Market
- SWOT Analysis of UAE Electric Vehicle Market
- UAE Electric Vehicle Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the UAE Electric Vehicle Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. UAE Electric Vehicle Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in UAE Electric Vehicle Market
7. UAE Electric Vehicle Market, By Vehicle Type (USD Million)
7.1. UAE Electric Vehicle Market Value Share and Forecast, By Vehicle Type, 2023-2033
7.2. Two-Wheeler
7.3. Passenger Car
7.4. LCV
7.5. M&HCV
7.6. OTR
8. UAE Electric Vehicle Market, By Propulsion (USD Million)
8.1. UAE Electric Vehicle Market Value Share and Forecast, By Propulsion, 2023-2033
8.2. BEV
8.3. HEV
8.4. PHEV
8.5. FCEV
9. UAE Electric Vehicle Market, By Range (USD Million)
9.1. UAE Electric Vehicle Market Value Share and Forecast, By Range, 2023-2033
9.2. 0-50 Miles
9.3. 51-150 Miles
9.4. 151-200 Miles
9.5. 201-400 Miles
9.6. Above 400 Miles
10. UAE Electric Vehicle Market Forecast, 2019-2033 (USD Million)
10.1. UAE Electric Vehicle Market Size and Market Share
11. UAE Electric Vehicle Market, By Vehicle Type, 2019-2033 (USD Million)
11.1. UAE Electric Vehicle Market Size and Market Share By Vehicle Type (2019-2026)
11.2. UAE Electric Vehicle Market Size and Market Share By Vehicle Type (2027-2033)
12. UAE Electric Vehicle Market, By Propulsion, 2019-2033 (USD Million)
12.1. UAE Electric Vehicle Market Size and Market Share By Propulsion (2019-2026)
12.2. UAE Electric Vehicle Market Size and Market Share By Propulsion (2027-2033)
13. UAE Electric Vehicle Market, By Range, 2019-2033 (USD Million)
13.1. UAE Electric Vehicle Market Size and Market Share By Range (2019-2026)
13.2. UAE Electric Vehicle Market Size and Market Share By Range (2027-2033)
14. UAE Electric Vehicle Market, By Region, 2019-2033 (USD Million)
14.1. UAE Electric Vehicle Market Size and Market Share By Region (2019-2026)
14.2. UAE Electric Vehicle Market Size and Market Share By Region (2027-2033)
14.3. Dubai
14.4. Abu Dhabi
14.5. Sharjah
14.6. Rest of UAE
15. Company Profile
15.1. BMG AG
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. Ford Motor Technologies LTD
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. General Motor Company
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. Groupe Renault
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. Hyundai Motor Company
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. Mitsubisgi Fuso Truck and Bus Corporation
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. Rivian, LLC
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. Tesla, Inc
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. Volkswagen Motor Company LTM
15.9.1. Company details
15.9.2. Financial outlook
15.9.3. Product summary
15.9.4. Recent developments
15.10. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
