Posted On: 2022-03-09
Northern region acquired the largest revenue share in the UAE Electric Vehicle market – 6Wresearch.
The UAE Electric Vehicle market witnessed a decent growth during the period 2018-2021 underpinned by government initiatives and consumer awareness towards climate change in the country. However, the Covid-19 pandemic affected market sales during the year 2020 as the movement restrictions imposed during the pandemic period disrupted the supply chain for electric motors and halted the manufacturing processes leading to fall in market demand and hence the market revenues.
According to 6Wresearch, UAE Electric Vehicle Market size is projected to grow at a CAGR of 24.2% in terms of revenues during 2022-2028. The primary reason for growth in the UAE Electric Vehicle industry can be attributed to the government’s emphasis on infrastructure and construction of electric vehicle charging station across the country. Furthermore, adoption of clean energy strategies by the country as a part of UAE’s vision 2030 and focus on achieving net zero emissions by 2050 would also stimulate the market growth in the years to come.
By vehicle types, Passenger vehicle came across as a major contributor in the electric vehicle market space in UAE in terms of revenues on the back of higher volume sales of passenger vehicle in the country and the same trend is expected to continue in the coming years as well.
Moreover, primary focus of the Emirates to develop EV infrastructure across major cities in UAE such as Dubai, Sharjah, Umm Al Quwain would also contribute towards considerable growth of electric vehicle market in UAE in coming years.
According to Rakshita Joshi, Research Associate, 6Wresearch, Electric vehicle is expected to significantly grow during the forecast period on account of strong government emphasis on infrastructure and construction of electric vehicle charging stations across the country along with government initiatives to increase consumer awareness and reduce the impacts of climate change.”
According to Shivankar Guha, Research Associate, 6Wresearch, “Electric vehicle market has a wider scope of market capitalization during the forecast period on the backdrop of promotion of electric vehicles in the Emirates such as free parking for EV, promotional activities by Dubai Electricity and Water Authority (DEWA), exemption from RTA vehicle registration/renewal fees and many such incentives.
Furthermore, passenger vehicle is expected to hold its dominance in the EV market in view of higher per capita income.”, Shivankar further added.
“UAE Electric Vehicle market (2021-2028F)” report provides an in-depth analysis with 20 figures and 4 tables, covered in 71 pages. The report estimates and forecast the UAE electric vehicle market by vehicle types and regions. UAE electric vehicle market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.