UAE Electric Vehicle Market Outlook, Industry Size, Growth Factors, Investment Opportunity Till 2032

Electric Vehicle Market-UAE

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Size in 2023: USD 2.0 Billion

Market Size in 2032: USD 11.3 Billion

Market Growth Rate (CAGR) 2024-2032: 19.30%

According to IMARC Group's report titled "UAE Electric Vehicle Market Report and Forecast 2024-2032," the market reached USD 2.0 billion in 2023. Looking forward, IMARC Group expects the market to reach USD 11.3 billion by 2032, exhibiting a growth rate (CAGR) of 19.30% during 2024-2032. The market is rapidly growing, driven by government incentives, infrastructure development, and increasing environmental awareness.

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UAE Electric Vehicle Market Trends and Drivers:

• The UAE EV market is rapidly expanding due to several key factors.
• Government commitment to reducing carbon emissions and promoting sustainable transportation is a major driver.
• Key initiatives include expanding EV charging infrastructure, offering incentives for EV purchases, and reducing oil dependency.
• Growing environmental awareness among consumers is accelerating EV adoption.
• Availability of more cost-effective and efficient EV models is contributing to market momentum.
• The number of charging stations in cities like Dubai and Abu Dhabi is increasing, improving accessibility to electric mobility.
• Advancements in battery technology are enhancing EV performance with longer-lasting, fast-charging batteries.
• Energy efficiency remains a focus in EV developments.
• Smart technologies like autonomous driving and advanced infotainment systems appeal to tech-savvy consumers.
• Collaborations between local authorities and global automakers are introducing a wider range of EV models.
• Sustainability remains a priority, supported by government backing and ongoing technological innovations.

UAE Electric Vehicle Industry Segmentation:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest UAE electric vehicle market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.

Component Insights:

• Battery Cells and Packs
• Fuel Stack
• On-Board Charger
• Electric Motor
• Brake, Wheel and Suspension
• Body and Chassis
• Others

Propulsion Type Insights:

• Battery Electric Vehicle (BEV)
• Fuel Cell Electric Vehicle (FCEV)
• Plug-In Hybrid Electric Vehicle (PHEV)

Vehicle Type Insights:

• Passenger Vehicles
• Commercial Vehicles
• Others

Regional Insights:

• Dubai
• Abu Dhabi
• Sharjah
• Others

Request for customization: https://www.imarcgroup.com/request?type=report&id=24258&flag=C

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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