An extensive study of the UAE Electric Vehicle Market is provided in the report, covering supplier analysis, product mix, distribution channels, market size and trends, and supplier dynamics. Since they are carbon-neutral and run on non-fossil fuels, electric vehicles (EVs) have the potential to slow down the rate of climate change, while CO2 emissions from industry and traffic continue to have a negative influence on the environment. Governments everywhere, including the UAE, are initiating various programs to encourage the adoption of electric cars (EVs) and provide consumers with tax breaks and redemption options.
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%.
Drivers: The market for electric vehicles is predicted to grow due to a number of factors, including the increasing demand for high-performance, fuel-efficient, and low-emission vehicles; strict government regulations regarding vehicle emissions; declining costs for electric vehicle batteries; and rising fuel prices. It's also anticipated that issues with range anxiety, high manufacturing costs, serviceability, and a dearth of infrastructure for charging EVs will impede the market's expansion for these vehicles. The development of self-driving electric vehicle technology, proactive government initiatives, and technological breakthroughs should also present the leading players in the electric vehicle market with ample prospects.
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Opportunities: Rising fuel prices, strict government regulations regarding vehicle emissions, falling costs for electric vehicle batteries, and the growing demand for high-performance, fuel-efficient, and low-emission vehicles are just a few of the factors that are anticipated to fuel the growth of the electric vehicle market. Further problems that are expected to hinder the growth of the electric vehicle (EV) market are the lack of infrastructure for charging, high production costs, range anxiety, and serviceability. The development of autonomous driving technology, proactive government programs, and technical breakthroughs are also expected to present the leading participants in the electric car industry with plenty of prospects.
High Initial Expenses: Purchasing an electric automobile usually comes with a higher price tag than purchasing a traditional gasoline-powered car. This pricing disparity is a result of the expense of the electric drivetrain and battery. EVs are more expensive initially, especially in price-sensitive market sectors, but they offer cheaper fuel and maintenance expenses over time, which may deter many potential purchasers.
Impact of COVID-19 on Dubai Electric Vehicle Market
Because of the COVID-19 epidemic, the electric vehicle (EV) market in the United Arab Emirates (UAE) is confronted with both problems and opportunities. In the early stages of the epidemic, supply chain disruptions delayed the production and distribution of electric cars. Reductions in consumer spending and economic uncertainty have had an effect on the whole automobile industry, which includes the EV sector. Eco-friendly and sustainable solutions, however, came into clearer emphasis as the globe struggled with the crisis' consequences on the environment.
UAE Electric Vehicle Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Mitsubisgi Fuso Truck and Bus Corporation, Rivian, LLC, Tesla, Inc, Volkswagen Motor Company LTM, BMG AG, Ford Motor Technologies LTD, General Motor Company, Groupe Renault, Hyundai Motor Company, Others.
Dubai 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: -
Dubai Electric Vehicle Market Demand
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