This report includes analysis before and after the COVID-19 pandemic, with the final report also incorporating an examination of the impact of both the Russia-Ukraine war and COVID-19 on this industry.
According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3 percent. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Moreover, the report includes information on regulatory policies and requirements that affect the industry or market. This can be valuable information for businesses seeking to comply with regulations and avoid potential legal issues. Overall, this report can serve as a valuable resource for businesses and investors looking to gain a deeper understanding of the industry or market and make informed decision
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Market Definition
As CO2 outflows from ventures and traffic proceed to seriously influence the environment and the climate, Electric Vehicles (EVs) hold vow to relieve this fast environmental change as they are carbon-impartial and don’t run on petroleum products. In addition to offering buyers tax rebates and redemption opportunities, the governments of a number of nations around the world, including the United Arab Emirates, are taking a number of initiatives to promote the use of electric vehicles.
Insights into the Market During the Forecast Period (from 2023 to 28), the UAE Electric Vehicle Market is anticipated to expand at a CAGR of approximately 28.5%. The UAE’s market for electric vehicles is still in its infancy. However, given rising concerns about future energy savings and rising levels of greenhouse gas emissions as a result of the massive consumption of fossil fuels and the ever-increasing traffic congestion, it is predicted to grow at a phenomenal rate in the future.
Another significant factor that is anticipated to propel the electric vehicle market in the UAE over the coming years is the growing influx of tourists, migrants, and pilgrims in the country. This, in turn, has resulted in a car rental industry that is expanding at a rapid rate. Public interest in EVs has significantly increased over the past few years, particularly in light of the UAE government’s Electric Vehicle Green Charger initiative.
In order to meet its intended targets for reducing greenhouse gas (GHG) emissions, address widespread environmental pollution, and address concerns about the future of the economy, the government is currently implementing a number of strategies to encourage the use of electric vehicles.
The principles governing ownership, installation, and management of EV supply equipment, power supply to charging stations, and the pricing mechanism for end-users were published in Abu Dhabi’s regulatory policy for EV charging infrastructure in May 2022.
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In addition, the UAE Vision 2021 has significantly contributed to the nationwide adoption of electric vehicles. Practically 20% of government organization vehicles have been changed over into EVs, and plans are in line toward achieving an armada size of 42,000 EVs by 2030. Additionally, with nearly 325 charging stations, the United Arab Emirates has one of the highest vehicle-to-charging station ratios in the world.
To speed up the charging process for electric vehicles (EVs) and offer buyers incentives, automakers are making significant investments in cutting-edge technologies. As a result, as the number of electric vehicles in the UAE grows, so does the need for convenient and dependable charging stations. This opens up new opportunities for automakers to build the infrastructure needed to support the growth of the electric vehicle market in the coming years.
Key driver:
Market Dynamics Active Government Initiatives to Reach Carbon Neutrality The UAE government is taking a number of steps to educate citizens about the advantages of electric vehicles and offer them tax credits or rebates in order to meet its carbon-neutral goals and diversify the economy away from the overburdened oil and gas sector. Due to rising fuel costs and growing concerns about environmental degradation, more and more people are turning to more automated and technologically advanced electric vehicles, propelling the UAE Electric Vehicle Market.
Learning experience:
Massive R&D Expenditures by Automobile Manufacturers to Enhance EV Battery Performance The rising demand for luxury and premium automobiles in the United Arab Emirates presents lucrative opportunities for the leading players in the Electric Vehicle Market to invest in R&D in order to introduce innovations in battery technologies and automobiles. To take special care of the always developing base of EV purchasers and upgrade their solace and comfort, automakers are effectively chipping away at growing high-limit batteries and extending the charging framework.
The growing availability of mobile charging stations, such as charging vans, portable chargers, and temporary chargers, for which no infrastructure is required is another important factor that is paving the way for the UAE Electric Vehicle Market to significantly expand in the coming years.
Segmentation of the Market by Vehicle Type:
Two-wheelers, passenger cars, and commercial vehicles are the three types of vehicles that are gaining popularity in the United Arab Emirates, which bodes well for the market for electric vehicles. It attributes to the thriving the travel industry, cordiality, and medical services businesses inferable from the always expanding inundation of transients, explorers, clinical sightseers, and so forth., in the country, with the subsequent expansion of the car rental industry.
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To deal with the rising number of guests, the public authority of the UAE is enormously putting resources into infrastructural improvement projects related with air terminal extensions, lodgings, resorts, shopping buildings, medical clinics, and so forth., i.e., increasing the country’s demand for commercial electric vehicles.
Additionally, the government is launching a number of initiatives to achieve climate neutrality by 2050, promote eco-friendly transportation, and mitigate climate change. Electric buses are making their way into more and more public transportation fleets across the nation. In addition, the UAE’s rapidly expanding transportation and logistics and e-commerce sectors are contributing to the overall expansion of the electric vehicle market and increasing the demand for zero-emission commercial vehicles.
Based on the Source of Power:
Battery Electric Vehicle (BEV) Plug-In Hybrid Electric Vehicle (PHEV) Hybrid Electric Vehicle (HEV) Here, Hybrid Electric Vehicles (HEVs) are expected to see a significant increase in demand in the United Arab Emirates (UAE) over the next few years. This is primarily due to the fact that they provide more power, improved fuel efficiency, reduced emissions, and excellent backup. This, in turn, enables long-distance driving with relatively less battery degradation.
An ICE (internal combustion engine) and an electric motor make up an HEV, giving owners a backup power source in the event that the batteries run out. In recent years, their popularity has skyrocketed in the United Arab Emirates, primarily as a result of the reduction in fuel subsidies and the rise in the cost of gasoline. Because of these trends, more and more people are actively considering switching to HEVs, which is good news for the UAE’s electric vehicle market.
Regional Projection The UAE Electric Vehicle Market expands geographically across:
Dubai holds the largest share of the Electric Vehicle Market out of all UAE regions, followed by Al Ain, Abu Dhabi, Sharjah, and the Northern Emirates. This pattern is likely to continue from 2023 to 2028. It is the result of incentives provided by the government, banks, and auto dealers, as well as an ever-increasing awareness of the environment among the general public. In addition, Dubai is taking a few drives toward empowering “Green Versatility” to diminish carbon impressions, particularly in the transportation and coordinated factors area.
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The Dubai Electricity and Water Authority and the Roads and Transport Authority are working together to promote the use of electric vehicles (EVs) by providing incentives like free parking, toll exemption, and reduced registration fees in order to achieve carbon-zero public transportation by 2050.
By 2030, the emirate wants 10 percent of its vehicles to be electric or hybrid. For EV charging at their charging stations, the DEWA (Dubai Electricity & Water Authority) has established a flat rate of 29 Fils per kilowatt-hour (kWh).
In addition, it has introduced a free-charging incentive on its network to further encourage eco-friendly transportation within the city. The UAE Electric Vehicle Market’s overall expansion in the coming years would be aided by Dubai’s enormous potential to become one of the world’s leaders in the adoption of EVs and other zero-emission vehicles as a result of these facts.
Recent Changes in the Electric Vehicle Market in the UAE:
In accordance with the UAE’s Net Zero 2050 strategy, the RIT (Rochester Institute of Technology) Dubai and ONE MOTO signed an agreement in July 2022 to expand the use of electric motorcycles in the last-mile delivery and logistics sectors.
M Glory Holding Group opened a $408 million electric vehicle manufacturing facility in Dubai in March of the same year with the intention of producing 55,000 EVs annually in response to the rapidly increasing demand for environmentally friendly transportation in the emirate.
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