Dublin, March 25, 2024 (GLOBE NEWSWIRE) -- The "UAE EV and EV Charging Equipment Market Outlook to 2027" report has been added to ResearchAndMarkets.com's offering.
The market for EVs and EV charging equipment is anticipated to grow significantly as a result of cutting-edge networks and technologies that will cater to the increasing demand for electric transportation and complement global environmental trends. Strong government incentives have propelled the EV market in the United Arab Emirates, positioning the country as a regional leader in environmentally friendly transportation rising public awareness and an expanding network of charging stations have accelerated EV adoption.
The United Arab Emirates is focused towards adopting EVs to reduce overall CO2 emissions in the region and to diversify the revenue streams. Hyundai and Toyota are some of the prominent brands present in the UAE alongside luxury EV brands including Tesla, BMW and Mercedes-Benz. The UAE's tendency for luxury cars and its aspiration to adopt sustainable technology without sacrificing comfort and status are the reasons behind the growing popularity of high-end electric vehicle sedans in the country.
The UAE EV and EV Charging Equipment are externally consolidated as 80% of the market share is conquered by the top three manufacturers Tesla, Porsche, and Volvo. Tesla is leading the electric car market in the area owing to its state-of-the-art cars and charging infrastructure. The industry leader, Tesla, has shown a desire to increase its footprint in Dubai. Due to its status as a center of innovation and technology, Dubai is a prime site for the corporation as it seeks to expand its footprint in the Middle East.
Market Analysis
- The future EV Market in UAE is predicted to increase at a CAGR of 23.7% (2023-2028) owing to the continued expansion of charging infrastructure and favourable government policies.
- Dubai Electricity and Water Authority By 2030, DEWA wants more than 1,000 public charging stations to be accessible throughout Dubai.
- Many Chinese EV makers, who are dealing with pricing wars in their native nation, are pleased with the UAE's shift to a net-zero economy.
- Following its goal of 'Zero-Emission Public Transportation in Dubai 2025,' the RTA plans to switch over all of its public buses to hydrogen and electric power by 2050. Additionally, in 2023, RTA received a government grant of USD 71.4 million to increase its electric fleet by purchasing 20 additional electric buses.
- To address concerns about market pricing range, the UAE government is collaborating with Chinese producers. Due to their anticipated market penetration in the upcoming years, distributors should think about collaborating with these Chinese enterprises for substantial development prospects.
- The market is further expected to grow constantly as Abu Dhabi National Energy Company, plans on installing over 70,000 points throughout UAE by 2030.
Key Trends by Type of Charger: The UAE EV and EV Charging equipment market is classified into two major categories based on type of charger: AC Charger (Slow Chargers) and DC Charger (Fast Chargers). AC Charger (Slow Chargers) are dominating the market with a market share of more than 80% owing to factors such that they consume less electricity and EV infrastructure is still under development. As they are easy to install and compatible with the current electrical grid.
Market Share by Type of Charging: Based on the type of charging, the UAE market for EVs and EV charging equipment is categorized into three main categories: Public Charging, Home Charging, and Private charging. Among the three charging types, public charging is dominating the market with 79% of the market share.
The dominance of public charging is characterized as a result of the EV Green Charger Initiative by the DEWA provides complimentary charging services via its public EV charging network. Offering free charging is intended to promote the use of electric vehicles, improve environmentally friendly transportation, and give EV users affordable and practical charging options in the United Arab Emirates, particularly in Dubai.
Market Revenue by Type of Vehicle: The UAE EV and EV Charging Equipment Market is divided into two major categories: 4W (Type 2/3) and 2W (Type 1/2). Electric four-wheelers are more prevalent in the United Arab Emirates than two-wheelers, indicating the country's preference for flexible and environmentally friendly modes of transportation. 4W vehicle type has a monopoly in the UAE EV Charging Equipment market as this particular segment holds more than 90% of the market share.
Market Trends
- The UAE EV and EV Charging Equipment are highly consolidated as the industry is dominated by the top three players including Tesla, Porsche, and Volvo alongside small players such as Mercedes-Benz, Audi, Land Rover Hyundai, and others.
- The Global EV Show, which took place in Dubai in September 2023, was aimed to bring together innovators, inventors, and thought leaders in the MENA electric vehicle industry and pair them with international counterparts. The goal of the event was to reinvent sustainability via creativity and community.
- In order to reduce the range anxiety of its users, Tesla owners have the Superchargers, a network of high-speed charging stations strategically located around the United Arab Emirates.
- EV producers in the United Arab Emirates are working along with the government to promote sustainable goals by taking part in initiatives concerning rules, infrastructure for charging, and the promotion of electric transportation.
- Players such as Mercedes and Audi are focusing on developing new models as a part of product portfolio expansion to attract a broader audience base. The Vision EQXX, an electric vehicle with a real-world range of more than 1,000 kilometers, is now being developed by Mercedes-Benz.
Recent Developments
- In 2023, In order to expand its fleet of electric cars (EVs), Arabia Taxi and Tesla Motors, Dubai, have formed an agreement. In the sweltering UAE, Tesla dispatched two of its models for field testing.
- In 2023, Based in Dubai, Volvo unveiled their first heavy-duty, 300-kilometer-range electric truck in the United Arab Emirates.
- In 2022, Porsche introduced the Taycan GTS, the first model in the series to surpass 500 kilometers with a driving range of up to 504 kilometers.
- In 2021, The first totally electric vehicle in the Middle East, the XC40 BEV, is a small SUV made for contemporary urban living and was launched by Al-Futtaim's Trading Enterprises, the authorized distributor of Volvo Automobiles in the United Arab Emirates. At the freshly opened Volvo Studio at Dubai Festival Plaza, Jebel Ali, the new vehicle was introduced.
Market Outlook
- The market will grow at a CAGR of 23.7% during 2022-2028 owing to factors such as Government Initiatives, Demand for Eco-friendly Transportation and Entry of New Brands in the Marketplace.
- Tesla is investing in R&D sector to improve battery technology, increase energy density, and reduce costs. In addition to improving charging efficiency and speeds, Tesla wants to increase the number of superchargers in its network to better serve its customers who travel long distances.
- Porche is planning a strong electrification programme which, by 2025, will see about 50% of all Porsche vehicles sold be hybrid or electric cars, with at least 80% expected to be electrified by 2030.
- Volvo plans to phase out all cars with internal combustion engines in its global portfolio by 2030 and only sell completely electric vehicles, including hybrids.
- By 2026, Audi intends to introduce more than 20 all-electric cars. The automaker wants to help ensure that all of the Emirates are ready for electric vehicles by funding numerous projects to build high-performance charging stations.
Key Topics Covered
1. Executive Summary
1.1 Executive Summary: EV Market in UAE
2. Country Overview
2.1 UAE Country Profile (Overview, Major Provinces, GDP & Inflation Rate, Imports& Exports Scenario)
2.2 UAE Population Analysis (Population by Gender, by Age, by Nationality, by Major Regions and more)
2.3 Target Population Analysis of UAE EV Market
3. EV Market Overview in UAE
3.1 EV Adoption Scenario in UAE
3.2 Electric Vehicle Adoption Trends in UAE
3.3 Ecosystem of Major Entities in UAE EV Market
4. UAE EV Market Sizing Analysis and Segmentations, 2023
4.1 Market Sizing Analysis of UAE EV Market, 2017-2023
4.2 Segmentation by Type of Vehicle, 2023
4.3 Segmentation By Region, 2023
5. Industry Analysis of UAE EV Market
5.1 SWOT Analysis of UAE EV Market
5.2 Porter's Five Analysis of UAE EV Market
5.3 Barriers in UAE EV Market
5.4 Roles and Responsibility of Major Government Entities in UAE EV Market
5.5 Import Regulations on Electric Vehicles in UAE
5.6 Government Regulations for Electric Vehicles in UAE
6. Competition Analysis of UAE EV Market
6.1 Competitive Landscape of Major Players Operating in the EV Market in UAE: Gartner Magic Quadrant
6.2 Market Share of Major Players in UAE EV Market, 2021
6.3 Market Share of Major Players in UAE EV Market, 2022
6.4 Market Share of Major Players in UAE EV Market, 2023
6.5 Cross-Comparison of Top 5 Player Operating in UAE EV Market basis Operational Parameters
6.6 Pricing Analysis of Sedans and SUVs Offerings in UAE EV Market
6.7 Product Analysis of Major Players in UAE EV Market
7. Future Outlook and Projections for UAE EV Market
7.1 Future Market Sizing Analysis of UAE EV Market, 2023-2028
7.2 By Type of Vehicle, 2028
7.3 By Region 2028
8. Analyst Recommendations and Case Study for UAE EV Market
8.1 Analyst Recommendations for Players in UAE EV Market
8.2 Growth Strategies for UAE EV Market
8.3 Case Study - Global EV Market Player; BYD
8.4 PART II - UAE EV Charging Equipment
9. Executive Summary for UAE EV Charging Equipment Market
9.1 Executive Summary: UAE EV Charging Equipment Market
10. EV Charging Equipment Market Overview
10.1 Value Chain Analysis of EV Charging Equipment Market in UAE
10.2 Ecosystem of Entities Operating in UAE EV Charging Equipment Market
11. EV Charging Equipment Market Sizing and Segmentations
11.1 Market Sizing Analysis of EV Charging Equipment Market in UAE , 2017-2022
11.2 Market Segmentation by the Type of Chargers, 2022
11.3 Market Segmentation by the Type of Charging, 2022
11.4 Market Segmentation by the Type of Vehicle, 2022
11.5 Market Segmentation By Region, 2022
11.6 Market Segmentation By Type of Sales Channel and Source of Manufacturing, 2022
12. Industry Analysis for EV Charging Equipment Market in UAE
12.1 Porter's Five Analysis of UAE EV Charging Equipment Market
12.2 Government Regulations for EV Charging Equipment in UAE
12.3 Government Initiatives for Promoting EV Charging Infrastructure in UAE
12.4 EV Charger Types in UAE
12.5 EV Chargers by EVIT
12.6 EV Charging Solutions by MENA Mobility
12.7 EV Chargers by eMagine
12.8 EV Chargers by Yinlong Energy
12.9 Pricing Analysis of Online Charger Offerings in UAE
13. Competition Analysis for EV Charging Equipment Market in UAE
13.1 Competitive Landscape of Major Players Operating in the EV Charging Equipment Market in UAE: Gartner Magic Quadrant
13.2 Market Share of Major Manufacturers Operating in UAE EV Charging Equipment Market, 2022
13.3 Cross-Comparison of Top 5 Player Operating in UAE EV Charging Equipment Market basis Operational Parameters
13.4 Snapshot of ABB
13.5 Product Overview: ABB
13.6 Snapshot of Schneider Electric
13.7 Product Overview: Schneider Electric
13.8 Snapshot of Siemens
13.9 Product Overview: Siemens
14. Future Outlook and Projections for UAE EV Charging Equipment Market
14.1 Future Market Sizing Analysis of EV Charging Equipment Market in UAE, 2022-2028
14.2 By Type of Chargers and Charging, 2028
14.3 By Type of Vehicle and Sales Channel , 2028
14.4 By Region and Source of Manufacturing, 2028
15. Analyst Recommendations and Case Study for UAE EV Charging Equipment Market
15.1 Growth Strategies for EV Charger Manufacturers in UAE
15.2 Key Market Opportunities
15.3 Case Study - Alfen Overview
15.4 Value Proposition by Alfen
15.5 Product Overview by Alfen
16. Research Methodology
A selection of companies mentioned in this report includes:
- Tesla
- Porsche
- Volvo
- Mercedes-Benz
- Audi
- Land Rover Hyundai
For more information about this report visit https://www.researchandmarkets.com/r/counyr
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