Dublin, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The "UAE Electric Vehicle Market Outlook (2022-2028): Market Forecast By Vehicle Types (Passenger Vehicle, Two-Wheeler, Bus, And Truck), By Regions (Northern, Central, Southern), And Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
UAE Electric Vehicle Market report thoroughly covers the market by product types and regions. UAE electric vehicle market report provides an unbiased and detailed analysis of the ongoing 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.
UAE Electric Vehicle Market Synopsis
The UAE Electric Vehicle market is currently in its early stage and witnessed certain growth during the period 2018-2021 owing to the Electric Vehicle (EV) Green Charger initiative undertaken by the government of UAE. However, the COVID-19 pandemic affected market revenues during the year 2020 as the mobility restrictions led to supply chain disruptions for electric motors and halted the manufacturing operations thereby resulting in a fall in market demand and hence the market revenues.
The UAE Electric Vehicle Market size is projected to grow at a CAGR of 24.2% in terms of revenues during 2022-2028. The UAE electric vehicle market would register growth during the forecast period on account of an increase in tourist footfall in the country which is going to expand the car rental business in the emirates, coupled with domestic consumption on the back of economic benefits provided by the government to promote the electric vehicle in the country. Rising penetration towards the development of renewable and emission-less vehicles is adding to the UAE Electric Vehicle Market Growth. Additionally, the low maintenance and the initial cost of an electric vehicle are proliferating the growth of the market.
Market by Vehicle Types Analysis
In terms of vehicle types, passenger vehicles contributed 95.1% of revenue in the UAE Electric Vehicle market share in 2021 owing to the increasing trend of rental car service in the country coupled with domestic residential buyers. Additionally, because of the limited scope for the implementation commercial vehicle in FMCG sector and transportation & logistic supply in UAE it holds the largest revenue share. However, in terms of volume two-wheeler segment is expected to grow during the forecasted period owing to gradual developments in logistics and food delivery services.
Market by Regions Analysis
In 2021, the Northern region acquired a 54.1% revenue share in the UAE electric vehicle market Revenue on account of rapid urbanization and availability of charging infrastructure and maintenance centers in Dubai, Abu Dhabi. This trend is expected to persist in the coming years owing to the development of EV supporting infrastructure such as charging stations and maintenance services increasing the number of EVs in the country.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Historical Data Starting from 2018 to 2020.
- Base Year: 2021
- Forecast Data until 2028.
- Key Performance Indicators Impacting the Market.
- Key Highlights of the Report
- UAE Electric Vehicle Market Overview
- UAE Electric Vehicle Market Outlook
- UAE Electric Vehicle Market Forecast
- UAE Electric Vehicle Market Revenue Ranking, By Companies
- Covid-19 Impact on UAE Electric Vehicle Market
- Market Drivers and Restraints
- UAE Electric Vehicle Market Trends
- Industry life Cycle
- Porter's Five Force Analysis
- Price Trend Analysis
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Vehicle Types
- Passenger Cars
- Two-Wheelers
- Commercial Vehicles
By Regions
- Northern
- Central
- Southern
Key Topics Covered:
1. Executive Summary
2. Introduction
3. UAE Electric Vehicle Market Overview
4. Impact Analysis of COVID-19 on UAE Electric Vehicle Market
5. UAE Electric Vehicle Market Dynamics
6. UAE Electric Vehicle Market Trends & Evolution
7. UAE Electric Vehicle Market Overview, By Vehicle Type
8. UAE Electric Vehicle Market Overview, By Region
9. UAE Electric Vehicle Market - Key Performance Indicators
10. UAE Electric Vehicle Market - Opportunity Assessment
11. UAE Electric Vehicle Market - Price Trend Analysis
12. UAE Electric Vehicle Market Competitive Landscape
13. Company Profiles
14. Key Strategic Recommendations
15. Disclaimer
Companies Mentioned
- Nissan Motor Co, Ltd.
- Tesla, Inc.
- Hyundai Motor Company
- Toyota Motor Corporation
- The Volkswagen AG
- General Motors Company
- Lucid Group, Inc.,
- Zhengzhou Yutong Bus Co. Ltd.
- One Moto
- Morris Garage
For more information about this report visit https://www.researchandmarkets.com/r/y8dec9
