Overburdened Oil & Gas Sector in the UAE to Boost the Electric Vehicle Market

The UAE Electric Vehicle Market is set to record around 28.5% CAGR during 2023-28, reveals MarkNtel Advisors in their recent research report. Growing concerns over future energy savings, the ever-rising traffic congestion, and the mounting levels of carbon emissions due to the massive consumption of fossil fuels are the prime aspects projected to drive the market in the future.

Besides, the increasing number of tourists, migrants, & pilgrims in the country is aiding in the expansion of the car rental business, i.e., another prominent aspect projected to spur growth in the electric vehicle industry in the UAE in the coming years. Since the UAE government has undertaken the EV Green Charger initiative, the country is witnessing a rapidly rising interest of people in EVs, and the government is making active efforts toward encouraging EV adoption to reduce GHG emissions & environmental pollution levels.

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Automobile manufacturers in the UAE are increasingly investing in developing advanced technologies to reduce EV charging time and offering incentives to buyers. Hence, with the rising penetration of EVs in the country, the need for efficient, convenient, & reliable charging stations is also surging dramatically and, subsequently, creating opportunities for automakers to prepare the necessary infrastructure, which would propel the growth of the electric vehicle industry in the forecast years.

Market Segmentation:

1. By Vehicle Type (Passenger Vehicles, Two Wheelers, Commercial Vehicles)
2. By Power Source (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV))
3. By Battery Type (Lithium-Ion Battery, Lithium Titanate Oxide (LTO))
4. By Region (Al Ain & Abu Dhabi, Dubai, Sharjah & Northern Emirates)

Engine Oil Segment Lead the Market

In the UAE, the demand for engine oil is significantly higher. This preference is primarily driven by the country's harsh climate, characterized by high temperatures and desert conditions. Engine oil plays a critical role in protecting the engine components from extreme heat and ensuring smooth operation in these challenging environments. The need for frequent oil changes and high-quality engine lubrication is essential to prevent overheating, reduce friction, and extend the lifespan of vehicles. Moreover, with a growing number of cars and commercial vehicles on the road, engine oil is a more universal requirement, as every vehicle relies on it for proper functioning.

Dubai to become the leader in EV adoption across the UAE through 2028

The active participation of the Dubai government, banks, & auto dealers through incentives, as well as the ever-growing environmental consciousness among people, are the prime aspects driving the adoption of electric vehicles in the emirate. Dubai is rigorously making efforts toward promoting “Green Mobility” to reduce carbon footprints, especially in the transport & logistics sector. It aims to electrify or hybridize around 10% of its vehicles by 2030. A flat rate of 29 Fils a kilowatt-hour (kWh) for EV charging has been set by the DEWA (Dubai Electricity & Water Authority) at its charging stations and also launched a free-charging incentive on its network in order to promote green mobility within the emirate. These trends indicate that Dubai is set to become one of the world leaders in adopting EVs & zero-emission vehicles, which, in turn, would benefit the UAE Electric Vehicle Market in the years to come.

Explore the Complete UAE Electric Vehicle Market Analysis Report – https://www.marknteladvisors.com/research-library/uae-electric-vehicle-market.html

Competitive Landscape

The major companies in the UAE Electric Vehicle Market are Renault Group, Tesla, Chevrolet, BMW AG, Hyundai Motor Company, Nissan Motor Corporation, Ford Motor Company, Porsche Middle East & Africa, Toyota Motor Corporation, Ashok Leyland, Volvo Bus Company, and One Moto.

Key Questions Answered in the Research Report:

1. What are the current & future trends in the UAE Electric Vehicle Market?
2. How has the industry been evolving in terms of geography & product adoption?
3. How has the competition been shaping across India, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the UAE Electric Vehicle Market?
5. What are the customer orientation, purchase behavior, & expectations from the key companies operating in the UAE Electric Vehicle Market?

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