Battery Electric Vehicles - United Arab Emirates

United Arab Emirates

Highlights

The Battery Electric Vehicles market in the United Arab Emirates is expected to generate a projected revenue of US$1.3bn in 2024.
This revenue is anticipated to grow at an annual rate of 6.99% from 2024 to 2029, resulting in a projected market volume of US$1.8bn by 2029.
Moreover, it is estimated that unit sales in the Battery Electric Vehicles market will reach 32.19k vehicles in 2029.
In 2024, the volume weighted average price of Battery Electric Vehicles market in the United Arab Emirates is expected to be US$55.8k.
Looking at the international market, it is evident that China will generate the highest revenue in this segment, with an estimated amount of US$211bn in 2024.

"The United Arab Emirates is experiencing a surge in demand for Battery Electric Vehicles, driven by the government's push for sustainable transportation and the country's commitment to reduce carbon emissions."

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Battery Electric Vehicles market in United Arab Emirates is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory.

Customer preferences in the United Arab Emirates are shifting towards more sustainable and environmentally friendly transportation options. As awareness about climate change and air pollution increases, consumers are becoming more conscious of their carbon footprint. Battery Electric Vehicles offer a clean and efficient alternative to traditional gasoline-powered vehicles, making them an attractive choice for environmentally conscious consumers.

Additionally, the government of the United Arab Emirates has implemented various incentives and policies to encourage the adoption of electric vehicles, further driving customer preferences towards this market. Trends in the Battery Electric Vehicles market in the United Arab Emirates reflect the global trend towards electrification of transportation. The market is witnessing a steady increase in the availability and variety of electric vehicle models.

Major automotive manufacturers are introducing new electric vehicle models to cater to the growing demand. This trend is fueled by advancements in battery technology, which have led to increased driving ranges and improved charging infrastructure. As a result, consumers in the United Arab Emirates have more options when it comes to choosing an electric vehicle that meets their needs and preferences.

Local special circumstances also contribute to the development of the Battery Electric Vehicles market in the United Arab Emirates. The country is known for its high-income population and luxury-oriented consumer culture. As a result, there is a growing market for high-end electric vehicles that offer both sustainability and luxury.

Luxury electric vehicle brands are capitalizing on this demand by introducing models that combine high performance with eco-friendly features. This unique market segment sets the United Arab Emirates apart from other countries and contributes to the overall growth and development of the Battery Electric Vehicles market. Underlying macroeconomic factors, such as government policies and infrastructure development, play a crucial role in the growth of the Battery Electric Vehicles market in the United Arab Emirates.

The government has implemented various initiatives to promote the adoption of electric vehicles, including subsidies, tax incentives, and the installation of charging stations. These policies create a favorable environment for consumers to purchase electric vehicles and contribute to the overall growth of the market. Additionally, the United Arab Emirates has made significant investments in charging infrastructure, making it easier for consumers to charge their electric vehicles and alleviating range anxiety.

In conclusion, the Battery Electric Vehicles market in the United Arab Emirates is experiencing significant growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The shift towards sustainability, advancements in battery technology, high-income consumer culture, and government initiatives all contribute to the positive trajectory of the market. As these factors continue to evolve, the Battery Electric Vehicles market in the United Arab Emirates is expected to further expand and thrive.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).