Plug-in Hybrid Electric Vehicles - United Arab Emirates

United Arab Emirates

Highlights

The revenue in the Plug-in Hybrid Electric Vehicles market in the United Arab Emirates is projected to reach US$613.5m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of -5.27%, resulting in a projected market volume of US$468.0m by 2029.
The unit sales of the Plug-in Hybrid Electric Vehicles market in the United Arab Emirates are expected to reach 4.42k vehicles in 2029.
The volume weighted average price of the Plug-in Hybrid Electric Vehicles market in 2024 is expected to amount to US$105.8k.
From an international perspective, it is shown that the most revenue will be generated China, amounting to US$166bn in 2024.
The United Arab Emirates is experiencing a surge in demand for Plug-in Hybrid Electric Vehicles, driven by government incentives and a growing awareness of environmental sustainability.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in United Arab Emirates is experiencing significant growth and development.

Customer preferences: Customers in United Arab Emirates are increasingly opting for Plug-in Hybrid Electric Vehicles due to their numerous benefits. These vehicles offer a combination of electric and gasoline power, providing the flexibility of longer driving ranges while also reducing carbon emissions. The growing concern for environmental sustainability and the desire to reduce dependence on fossil fuels are driving customers towards Plug-in Hybrid Electric Vehicles. Additionally, the availability of government incentives and subsidies for purchasing these vehicles further encourages customers to choose them over traditional gasoline-powered cars.

Trends in the market: The Plug-in Hybrid Electric Vehicles market in United Arab Emirates is witnessing a surge in demand. This can be attributed to several key trends. Firstly, there is a growing awareness and acceptance of electric vehicles as a viable alternative to conventional cars. As technology continues to advance, Plug-in Hybrid Electric Vehicles are becoming more reliable, efficient, and affordable, making them an attractive option for consumers. Secondly, the government of United Arab Emirates has been actively promoting the adoption of electric vehicles through various initiatives. These include the installation of charging infrastructure across the country, offering incentives and subsidies for purchasing electric vehicles, and setting ambitious targets for electric vehicle adoption. These government efforts are driving the growth of the Plug-in Hybrid Electric Vehicles market in United Arab Emirates.

Local special circumstances: United Arab Emirates has a unique set of circumstances that contribute to the development of the Plug-in Hybrid Electric Vehicles market. The country is known for its abundant oil reserves and has traditionally been heavily dependent on fossil fuels for transportation. However, there is a growing recognition that diversifying the energy mix and reducing dependence on oil is crucial for long-term sustainability. This has led to a shift in focus towards clean and renewable energy sources, including electric vehicles.

Underlying macroeconomic factors: Several macroeconomic factors are influencing the development of the Plug-in Hybrid Electric Vehicles market in United Arab Emirates. Firstly, the government's commitment to diversifying the economy and reducing dependence on oil is driving investments in renewable energy and clean technologies. This creates a conducive environment for the growth of the Plug-in Hybrid Electric Vehicles market. Secondly, the increasing global focus on reducing carbon emissions and combating climate change is putting pressure on countries to adopt cleaner transportation options. United Arab Emirates, being a signatory to international climate agreements, is taking steps to align with these global goals. This includes promoting the adoption of electric vehicles and reducing carbon emissions from the transportation sector. In conclusion, the Plug-in Hybrid Electric Vehicles market in United Arab Emirates is experiencing significant growth and development due to customer preferences for cleaner and more sustainable transportation options, government initiatives and incentives, local special circumstances, and underlying macroeconomic factors. The market is expected to continue its upward trajectory as more customers recognize the benefits of Plug-in Hybrid Electric Vehicles and as the government continues to support their adoption.

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).