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Declining Cost of Electric Vehicles, High Per capita income, and Incentives to promote green mobility will drive the growth of UAE EV Charging Equipment Industry at a CAGR of 35.5% during 2021-26: Ken Research
Ken Research Pvt. Ltd
7 min read
Ken Research Pvt. Ltd
Ken Research Pvt. Ltd

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Gurugram, India, July 19, 2022 (GLOBE NEWSWIRE) --

  • The UAE EV Charging Equipment Market is anticipated to grow at a CAGR of 35.5% during the forecast period FY’21-FY’26.

  • Government support and incentives are expected to give a boost to numerous entities that facilitate EV Charging Equipment manufacturing in the country.

  • Dubai has defined a target of having 10% electric or hybrid vehicles on its roads by 2030. The motive behind this target is green economy as the Government of UAE intends to enhance the R&D.

High Disposable Income
UAE is the second largest automotive market in the Gulf Cooperation Council (GCC) after Saudi Arabia owing to the growing population and high disposable income. With fast economic growth and rapid urbanization in UAE, it is projected that more people will acquire a personal vehicle for mobility. The transportation sector is one of the most significant contributors to CO2 emissions in UAE, second to the industrial sector.

Rapid Future Growth
UAE Electric Vehicle Charging Equipment Market is expected to grow at a CAGR of 35.5% during 2021 and 2026. Also UAE Electric Vehicle Market size is estimated to grow at a CAGR of 36.7% during 2021-2026.

25% of the people in UAE are waiting for more EV options to be launched. One of their key initiatives is under the Dubai Autonomous Transportation Strategy, which aims to transform 25% of the transportation in Dubai to autonomous mode by 2030.

Focus on Clean Energy
Adoption of clean energy strategies by the country as a part of UAE’s vision 2030 and focus on achieving net zero emissions by 2050 would also stimulate the market growth in the years to come. A six-year plan seeks to raise the proportion of hybrid and electric taxis in the fleet from the existing 50% to 80% by 2025 and achieve the ultimate target of 100% by 2027.

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