9th January 2025 – (Dubai) According to local media reports on Thursday, the United Arab Emirates’ (UAE) electric vehicle (EV) market revenue is expected to reach approximately $1.95 billion by 2025. The projection, sourced from the online data platform Statista, indicates a compound annual growth rate (CAGR) of 3.8 per cent between 2025 and 2029.
Additionally, market research firm Mordor Intelligence forecasts that the UAE’s hybrid and electric vehicle market could soar to $9.03 billion by 2030, with a remarkable CAGR of 26.5 per cent. Furthermore, a report by consulting firm PwC, “Mobility Outlook 2024,” predicts that EVs will represent over 15 per cent of new car sales in the country by 2030.
The newspaper highlighted that a combination of economic incentives, environmental objectives, and government-supported infrastructure expansion is making the electric vehicle market a vital component of the UAE’s future transportation framework.
In July 2023, the UAE’s Ministry of Energy and Infrastructure unveiled a National Electric Vehicles Policy, which was approved by the cabinet. A key aim of this policy is to ensure that hybrid and electric vehicles account for 50 per cent of all cars on the nation’s roads by 2050.
