UAE EV Market to Grow 30% Annually in 2022-2028

According to the global electric mobility readiness index 2022 compiled by Arthur D Little, the UAE EV market is projected to grow at an annual rate of 30 per cent between 2022 and 2028.

Passenger vehicles constitute about 95 per cent of the EV market in the UAE due to an increase in rental car services, the report says. The Emirates is placed in eighth position in the index.

Norway leads in EV adoption with a top spot. It is followed by the “ambitious followers” category — China, Germany, Singapore and the UK — where all prerequisites for EV mobility are in place and EVs are on the verge of becoming mainstream.

They are followed by the “emerging EV markets” group — the US, Japan, the UAE and Thailand. In these countries, customers are becoming more comfortable with the idea of EVs as infrastructure is being stepped up, the report said.

The report evaluated market readiness in five major categories that drive EV adoption — macroeconomic factors, competitive landscape, customer readiness, public charging infrastructure, and total cost of ownership and regulation.