DUBAI, Jan. 9 (Xinhua) -- The United Arab Emirates' (UAE's) electric vehicle (EV) market revenue is projected to reach 1.95 billion U.S. dollars by 2025, local media reported Thursday.
Citing online data platform Statista, UAE newspaper Aletihad said the market is expected to grow at a compound annual growth rate (CAGR) of 3.8 percent in 2025-2029.
The newspaper also cited market research firm Mordor Intelligence, which projected that the country's hybrid and EV market is poised to reach 9.03 billion dollars by 2030, increasing at a CAGR of 26.5 percent, and cited Mobility Outlook 2024 by consulting firm PwC that the country's EVs will account for more than 15 percent of new car sales by 2030.
"Driven by a mix of economic incentives, environmental goals, and government-backed infrastructure expansion, the electric vehicle market is becoming an integral part of the country's future transport landscape," said the newspaper.
In July 2023, the UAE's Ministry of Energy and Infrastructure announced details of a National Electric Vehicles Policy approved by the UAE's cabinet. One key objective of the policy is to ensure that hybrid and electric vehicles comprise 50 percent of all cars on the country's roads by 2050. ■
