The UAE Electric Vehicle Charging Infrastructure market is projected to grow at a CAGR of around 14.28% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The market growth is attributed to the increasing investments by the UAE government to deploy EV charging infrastructure across the nation to support the transition toward sustainable transportation to reduce carbon emissions by enhancing the adoption of EVs. Additionally, the UAE government's smart city initiatives are also expected to facilitate partnerships between public & private stakeholders to develop & fund the electric vehicle charging infrastructure. This could help reduce the financial burden on charging infrastructure providers & enable the development of a more comprehensive charging network.
Moreover, the government has adopted various measures, such as the Dubai Green Mobility Strategy 2030, which has widely encouraged customers to adopt EVs, thereby leading to an elevated demand for the construction of more charging stations. In addition, the UAE government is focusing on diversifying its energy mix during its 2050 goals to limit the use of fossils & boost the adoption of clean fuels & energy to reduce carbon emissions in the country. As a result, the government is also encouraging FDI in the country to initiate the EVs manufacturing activities to sustain the emerging need for mobility of the residents. Hence, these factors are anticipated to create potential revenue growth opportunities in the forthcoming years, further states the research report, “The UAE Electric Vehicle Charging Infrastructure Market Analysis, 2023.”
DC Chargers to Continue to Hold the Major Market Share
Based on the Type of Charging Point, the market is further bifurcated into AC chargers, DC chargers, and Others (Wireless Charging, etc.). Of them, the DC charger is anticipated to hold a dominant revenue share in the market. The initiatives of the UAE government to promote the adoption of electric vehicles in the country by offering various incentives such as grants, access to dedicated parking spots, etc., have led to an increased demand for efficient & fast charging stations at subsequent sports. Further, the rising investments announced by the UAE Ministry of Energy & Infrastructure, and Emirates National Oil Company (ENOC), etc., to deploy hundreds of new fast-charging EV station is anticipated to continue to uplift the revenue growth during 2023-2028.
50-150KW Power Output to Witness a Notable Momentum During the Forecast Period
Based on the Power Output segment, the market is further divided into 0-50kW, 50-150kW, and More than 150kW. Of them, the 50-150kW power output-based EV charging infrastructure is anticipated to gain a higher revenue share in the UAE due to its efficiency in charging vehicles in no time. Moreover, with the surging initiatives of the UAE government to boost the deployment of EVs in the country, specifically passenger & heavy commercial vehicles, to support sustainable transport, the demand for fast charging & higher output charging stations is predicted to rise exponentially. This is because heavy vehicles & passenger cars are often deployed with larger batteries & need higher energy consumption due to their requirement to travel long distances, thus expanding the demand for charging stations in the following years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, include Orbix International LLC, V Charge Trading LLC, and GreenParking (Future Link L.L.C.). ABB Limited, Art of Energi, Regeny, Powertech Electrical Trading LLC, eMagine, Efacec, Siemens LLC, and Catec. are looking forward to strengthening their market position.
Key Questions Answered in the Research Report