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Although still in its infancy, the electric vehicle (EV) market in the Middle East is showing promising signs of growth.
According to a report, the regional government is implementing policies to support the popularization of electric vehicles, and some companies are investing in the production and research and development of electric vehicles.
However, lack of EV charging infrastructure and high cost of EVs remain major challenges facing the market. Despite these challenges, there are opportunities for companies to invest in the production and distribution of electric vehicles, as well as in the development of charging stations and other infrastructure.
The region’s macro landscape is characterized by rising oil prices and reliance on fossil fuels. However, rising awareness of environmental issues and the need to reduce greenhouse gas emissions are driving the adoption of electric vehicles in the region.
The need for sustainable transport
One of the main drivers of e-mobility in the Middle East is the increasing demand for sustainable mobility. Governments in the region recognize the need to reduce their carbon footprint and are implementing policies to support the adoption of electric vehicles. For example, the UAE, Saudi Arabia, Bahrain and Oman have announced their net-zero emissions targets. Additionally, some countries in the region are offering incentives such as tax exemptions and subsidies to encourage the purchase of electric vehicles.
Against this backdrop, Abu Dhabi is hosting the Electric Vehicle Innovation Summit (EVIS) from May 29-31, which is expected to play a major role in accelerating the region’s EV agenda.
Eng Naser Al Bahri, director of EVIS, said: “So far, the electric vehicle market in the Middle East has been slow, but it is starting to pick up. The number of electric vehicle charging stations is increasing, and several companies are investing in the production and research and development of electric vehicles. For example, Egypt There are plans to install 3,000 electric vehicle charging stations across the country, while the UAE has already installed more than 1,500 public charging stations across the country.In addition, Saudi Arabia has announced plans to invest $50 billion in the production of electric vehicles over the next decade and has announced Has two local manufacturing plants (Lucid Motors and Ceer) producing electric vehicles.”
Ravin Mirchandani, Chairman of Quench, said: “MENA is a very exciting market for both the EV charging and hydrogen industries. Today, many countries in the region are very sensitive to the global energy transition and have very delicate strategies in place to switch to the mobility of electricity and hydrogen. In addition, due to the extreme weather conditions in the region, the failure rate of power electronics such as charging infrastructure is very high. Therefore, in order to cope with this situation, we have developed Chargers that operate from -55 degrees to +55 degrees. We hope Quench EV chargers will become an integral part of every Mena economy journey.”
lead the charge
Rami Abu Hayah, CEO of CATEC Mobility, said: “The Middle East is leading the way in electric mobility and the GCC countries are at the forefront of this trend. The UAE electric vehicle market alone is expected to grow at an annual rate of 30% between 2022 and 2028 Factors such as rising fuel prices, national commitments to net-zero emissions, and increased environmental awareness among consumers have all contributed to this growth. As the number of electric vehicles on the road increases, so too is the demand for reliable and convenient electric vehicle charging bases facilities, presenting an excellent opportunity for companies to invest in building the necessary charging infrastructure.”
Despite the progress made, the Middle East electric vehicle market still faces some challenges. One of the main challenges is the lack of infrastructure for charging electric vehicles. The limited number of electric vehicle charging stations makes it difficult for electric vehicle owners to travel long distances. Additionally, the high cost of electric vehicles is a barrier for many consumers. Another challenge is the lack of awareness among consumers about electric vehicles. Many people in the region are unfamiliar with electric vehicles and their benefits, and lack education and information about the technology.
However, challenges also present opportunities for the EV market in the Middle East. The growing demand for sustainable transportation and government support for electric vehicles presents opportunities for companies to invest in the production and distribution of electric vehicles.
charging station
Additionally, the lack of EV charging infrastructure presents an opportunity for companies to invest in the development of charging stations and other infrastructure.
The EVIS Summit will bring together industry leaders, policy makers and experts from around the world to discuss the latest developments and trends in the electric vehicle market. It will provide a platform to share knowledge, ideas and best practices, and explore opportunities for collaboration and partnerships.
The summit will also showcase the latest technologies and innovations in the EV industry, which will help increase public awareness and education on the benefits of EVs, and promote the adoption of EVs in the region by showcasing the latest technologies and innovations in the EV industry. EV industry and by educating the public about the benefits of EVs.
Furthermore, the summit will help raise awareness of the importance of sustainable transport and the need to reduce greenhouse gas emissions in the region, which will be an important step towards a greener and sustainable future for the region. — trade arab news agency
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