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Arthur D. Little (ADL), the world’s first management consulting firm, has released its latest report, "Global Electric Mobility Readiness Index (GEMRIX) 2023," revealing that the UAE has achieved a remarkable milestone by taking the lead position in electric vehicle readiness in the region, and a global ranking of 7th. This achievement signifies the UAE's commitment to sustainable transportation and their aim to become carbon neutral by 2050.
GEMRIX 2023, the third edition of the study, expands its scope to include 35 markets across all continents. making it the most comprehensive electric vehicle market readiness indicator available in the industry today.
The report highlights a significant surge in global electric vehicle (EV) adoption since the last edition in 2022. Norway maintains its position as the global leader in EV readiness, but China emerges as a close contender.
Following these market leaders, three distinct groups of countries are making strides towards increasing EV adoption. According to the report, transition to EV in higher-income countries is mainly driven by environmental considerations, while in lower-income countries cost-efficiency is the determining factor.
The UAE government has been proactive in promoting EV adoption, evident through initiatives like the Dubai Green Mobility Strategy 2030. The strategy aims to have approximately 42,000 electric cars on the streets of Dubai by 2030. One key aspect of this endeavor is the EV Green Charger initiative, which has significantly expanded the availability of charging stations in the country. Currently boasting approximately 700 stations, the infrastructure is constantly expanding to accommodate the growing number of electric vehicles.
Joseph Salem, Partner and Travel and Transportation Practice Lead at Arthur D. Little Middle East, emphasized the UAE government's commitment, stating, "The UAE's ambitious EV vision is supported by incentives, and the rapidly expanding charging infrastructure is fueling the growth of EVs on the country's roads. With the UAE aiming to become carbon neutral by 2050, the government's emphasis on EV adoption is crucial in achieving significant reductions in emissions."
The UAE's efforts have not gone unnoticed by consumers, with a staggering 82 percent of UAE residents stating their willingness to purchase an EV as their next vehicle. This response demonstrates the increasing comfort and acceptance of EVs among the population, creating a favourable environment for the further development of the EV market.
To further accelerate the transition to sustainable transportation, ADNOC Distribution, the UAE's largest fuel and convenience retailer, and Abu Dhabi National Energy Company, have formed a joint venture called E2GO. Through this venture, they seek to cater to the evolving needs of EV customers and promote the widespread adoption of electric vehicles in Abu Dhabi.
Commenting on the transformative partnership, Andreas Schlosser, Partner and Global Lead of the Automotive Group at Arthur D. Little, expressed, "The collaboration between ADNOC Distribution and Abu Dhabi National Energy Company marks a significant advancement in EV-charging infrastructure. By unlocking new revenue streams and addressing the needs of EV customers, this partnership is well-positioned to propel the adoption of electric vehicles in Abu Dhabi."
Emerging EV Markets Show Potential for Growth Despite Challenges
The UAE and Hong Kong lead the way in the cluster of Emerging EV Markets, with a score of 57, highlighting their commitment to e-mobility despite existing operational and financial challenges. These markets are witnessing significant progress in infrastructure development and customer acceptance of electric vehicles (EVs).
An entrepreneurial culture and a thriving start-up ecosystem have been instrumental in driving EV innovations across all continents. The UAE has experienced an increase in EV-charging infrastructure due to government-led initiatives, promoting consumer willingness to embrace EVs as their next vehicle. Moreover, the Middle East and South-East Asia, particularly the UAE, Thailand and India offer promising opportunities for players looking to shape an EV market with new electric vehicle offerings and charging infrastructure solutions.
The UAE's commitment to e-mobility and sustainable transportation is already yielding positive results, and with the government's continued support and collaboration with the private sector, the country is on the path to becoming a leader in the field.
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