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Used electric vehicle market in UAE surged by 47% in 2024, says report

Used electric vehicle market in UAE surged by 47% in 2024, says report
4 Feb 2025 00:15

MAYS IBRAHIM (ABU DHABI)

The UAE's used electric vehicle (EV) market has seen remarkable growth in 2024, driven by technological advancements, environmental consciousness and government policies, according to a recent report by classifieds platform dubizzle.

The number of EV listings on the platform jumped by 47% last year, indicating an increased demand for electric cars. 

The report pointed out that the growing popularity of EVs is underpinned by significant improvements in battery technology, which now features high-energy density, eliminating range anxiety issues. 

"Ultra-fast charging, home innovation charging and the establishment of vehicle-to-grid charging stations have also fuelled the demand."

Supportive Government Policies

The report further stated that the UAE government has demonstrated a strong commitment to promoting green vehicles, with initiatives such as the National Electric Vehicles Policy focused on public-private partnerships to support EV owners. 

Aiming to position the UAE as a global EV hub, the Ministry of Energy and Infrastructure plans to increase the share of electric vehicles on the roads to 50% by 2050. 

To encourage broader adoption, the government is expanding EV charging infrastructure with regulated rates, making it more convenient for owners, the report noted. 

Dubai currently has around 400 EV charging stations, while Abu Dhabi hosts approximately 250. The Dubai government plans to increase this number by 170%, to 1,000 charging stations by 2025. Additionally, ADNOC and TAQA have announced plans to install 70,000 EV charging stations in Abu Dhabi by 2030.

The report pointed out that these government-backed efforts are complemented by financial incentives, including low-interest "Green Auto Loans" offered by banks, covering up to 80% of the electric vehicle's cost. 

These loans start with an interest rate as low as 0.5%, making EVs more affordable and accessible to a broader audience.

Popular EVs in 2024 

Dubizzle's market trend analysis revealed that Tesla led the pre-owned electric car market in 2024, with Chinese EV maker BYD coming in second. 

German brands also made a strong impact, with Volkswagen, BMW, and Mercedes-Benz occupying the third, fourth, and fifth spots, respectively, capturing a significant share of the used electric vehicle market.

The top three Tesla models in the UAE's 2024 used electric car market include the Model 3, Model Y and Model X. 

Tesla's advanced 4680 battery technology, enhancing efficiency and reducing production costs, has contributed to the brand's success, according to the report. 

BYD, rapidly growing in the UAE, offers affordable yet feature-rich options like the Song Plus SUV and the compact Seagull hatchback. Their innovative Blade Battery Technology and competitive pricing have made them a strong contender in the market, Dubizzle's market trend analysis showed. 

Volkswagen left its mark on the market with its ID.4 and ID.6 models, known for their spacious interiors and advanced tech. 

BMW's iX electric SUV and Mercedes-Benz's EQE sedan also remain popular, with both brands offering luxury, performance, and cutting-edge features.

In the sedan category, Tesla's Model 3, Porsche Taycan, and Tesla Model S lead the pack, while in the SUV segment, Tesla's Model Y and Model X, followed by Volkswagen's ID.4, dominate the market.

New entrants, such as ZEEKR, are also gaining traction, further diversifying the EV market in the UAE as the country moves towards a more sustainable future.

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