UK Electric Vehicle market is estimated to grow at a CAGR of more than 23.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases. UK is a member country of the Electric Vehicles Initiative (EVI) is a multi-government policy forum dedicated to accelerating the introduction and adoption of electric vehicles. The growing environmental concerns along with cohesive government initiatives are some other aspects to fuel the market growth in the region. However, the high cost of batteries and the low-range availability of electric vehicles are the key restraining factor in the country.
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The market is segmented on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicle, plug-in hybrid electric vehicle. Based on battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on the battery type, the Li-ion battery market is anticipated to showcase a significant growth rate.
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UK Electric Vehicle Market Segmentation
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
By Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
By Battery Type
- NiMH
- Li-Ion
- Others
Company Profiles
- Alcraft Motor Co. Ltd.
- Audi AG
- BMW AG
- General Motors Co.
- Jaguar Land Rover
- Nissan Motor Co.
- Porsche AG
- Renault Group
- Mia Electric
- Mitsubishi Motors Corp.
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