UK electric vehicle motor market is anticipated to grow at a CAGR of more than 16% during the forecast period, 2019-2025. As per the European Automobile Manufacturers Association, in 2019, the electric vehicle car sales augmented by 21.5% as compared to 2018 and reached to more than 72,800 in 2019 from around 60,000 in 2018. Favorable government policies and government subsidies are motivating the electric vehicle market in the country. A modification in company car tax will be applied in Britain as there will be zero company car tax in pure electric cars from April 2020. Moreover, from 2021 the average emissions of all newly registered cars from an automaker should be below 95 g/km CO2.
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Brexit is one of the major restraints for the country for the electric vehicle motor market. Global companies are expected to prefer other European countries over UK for setting up their manufacturing plant. For instance, Tesla Inc. announced to build a new Gigafactory in Berlin in November 2019. Germany was preferred over UK due to Brexit as the company finds its more profitable to expand in the European market.
UK electric vehicle motor market is segmented based on the basis of motor type, propulsion technology, and vehicle type. Based on the motor type, the market is analyzed into the AC motor and DC motor. AC induction motor or DC Permanent Magnet Synchronous Motor are some of the most commonly electric motors used in the EVs. By propulsion technology, the market is further divided into battery-electric vehicles and plug-in hybrid electric vehicles. Battery-electric vehicle is projected to show a considerable market growth in the country. By vehicle type, the market is analyzed into passenger cars, commercial vehicles, and others. The passenger vehicle segment will have a major market share during the forecast period.
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UK Electric Vehicle Motor Market Segmentation
By Motor Type
- DC Motor
- AC Motor
By Propulsion Technology
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
By Vehicle Type
- Passenger Cars
- Commercial Vehicle
- Other (Two-Wheeler)
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