The United Kingdom Electric Vehicle Market is poised for significant growth from 2024 to 2028. With a forecast period CAGR of 25.26%, it indicates a robust expansion from the 2022 market size of 663.70 thousand units. The passenger car segment emerges as the fastest-growing, with England leading as the largest market. This surge reflects a widespread embrace of electric mobility, driven by environmental concerns, technological advancements, and government initiatives promoting sustainable transportation. As the UK continues its transition towards cleaner transport solutions, the electric vehicle market is set to play a pivotal role in shaping its automotive landscape.
Moreover, advancements in battery technology and economies of scale in EV production have resulted in significant cost reductions. The cost of electric vehicles has been steadily declining, making them more affordable and competitive with traditional internal combustion engine vehicles.
As technology continues to advance, the battery range is expanding, and charging times are decreasing, addressing concerns about range anxiety and making EVs more practical for everyday use. These drivers collectively contribute to the growth of the electric vehicle market in the United Kingdom. Also, the decreasing costs and improving infrastructure are accelerating the adoption of electric vehicles further, leading to a cleaner and more sustainable transportation future.
Range anxiety refers to the fear of running out of battery power before reaching a charging station. Although electric vehicle battery ranges have been increasing with technological advancements, it remain a concern for some consumers. The widespread adoption of electric vehicles can put additional strain on the electrical grid, especially during peak charging periods.
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If charging infrastructure is not adequately supported by an upgraded electrical grid, it can lead to power outages or challenges in meeting the increased electricity demand. Investments in grid upgrades, smart charging solutions, and demand response programs are necessary to ensure sufficient capacity and prevent overloads. Load management strategies and time-of-use pricing can be implemented to encourage off-peak charging and optimize the utilization of the electrical grid.
The increasing adoption of electric vehicles is driving the need for sustainable energy sources. Renewable energy, such as wind and solar power, is being integrated into the charging infrastructure to support the growing electricity demand. This trend aims to ensure that EVs are charged using clean energy, further reducing the carbon footprint of transportation. In addition, smart charging systems are being developed to optimize charging based on renewable energy availability, thus maximizing the environmental benefits of electric vehicles.
The range of electric vehicle models available in the UK market has been expanding rapidly. Initially, EV options were limited primarily to smaller cars and sedans. However, automakers are now introducing electric SUVs, crossovers, and even electric commercial vehicles to cater to different consumer needs. This trend is driven by increasing consumer demand for larger and more versatile EVs, providing a wider range of choices for potential buyers.
As technology advances, charging infrastructure expands, and consumer preferences evolve, the adoption of electric vehicles is expected to continue accelerating, leading to a more sustainable and environmentally friendly transportation landscape in the United Kingdom.
Based on the propulsion, it is further segmented into BEV, HEV, PHEV, and FCEV. Based on the battery capacity (for passenger car, LCV, M&HCV) into <20 KWh, 20-50 KWh, and above 50 KWh. Based on battery capacity (for two-wheeler) into <5 KWh, 5-10 KWh, and above 10 KWh. Based on range per charge into 0-100 Km,101-200 Km, and above 200 Km. Based on charging time into <5 hrs, 5-10 hrs, and above 10 hrs.
The United Kingdom electric vehicle market is segmented by vehicle type, propulsion, battery capacity, range, charging time, and region. Based on vehicle type, the market is segmented into passenger cars, LCVs, M&HCVs, and two-wheelers.
Furthermore, passenger cars it is segmented into SUVs/MPVs, sedans, and hatchbacks, by light commercial vehicles it is segmented into vans and pickup trucks, by M&HCVs it is segmented into buses and trucks, by two-wheeler types it is bifurcated into scooters/mopeds, and motorcycles.
Key market players in the United Kingdom electric vehicle market include:
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BMW AG
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Audi AG
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Tesla Inc
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Renault Group
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Volkswagen AG
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“The commitment to electrification is driven by stricter emissions regulations, consumer demand, and the need to align with sustainability goals. These efforts are contributing to the growing availability of EV models and also it will impact the United Kingdom Electric Vehicle market during the forecast period.,” said Mr. Karan Chechi, Research Director at TechSci Research, a research-based global management consulting firm.
United Kingdom Electric Vehicle Market By Vehicle Type (Passenger Car (Hatchback, Sedan, and SUV/MPV), LCV (Pickup Truck, and Van), M&HCV (Truck, Buses), Two-Wheeler (Scooter/Moped, Motorcycle), and Three-Wheeler (Passenger Carrier, Load Carrier)), By Propulsion (BEV, HEV, PHEV, and FCEV), By Range (0-100 Km, 101-200 Km, and Above 200 Km), By Charging Time (<5 Hr, 5-10 Hr, and Above 10 Hr), By Region, Competition, Forecast & Opportunities, 2028 has evaluated the future growth potential of electric vehicle market in United Kingdom and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the United Kingdom electric vehicle market.
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Table of Content-United Kingdom Electric Vehicle Market
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Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
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Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
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Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
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Impact of COVID-19 on the United Kingdom Electric Vehicle Market
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Voice of Customer
5.1. Factors Influencing Purchase Decision
5.2. Brand Awareness
5.3. Brand Satisfaction Level
5.4. Challenges and Unmet Needs
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United Kingdom Electric Vehicle Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.1.2. By Volume
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis (Passenger Car, LCV, M&HCV, Two- Wheeler)
6.2.2. By Propulsion Market Share Analysis (BEV, HEV, PHEV, FCEV)
6.2.3. By Range Market Share Analysis (0-100 Km, 101-200 km, Above 200 Km)
6.2.4. By Charging Time Market Share Analysis (<5 Hr, 5-10 Hr, Above 10 Hr)
6.2.5. By Region Market Share Analysis
6.2.5.1. England Market Share Analysis
6.2.5.2. Wales Market Share Analysis
6.2.5.3. Scotland Market Share Analysis
6.2.5.4. Northern Ireland Market Share Analysis
6.2.6. By Company Market Share Analysis (Top 5 Companies, Others – By Value, 2022)
6.3. United Electric Vehicle Market Mapping Opportunity Assessment
6.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
6.3.2. By Propulsion Market Mapping & Opportunity Assessment
6.3.3. By Range Market Mapping & Opportunity Assessment
6.3.4. By Charging Time Market Mapping & Opportunity Assessment
6.3.5. By Regional Market Mapping & Opportunity Assessment
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United Kingdom Electric Two-Wheeler Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.1.2. By Volume