The UK battery market is estimated to grow at a significant CAGR during the forecast period. The market growth is attributed to the increasing demand from the automotive industry, especially electric cars. Despite the COVID-19 outbreak, the electric car industry has seen a surge in the country.
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New car registrations in UK rose for the first time in 2020, increasing by 11.3% compared to July last year, as per the Society of Motor Manufacturers & Traders (SMMT). The demand for Battery Electric Vehicles (BEVs) in 2020 continued to increase, with sales surging 259% against last year. BEVs are becoming increasingly popular as government incentives, improved battery range, as well as more attractive price points, attract more population to buy electric cars.
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With the accelerating electric car industry, the market for batteries, especially lithium-ion batteries, is expected to grow in the near future. The drive towards electrification is continuing to gather pace and is projected to accelerate further in the near future. Further, the local battery manufacturers are making efforts to meet the growing need. For instance, British battery manufacturers AMTE Power is exploring the creation of the UK’s first large-scale 1GWh battery factory.
UK Battery Market- Segmentation
By Category
- Primary
- Secondary
By Type
- Lithium-Ion
- Nickel-Metal Hydride (NI-MH)
- Nickel Cadmium
- Lead Acid
- Others
By Application
- Automotive
- Industrial
- Consumer Electronics
- Power & Energy
- Others
Company Profiles
- Accutronics Ltd.
- AceOn Group
- AMTE Power
- Automotive Energy Supply Corp.
- Britishvolt
- BYD Co. Ltd.
- E-Getx Ltd.
- Exide Industries Ltd.
- Faradion Ltd.
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