UK electric car market is projected to grow at a CAGR of more than 20.0% during the forecast period, 2019-2025. High disposable income, favorable government policies, government subsidies and continuous introduction of the new car models are some of the major factors driving the growth of the market. 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. 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. If the automaker fails to meet the target, the automaker has to pay a penalty of around $100 for each g/km of target exceedance. Hence, in order to reduce the average emissions, the automaker will introduce more EVs in the market.
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UK electric car market is analyzed on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is segmented into hatchback, sedan, and SUV. Based on propulsion technology, the market is bifurcated into battery-electric cars and plug-in hybrid electric cars. The battery-electric car market is estimated to have a major market share during the forecast period. As per the European Automobile Manufacturers Association, in 2019 around 38,000 battery electric vehicles were sold in UK, with a growth of 144% YoY whereas around 35,000 plug-in-hybrid vehicles were sold with a downfall of 21% YoY. By battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion battery-electric cars market is expected to cover a major share in the near future.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
UK Electric Car Market Report Segment
By Vehicle Type
- Hatchback
- Sedan
- SUV
By Propulsion Technology
- Battery Electric Cars
- Plug-in Hybrid Electric Car
By Battery Type
- NiMH
- Li-Ion
- Others
The Report Covers
- Comprehensive research methodology of UK Electric Car Market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting UK Electric Car Market.
- Insights about market determinants which are stimulating UK Electric Car Market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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