UK electric vehicle market is expected to grow at a CAGR of 23.0% during the forecast period. The automotive market for the country declined due to the COVID-19 pandemic and the lockdown announced due to the same. UK annual sales of vehicle sales drop to a record low to 1.63 million in 2020 with a downfall of 29.4% YoY. However, the scenario was not the same for the electric vehicle sales in the country.
In 2020, the demand for battery electric vehicles increased by around 186.0% YoY to 108,000 units whereas the registration for plug-in increased by 91.2% YoY to 66,900. Other than that, the mild hybrid electric vehicle sales also increased from nearly 7,900 in 2019 to around 19,400 in 2020, a growth of nearly 250%.
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Moreover, there is a lot of scope for the EV in the country as around 68.0% of the registration was from the companies and not from the individuals. Hence, with the more encouraging incentives and development of charging stations, the sales are expected to get further record high in the near future. New product launches will aid in the growth of the EV market in the country. As of 2020, there were around 100 EV models available in the market and around 35 new models are expected to launch in 2021.
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Market Coverage
- The market number available for – 2018-2025
- Base year- 2019
- Forecast period- 2019-2025
- Segment Covered- By Vehicle Type, By Propulsion Type, By Battery Type
- Competitive Landscape- Hyundai Motor Co., Nissan Motor Co., Tesla, Inc., Volkswagen AG, Renault SA
Key Questions Addressed by the Report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
UK Electric Vehicle Market Report Segment
By Vehicle Type
- Commercial Vehicle
- Passenger Car
- Two-Wheeler
By Propulsion Technology
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
By Battery Type
- NiMH
- Li-ion
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
