The term "electric vehicle," or "EV," refers to a car that is powered solely by electricity and has one or more electric motors in place of a traditional internal combustion engine. Electric vehicles are powered by rechargeable batteries, often made of lithium-ion technology, which stores the energy required to spin the wheels of the vehicle. This mode of transportation is thought to be more environmentally friendly than typical cars because it doesn't produce any greenhouse gases or air pollution while in use.
United Kingdom Electric Vehicle Market Driving Factors and Challenges
Drivers: The electric vehicle (EV) market in the United Kingdom is expanding due to a number of important factors. First, there's no denying the importance of government programs and laws designed to lower carbon emissions and encourage environmentally friendly transportation. This includes financial incentives that encourage people and companies to switch to electric vehicles, like grants for EV purchases, tax breaks, and financing for the construction of charging infrastructure. Furthermore, improvements in driving range and lower costs brought about by advances in battery technology have increased the appeal and accessibility of EVs to a larger variety of consumers. Consumer demand for electric vehicles is rising as a result of rising environmental consciousness as well as a desire for cleaner air.
Challenges: There are several challenges facing the UK market for electric vehicles (EVs). One significant barrier to the widespread adoption of EVs is the need for significant infrastructural improvements. In order to encourage more people to switch to electric cars and lessen range anxiety, particularly in rural regions, this entails expanding the network of charging stations. Although the price difference between buying an electric automobile and a conventional car with an internal combustion engine has decreased, concerns about the affordability of EVs remain.
Impact of COVID-19 on United Kingdom Electric Vehicle Market
The COVID-19 pandemic has had a number of effects on the UK market for electric vehicles (EVs). Due to supply chain disruptions and a drop in consumer demand brought on by lockdowns and economic uncertainty, the market first slowed down. Production halts and dealership closures further hurt sales of both conventional and electric vehicles. Additionally, the epidemic reduced consumer confidence, causing consumers to postpone major purchases like cars. Nonetheless, as the UK has gradually reopened and economic activity has resumed, there has been a discernible spike in interest in electric vehicles. Due to the epidemic's emphasis on the value of clean mobility and environmental sustainability, demand for electric vehicles (EVs) has grown.
United Kingdom Electric Vehicle Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; AB Volvo, Audi AG, BMW AG, Fiat, Ford Motor Company, Hyundai Motor Company, Kia, Nissan Motor Company Ltd, Renault Group, Tesla Inc., Volkswagen AG, and others.
United Kingdom Electric Vehicle Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, United Kingdom Electric Vehicle Market is segmented as; Buses, Heavy-duty Commercial Trucks, Light Commercial Vans, Medium-duty Commercial Trucks.
By Fuel Type: Based on the Fuel Type, United Kingdom Electric Vehicle Market is segmented as; BEV, FCEV, HEV, PHEV.
By Region: This research also includes data for Eastern Region, Western Region, Southern Region, Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.