United Kingdom Electric Vehicle Market Introduction and Overview
According to SPER Market Research, the United Kingdom Electric Vehicle Market is estimated to reach USD XX billion by 2033 with a CAGR of 10.34%.
The report includes an in-depth analysis of the United Kingdom Electric Vehicle Market, including market size and trends, product mix, distribution channels, and supplier analysis. An electric vehicle, or EV, is a car that runs entirely on electricity and is propelled by one or more electric motors rather than a conventional internal combustion engine. Rechargeable batteries, usually lithium-ion ones, power electric vehicles by storing energy needed to turn the wheels of the vehicle. Because it emits no greenhouse gases or air pollutants during operation, this kind of transportation is seen as being more environmentally friendly than traditional automobiles.
- July 2022: Ford has made a number of announcements on the procurement of raw materials and battery capacity in order to meet its goal of having 600,000 electric vehicles produced annually by the end of 2023 and over 2 million by the end of 2026.
- In June 2022: the Ministry of Energy and Infrastructure (MoEI) of the United Arab Emirates, Audi Middle East, and Siemens inked a collaboration agreement to enhance the capacity of electric vehicle (EV) charging stations on federal roadways and augment the uptake of EVs throughout the nation.
Market Opportunities and Challenges
Opportunities: There are many opportunities for the electric vehicle (EV) sector in the UK. Encouraging the adoption of electric vehicles (EVs) via a range of policies and incentives, the UK government is firmly committed to cutting carbon emissions and reaching net-zero ambitions. These comprise financial aid for the acquisition of electric vehicles, tax breaks, and funds for the construction of charging infrastructure. Furthermore, developments in battery science and production techniques have produced more economical and effective electric vehicles (EVs), which is attracting consumers' attention more and more.
Challenges: The electric vehicle (EV) market in the United Kingdom confronts a number of challenges. The requirement for substantial infrastructure development in order to facilitate the broad adoption of EVs is one major obstacle. This involves growing the network of charging stations to help reduce range anxiety and entice more people to convert to electric cars, especially in rural areas. Concerns concerning EV affordability still persist since, despite a slowing difference, buying an electric car can still be more expensive up front than buying a conventional car with an internal combustion engine.
Market Competitive Landscape
The top five businesses own 188.62% of the UK's consolidated electric vehicle market. The market leaders in this sector are Volkswagen AG, Tesla Inc., BMW AG, Audi AG, and Renault Group
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Vehicle Type, By Fuel Type
|
| Regions covered | Eastern Region, Western Region, Southern Region, Northern Region
|
| Companies Covered | 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
|
COVID-19 Impact on United Kingdom Electric Vehicle Market
The COVID-19 epidemic has resulted in various impacts on the electric vehicle (EV) market in the United Kingdom. The market first slowed down as supply chains were disrupted and customer demand declined as a result of lockdown measures and economic uncertainty. Sales of both conventional and electric vehicles were further hampered by dealership closures and production halts. The pandemic also lowered consumer confidence, which made people put off big purchases like cars. But there has been a noticeable upsurge in interest in electric cars as the UK has progressively reopened and economic activity has restarted. The epidemic has increased awareness of and demand for electric vehicles (EVs) by highlighting the significance of environmental sustainability and clean transportation.
Key Target Audience:
- Consumer Market
- Commercial Fleet Operators
- Government and Municipalities
- Automotive Manufacturers
- Energy Sector
- Charging Infrastructure Providers
Our in-depth analysis of the United Kingdom Electric Vehicle Market includes the following segments:
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By Vehicle Type: |
Commercial Vehicles
Buses
Heavy-duty Commercial Trucks
Light Commercial Vans
Medium-duty Commercial Trucks
|
|
By Fuel Type: |
BEV
FCEV
HEV
PHEV
|
|
By Region: |
Eastern Region
Western Region
Southern Region
Northern Region
|
Key Topics Covered in the Report:
- United Kingdom Electric Vehicle Market Size (FY’2024-FY’2033)
- Overview of United Kingdom Electric Vehicle Market
- Segmentation of United Kingdom Electric Vehicle Market By Vehicle Type (Buses, Heavy-duty Commercial Trucks, Light Commercial Vans, Medium-duty Commercial Trucks)
- Segmentation of United Kingdom Electric Vehicle Market By Fuel Type (BEV, FCEV, HEV, PHEV)
- Expansion Analysis of United Kingdom Electric Vehicle Market
- Problems and Obstacles in United Kingdom Electric Vehicle Market
- Competitive Landscape in the United Kingdom Electric Vehicle Market
- Impact of COVID-19 and Demonetization on United Kingdom Electric Vehicle Market
- Details on Current Investment in United Kingdom Electric Vehicle Market
- Competitive Analysis of United Kingdom Electric Vehicle Market
- Prominent Players in the United Kingdom Electric Vehicle Market
- SWOT Analysis of United Kingdom Electric Vehicle Market
- United Kingdom Electric Vehicle Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the United Kingdom Electric Vehicle Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. United Kingdom Electric Vehicle Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in United Kingdom Electric Vehicle Market
7. United Kingdom Electric Vehicle Market, By Vehicle Type (USD Million)
7.1. United Kingdom Electric Vehicle Market Value Share and Forecast, By Vehicle Type, 2024-2033
7.2. Commercial Vehicles
7.2.1. Buses
7.2.2. Heavy-duty Commercial Trucks
7.2.3. Light Commercial Vans
7.2.4. Medium-duty Commercial Trucks
8. United Kingdom Electric Vehicle Market, By Fuel Type (USD Million)
8.1. United Kingdom Electric Vehicle Market Value Share and Forecast, By Fuel Type, 2024-2033
8.2. BEV
8.3. FCEV
8.4. HEV
8.5. PHEV
9. United Kingdom Electric Vehicle Market Forecast, 2020-2033 (USD Million)
9.1. United Kingdom Electric Vehicle Market Size and Market Share
10. United Kingdom Electric Vehicle Market, By Vehicle Type, 2020-2033 (USD Million)
10.1. United Kingdom Electric Vehicle Market Size and Market Share By Vehicle Type (2020-2026)
10.2. United Kingdom Electric Vehicle Market Size and Market Share By Vehicle Type (2027-2033)
11. United Kingdom Electric Vehicle Market, By Fuel Type, 2020-2033 (USD Million)
11.1. United Kingdom Electric Vehicle Market Size and Market Share By Fuel Type (2020-2026)
11.2. United Kingdom Electric Vehicle Market Size and Market Share By Fuel Type (2027-2033)
12. United Kingdom Electric Vehicle Market, By Region, 2020-2033 (USD Million)
12.1. United Kingdom Electric Vehicle Market Size and Market Share By Region (2020-2026)
12.2. United Kingdom Electric Vehicle Market Size and Market Share By Region (2027-2033)
12.3. Eastern Region
12.4. Western Region
12.5. Southern Region
12.6. Northern Region
13. Company Profile
13.1. AB Volvo
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. Audi AG
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. BMW AG
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. Fiat
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. Ford Motor Company
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. Hyundai Motor Company
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent developments
13.7. Kia
13.7.1. Company details
13.7.2. Financial outlook
13.7.3. Product summary
13.7.4. Recent developments
13.8. Nissan Motor Company Ltd
13.8.1. Company details
13.8.2. Financial outlook
13.8.3. Product summary
13.8.4. Recent developments
13.9. Renault Group
13.9.1. Company details
13.9.2. Financial outlook
13.9.3. Product summary
13.9.4. Recent developments
13.10. Tesla Inc.
13.10.1. Company details
13.10.2. Financial outlook
13.10.3. Product summary
13.10.4. Recent developments
13.11. Volkswagen AG
13.11.1 Company details
13.11.2 Financial outlook
13.11.3 Product summary
13.11.4Recent developments
13.16. Others
14. List of Abbreviations
15. Reference Links
16. Conclusion
17. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
