United Kingdom Electric Vehicle Market - Comprehensive Study Report & Recent Trends

United Kingdom Electric Vehicle Market Synopsis:

United Kingdom Electric Vehicle Market Size Was Valued at USD 45.69 Billion in 2023, and is Projected to Reach USD 265.60 Billion by 2032, Growing at a CAGR of 21.6% From 2024-2032.

The EV market entails the network value chain of EV passenger cars, commercial vehicles, two-wheelers, and public transportation systems and related electric vehicle support structures. This segment encompasses battery electric vehicles, plug-in hybrid electric vehicles or other types which are run-on other energy sources. Due to technology changes, environmental legislations and last not least consumer pull: the UK EV market is accelerating as part of the net-zero journey.

•  The market for electric vehicles in the United Kingdom is growing increasingly because of increased concern over environmental issues, government schemes and increasing battery technologies. The UK has set a legal target of ensuring that its carbon emissions are net zero by 2050, with a more focused target on the transport sector. In this regard, the government’s environmental program involves the complete phasing out of new petrol and diesel cars along with hybrids by 2035. Such regulations together with financial policies like granting the incentives for purchase of EVs and putting up charging stations across the country are driving the market.
• Technological changes incorporating EV powertrain, energy efficiency of batteries, embedded connectivity features are other keys drivers of the UK’s EV market growth. More infrastructure advancements, including many EV charging terminals that can meet consumers’ demand, have eased the range anxiety factor and make EVs more influential to consumers. Another factor that has pulled down the barriers of access to EVs to consumers has been the active participation of automakers especially in providing an array of new models that is spread across all segments of vehicles.
• Nevertheless, some issues remain unchanged, for example, the high cost of EVs in comparison with conventional vehicles, especially at the early stages of market development, the problem of charging stations’ desert in rural areas and supply chain issues. However, it is for these reasons that innovations such as cost per battery, increased vehicle range and sensible charging solutions are anticipated to solve these problems. In addition, there has been brisk development of the charge points in the UK by public-private partnerships.
• Therefore, the UK market for electric vehicles is still emerging and is now leaving the growth phase of early market development to becoming a mature market. Steady support from the government, growing corporate investment and evolving consumer trends give the market a long term growth perspective over the coming years.

United Kingdom Electric Vehicle Market Trend Analysis:

Accelerated Expansion of Charging Infrastructure

• A Major factor currently being seen in the UK Electric Vehicle Market is the growing investment in EV charging infrastructure. Indeed, given increasing interest in owning electric automobiles, the governments and companies are exploring ways of creating demand and infrastructure for charging stations. The investment by UK government has been made towards deployment of more ultra-fast charging infrastructure specifically along the trunk roads and City centers and plans to have over 300,000 public EV chargers by 2030.
• Another perhaps tiresome point is that private companies are also taking on the role of filling the infrastructure gap and have proposed various chargers, smart chargers, home charging stations, and chargers based on renewable energy sources. Also, Wireless charging of the EV batteries and advancement on the vehicle to grid (V2G) is helpful for the users of EV. Major factors driving range anxiety are; the government incentives, technological enhancements, and private investments in charging points that enhance market growth and consumer confidence.

Growing Adoption of Fleet Electrification

• On the positive front, one of the most prominent opportunities for the UK EV market is the increasing trend of fleet ELECTRIFICATION. Companies and institutions in industries of all industries are gradually switching to electric vehicles within their vehicle fleets to reduce expenditure and conquer corporate green initiatives. Electric commercial vans and buses are on the rise because, besides the lower maintenance charges and fuel expenditures, state funding in the form of grants, incentives, and tax credit.
• Another reason behind fleet operators adopting EVs is the improvements made with relation to charging facilities and equipment, which makes the integration much more reasonable. Logistics and delivery and ride-haling companies are ahead in taking up electric vehiclesdue to environmental consciousness and business economics. Last mile delivery and e-commerce is the next factor driving the demand and electric vans and on the other end, the public transport authorities are increasingly turning to electric buses to decrease the emissions in cities. It was noted that electrification of fleets would have a crucial role to ensure the UK achieves its goal of being carbon neutral.

United Kingdom Electric Vehicle Market Segment Analysis:

United Kingdom Electric Vehicle Market Segmented on the basis of Vehicle Type, Propulsion Type, Charging Infrastructure, Battery Type, End User, and Region.

By Vehicle Type, Passenger Cars segment is expected to dominate the market during the forecast period

• The UK Electric Vehicle Market has also been classified by Vehicle Type which comprises of Passenger Cars, Commercial Vehicles, Two-Wheelers & Others. Expenditure on passenger cars remains at its peak now owing to increased consumer pull, availability of many models, and provision of subsidies and grants for purchase and tax credit. Tesla Motors, Nissan and BMW form the leading market in new passenger cars segment which continues to introduce new models that offer greater range and additional options to lure customers.
• Commercial vehicles and electric two-wheeler are also emerging quite sensitively on the roads. With APAC already witnessing a dramatic surge in electric three-wheeler usage and e-commerce that also demands electric vans and light commercial vehicles, developments in two-wheelers have typically been aimed at connecting dotted points by minimizing distance and time. Altogether, these segments contribute to the expansion of the emergent UK market with passenger cars acting as the most favorable segment.

By End User, Private segment expected to held the largest share

• Based on the type of end users the UK Electric Vehicle Market is divided into private users, commercial users and public users. Private consumers remain the biggest market share due to the growing trends in environmental conservation, policies, and the market launched products for different electric cars’ models. People are preferring to use EV due to low fuel costs, tax privileges as well as other incentives.
• The commercial and public transport segment is also emerging very fast. Companies are electrifying their fleet to achieve their goals of sustainability while the public transport system is electrifying buses to make cities healthier for living. Originally, commercial operators are also keen interested in electric vans and trucks in order to improve cost effective and comply with standard. The applicability throughout the total end-user groups also establishes the versatility relating to EVs in the UK market.

Active Key Players in the United Kingdom Electric Vehicle Market:

• Tesla Inc. (United States)
• Nissan Motor Corporation (Japan)
• BMW Group (Germany)
• Volkswagen AG (Germany)
• Hyundai Motor Company (South Korea)
• Kia Corporation (South Korea)
• Mercedes-Benz Group AG (Germany)
• Renault Group (France)
• Ford Motor Company (United States)
• Volvo Car Corporation (Sweden)
• MG Motor UK Limited (United Kingdom)
• Jaguar Land Rover Automotive PLC (United Kingdom)
• Other Active Players

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: United Kingdom Electric Vehicle Market by Vehicle Type
 4.1 United Kingdom Electric Vehicle Market Snapshot and Growth Engine
 4.2 United Kingdom Electric Vehicle Market Overview
 4.3 Passenger Cars
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Passenger Cars: Geographic Segmentation Analysis
 4.4 Commercial Vehicles
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Commercial Vehicles: Geographic Segmentation Analysis
 4.5 Two-Wheelers
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Two-Wheelers: Geographic Segmentation Analysis
 4.6 Others
  4.6.1 Introduction and Market Overview
  4.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.6.3 Key Market Trends, Growth Factors and Opportunities
  4.6.4 Others: Geographic Segmentation Analysis

Chapter 5: United Kingdom Electric Vehicle Market by Propulsion Type
 5.1 United Kingdom Electric Vehicle Market Snapshot and Growth Engine
 5.2 United Kingdom Electric Vehicle Market Overview
 5.3 Battery Electric Vehicles (BEV)
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Battery Electric Vehicles (BEV): Geographic Segmentation Analysis
 5.4 Plug-in Hybrid Electric Vehicles (PHEV)
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Plug-in Hybrid Electric Vehicles (PHEV): Geographic Segmentation Analysis
 5.5 Hybrid Electric Vehicles (HEV)
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Hybrid Electric Vehicles (HEV): Geographic Segmentation Analysis

Chapter 6: United Kingdom Electric Vehicle Market by Charging Infrastructure
 6.1 United Kingdom Electric Vehicle Market Snapshot and Growth Engine
 6.2 United Kingdom Electric Vehicle Market Overview
 6.3 AC Charging
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 AC Charging: Geographic Segmentation Analysis
 6.4 DC Charging
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 DC Charging: Geographic Segmentation Analysis

Chapter 7: United Kingdom Electric Vehicle Market by Battery Type
 7.1 United Kingdom Electric Vehicle Market Snapshot and Growth Engine
 7.2 United Kingdom Electric Vehicle Market Overview
 7.3 Lithium-Ion Batteries
  7.3.1 Introduction and Market Overview
  7.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.3.3 Key Market Trends, Growth Factors and Opportunities
  7.3.4 Lithium-Ion Batteries: Geographic Segmentation Analysis
 7.4 Lead-Acid Batteries
  7.4.1 Introduction and Market Overview
  7.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.4.3 Key Market Trends, Growth Factors and Opportunities
  7.4.4 Lead-Acid Batteries: Geographic Segmentation Analysis
 7.5 Others
  7.5.1 Introduction and Market Overview
  7.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.5.3 Key Market Trends, Growth Factors and Opportunities
  7.5.4 Others: Geographic Segmentation Analysis

Chapter 8: United Kingdom Electric Vehicle Market by End User
 8.1 United Kingdom Electric Vehicle Market Snapshot and Growth Engine
 8.2 United Kingdom Electric Vehicle Market Overview
 8.3 Private
  8.3.1 Introduction and Market Overview
  8.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  8.3.3 Key Market Trends, Growth Factors and Opportunities
  8.3.4 Private: Geographic Segmentation Analysis
 8.4 Commercial
  8.4.1 Introduction and Market Overview
  8.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  8.4.3 Key Market Trends, Growth Factors and Opportunities
  8.4.4 Commercial: Geographic Segmentation Analysis
 8.5 Public Transport
  8.5.1 Introduction and Market Overview
  8.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  8.5.3 Key Market Trends, Growth Factors and Opportunities
  8.5.4 Public Transport: Geographic Segmentation Analysis

Chapter 9: Company Profiles and Competitive Analysis
 9.1 Competitive Landscape
  9.1.1 Competitive Benchmarking
  9.1.2 United Kingdom Electric Vehicle Market Share by Manufacturer (2023)
  9.1.3 Industry BCG Matrix
  9.1.4 Heat Map Analysis
  9.1.5 Mergers and Acquisitions  
 9.2 TESLA INC. (UNITED STATES)
  9.2.1 Company Overview
  9.2.2 Key Executives
  9.2.3 Company Snapshot
  9.2.4 Role of the Company in the Market
  9.2.5 Sustainability and Social Responsibility
  9.2.6 Operating Business Segments
  9.2.7 Product Portfolio
  9.2.8 Business Performance
  9.2.9 Key Strategic Moves and Recent Developments
  9.2.10 SWOT Analysis
 9.3 NISSAN MOTOR CORPORATION (JAPAN)
 9.4 BMW GROUP (GERMANY)
 9.5 VOLKSWAGEN AG (GERMANY)
 9.6 HYUNDAI MOTOR COMPANY (SOUTH KOREA
 9.7 KIA CORPORATION (SOUTH KOREA)
 9.8 MERCEDES-BENZ GROUP AG (GERMANY)
 9.9 RENAULT GROUP (FRANCE)
 9.10 FORD MOTOR COMPANY (UNITED STATES)
 9.11 VOLVO CAR CORPORATION (SWEDEN)
 9.12 MG MOTOR UK LIMITED (UNITED KINGDOM)
 9.13 JAGUAR LAND ROVER AUTOMOTIVE PLC (UNITED KINGDOM)
 9.14 OTHER ACTIVE PLAYERS

Chapter 10: Global United Kingdom Electric Vehicle Market By Region
 10.1 Overview
 10.2. North America United Kingdom Electric Vehicle Market
  10.2.1 Key Market Trends, Growth Factors and Opportunities
  10.2.2 Top Key Companies
  10.2.3 Historic and Forecasted Market Size by Segments
  10.2.4 Historic and Forecasted Market Size By Vehicle Type
  10.2.4.1 Passenger Cars
  10.2.4.2 Commercial Vehicles
  10.2.4.3 Two-Wheelers
  10.2.4.4 Others
  10.2.5 Historic and Forecasted Market Size By Propulsion Type
  10.2.5.1 Battery Electric Vehicles (BEV)
  10.2.5.2 Plug-in Hybrid Electric Vehicles (PHEV)
  10.2.5.3 Hybrid Electric Vehicles (HEV)
  10.2.6 Historic and Forecasted Market Size By Charging Infrastructure
  10.2.6.1 AC Charging
  10.2.6.2 DC Charging
  10.2.7 Historic and Forecasted Market Size By Battery Type
  10.2.7.1 Lithium-Ion Batteries
  10.2.7.2 Lead-Acid Batteries
  10.2.7.3 Others
  10.2.8 Historic and Forecasted Market Size By End User
  10.2.8.1 Private
  10.2.8.2 Commercial
  10.2.8.3 Public Transport
  10.2.9 Historic and Forecast Market Size by Country
  10.2.9.1 US
  10.2.9.2 Canada
  10.2.9.3 Mexico
 10.3. Eastern Europe United Kingdom Electric Vehicle Market
  10.3.1 Key Market Trends, Growth Factors and Opportunities
  10.3.2 Top Key Companies
  10.3.3 Historic and Forecasted Market Size by Segments
  10.3.4 Historic and Forecasted Market Size By Vehicle Type
  10.3.4.1 Passenger Cars
  10.3.4.2 Commercial Vehicles
  10.3.4.3 Two-Wheelers
  10.3.4.4 Others
  10.3.5 Historic and Forecasted Market Size By Propulsion Type
  10.3.5.1 Battery Electric Vehicles (BEV)
  10.3.5.2 Plug-in Hybrid Electric Vehicles (PHEV)
  10.3.5.3 Hybrid Electric Vehicles (HEV)
  10.3.6 Historic and Forecasted Market Size By Charging Infrastructure
  10.3.6.1 AC Charging
  10.3.6.2 DC Charging
  10.3.7 Historic and Forecasted Market Size By Battery Type
  10.3.7.1 Lithium-Ion Batteries
  10.3.7.2 Lead-Acid Batteries
  10.3.7.3 Others
  10.3.8 Historic and Forecasted Market Size By End User
  10.3.8.1 Private
  10.3.8.2 Commercial
  10.3.8.3 Public Transport
  10.3.9 Historic and Forecast Market Size by Country
  10.3.9.1 Russia
  10.3.9.2 Bulgaria
  10.3.9.3 The Czech Republic
  10.3.9.4 Hungary
  10.3.9.5 Poland
  10.3.9.6 Romania
  10.3.9.7 Rest of Eastern Europe
 10.4. Western Europe United Kingdom Electric Vehicle Market
  10.4.1 Key Market Trends, Growth Factors and Opportunities
  10.4.2 Top Key Companies
  10.4.3 Historic and Forecasted Market Size by Segments
  10.4.4 Historic and Forecasted Market Size By Vehicle Type
  10.4.4.1 Passenger Cars
  10.4.4.2 Commercial Vehicles
  10.4.4.3 Two-Wheelers
  10.4.4.4 Others
  10.4.5 Historic and Forecasted Market Size By Propulsion Type
  10.4.5.1 Battery Electric Vehicles (BEV)
  10.4.5.2 Plug-in Hybrid Electric Vehicles (PHEV)
  10.4.5.3 Hybrid Electric Vehicles (HEV)
  10.4.6 Historic and Forecasted Market Size By Charging Infrastructure
  10.4.6.1 AC Charging
  10.4.6.2 DC Charging
  10.4.7 Historic and Forecasted Market Size By Battery Type
  10.4.7.1 Lithium-Ion Batteries
  10.4.7.2 Lead-Acid Batteries
  10.4.7.3 Others
  10.4.8 Historic and Forecasted Market Size By End User
  10.4.8.1 Private
  10.4.8.2 Commercial
  10.4.8.3 Public Transport
  10.4.9 Historic and Forecast Market Size by Country
  10.4.9.1 Germany
  10.4.9.2 UK
  10.4.9.3 France
  10.4.9.4 The Netherlands
  10.4.9.5 Italy
  10.4.9.6 Spain
  10.4.9.7 Rest of Western Europe
 10.5. Asia Pacific United Kingdom Electric Vehicle Market
  10.5.1 Key Market Trends, Growth Factors and Opportunities
  10.5.2 Top Key Companies
  10.5.3 Historic and Forecasted Market Size by Segments
  10.5.4 Historic and Forecasted Market Size By Vehicle Type
  10.5.4.1 Passenger Cars
  10.5.4.2 Commercial Vehicles
  10.5.4.3 Two-Wheelers
  10.5.4.4 Others
  10.5.5 Historic and Forecasted Market Size By Propulsion Type
  10.5.5.1 Battery Electric Vehicles (BEV)
  10.5.5.2 Plug-in Hybrid Electric Vehicles (PHEV)
  10.5.5.3 Hybrid Electric Vehicles (HEV)
  10.5.6 Historic and Forecasted Market Size By Charging Infrastructure
  10.5.6.1 AC Charging
  10.5.6.2 DC Charging
  10.5.7 Historic and Forecasted Market Size By Battery Type
  10.5.7.1 Lithium-Ion Batteries
  10.5.7.2 Lead-Acid Batteries
  10.5.7.3 Others
  10.5.8 Historic and Forecasted Market Size By End User
  10.5.8.1 Private
  10.5.8.2 Commercial
  10.5.8.3 Public Transport
  10.5.9 Historic and Forecast Market Size by Country
  10.5.9.1 China
  10.5.9.2 India
  10.5.9.3 Japan
  10.5.9.4 South Korea
  10.5.9.5 Malaysia
  10.5.9.6 Thailand
  10.5.9.7 Vietnam
  10.5.9.8 The Philippines
  10.5.9.9 Australia
  10.5.9.10 New Zealand
  10.5.9.11 Rest of APAC
 10.6. Middle East & Africa United Kingdom Electric Vehicle Market
  10.6.1 Key Market Trends, Growth Factors and Opportunities
  10.6.2 Top Key Companies
  10.6.3 Historic and Forecasted Market Size by Segments
  10.6.4 Historic and Forecasted Market Size By Vehicle Type
  10.6.4.1 Passenger Cars
  10.6.4.2 Commercial Vehicles
  10.6.4.3 Two-Wheelers
  10.6.4.4 Others
  10.6.5 Historic and Forecasted Market Size By Propulsion Type
  10.6.5.1 Battery Electric Vehicles (BEV)
  10.6.5.2 Plug-in Hybrid Electric Vehicles (PHEV)
  10.6.5.3 Hybrid Electric Vehicles (HEV)
  10.6.6 Historic and Forecasted Market Size By Charging Infrastructure
  10.6.6.1 AC Charging
  10.6.6.2 DC Charging
  10.6.7 Historic and Forecasted Market Size By Battery Type
  10.6.7.1 Lithium-Ion Batteries
  10.6.7.2 Lead-Acid Batteries
  10.6.7.3 Others
  10.6.8 Historic and Forecasted Market Size By End User
  10.6.8.1 Private
  10.6.8.2 Commercial
  10.6.8.3 Public Transport
  10.6.9 Historic and Forecast Market Size by Country
  10.6.9.1 Turkiye
  10.6.9.2 Bahrain
  10.6.9.3 Kuwait
  10.6.9.4 Saudi Arabia
  10.6.9.5 Qatar
  10.6.9.6 UAE
  10.6.9.7 Israel
  10.6.9.8 South Africa
 10.7. South America United Kingdom Electric Vehicle Market
  10.7.1 Key Market Trends, Growth Factors and Opportunities
  10.7.2 Top Key Companies
  10.7.3 Historic and Forecasted Market Size by Segments
  10.7.4 Historic and Forecasted Market Size By Vehicle Type
  10.7.4.1 Passenger Cars
  10.7.4.2 Commercial Vehicles
  10.7.4.3 Two-Wheelers
  10.7.4.4 Others
  10.7.5 Historic and Forecasted Market Size By Propulsion Type
  10.7.5.1 Battery Electric Vehicles (BEV)
  10.7.5.2 Plug-in Hybrid Electric Vehicles (PHEV)
  10.7.5.3 Hybrid Electric Vehicles (HEV)
  10.7.6 Historic and Forecasted Market Size By Charging Infrastructure
  10.7.6.1 AC Charging
  10.7.6.2 DC Charging
  10.7.7 Historic and Forecasted Market Size By Battery Type
  10.7.7.1 Lithium-Ion Batteries
  10.7.7.2 Lead-Acid Batteries
  10.7.7.3 Others
  10.7.8 Historic and Forecasted Market Size By End User
  10.7.8.1 Private
  10.7.8.2 Commercial
  10.7.8.3 Public Transport
  10.7.9 Historic and Forecast Market Size by Country
  10.7.9.1 Brazil
  10.7.9.2 Argentina
  10.7.9.3 Rest of SA

Chapter 11 Analyst Viewpoint and Conclusion
11.1 Recommendations and Concluding Analysis
11.2 Potential Market Strategies

Chapter 12 Research Methodology
12.1 Research Process
12.2 Primary Research
12.3 Secondary Research