Market Research Report
UK Electric Car Market 2019-2025
|UK Electric Car Market 2019-2025|
Published: April 5, 2020
Orion Market Research Pvt Ltd
Delivery time: 2-3 business days
UK Electric Car Market Size, Share & Trends Analysis Report by Vehicle Type (Hatchback, Sedan, and SUV), By Propulsion Technology (Battery Electric Car and Plug-in-Hybrid Electric Car), By Battery Type (NiMH, Li-ion, and Others), and Forecast 2019-2025
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.
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.
The companies which are contributing significantly in the market include AB Volvo, Audi AG, Daimler AG, General Motors Co., Hyundai Motor Co., Jaguar Land Rover Ltd., Kia Motors Corp., Mitsubishi Motors Corp., Nissan Motor Co., Renault Group, Toyota Motor Corp., and Volkswagen AG. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger and acquisition, collaborations with government, and technological advancements to stay competitive in the market.
The market study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts to brings authenticity to the reports.
Secondary Sources Include:
The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.
The Report Covers: