Market Size of uk electric commercial vehicle battery pack Industry
|
Study Period | 2017 - 2029 |
|
Market Size (2024) | USD 101.9 Million |
|
|
Market Size (2029) | USD 114.5 Million |
|
Largest Share by Propulsion Type | BEV |
|
|
CAGR (2024 - 2029) | 2.37 % |
|
|
Fastest Growing by Propulsion Type | PHEV |
Major Players |
||
|
||
|
*Disclaimer: Major Players sorted in no particular order |
UK Electric Commercial Vehicle Battery Pack Market Analysis
The UK Electric Commercial Vehicle Battery Pack Market size is estimated at 101.9 million USD in 2024, and is expected to reach 114.5 million USD by 2029, growing at a CAGR of 2.37% during the forecast period (2024-2029).
101.9 Million
Market Size in 2024 (USD)
114.5 Million
Market Size in 2029 (USD)
9.33 %
CAGR (2018-2023)
2.37 %
CAGR (2024-2029)
Largest Segment by Body Type
94.06 %
value share, LCV, 2023
In the UK, LCVs are used for a variety of purposes, including deliveries, trades, and construction. They are also relatively affordable and good options for businesses.
Largest Segment by Propulsion Type
99.24 %
value share, BEV, 2023
BEV is the largest segment in the UK ECV battery pack market because of its lower operating cost, longer range, and other additional features.
Largest Segment by Battery Chemistry
62.52 %
value share, NMC, 2023
Due to less cost as compared to others, less prone to thermal runaway with longer cycle life make NMC batteries dominant in the UK electric ECV battery pack market.
Largest Segment by Battery Form
57.42 %
value share, Prismatic, 2023
Prismatic batteries offer higher energy density and improved thermal management, making them suitable for demanding commercial applications.
Leading Market Player
34.56 %
market share, Contemporary Amperex Technology Co. Ltd. (CATL), 2022
CATL has a strong record of innovation and quality and its batteries are used in a wide range of electric vehicles including buses, and trucks in the UK market.
The United Kingdom sees accelerated adoption of battery electric commercial vehicles
- Electric commercial vehicles (ECVs) have gained popularity in the UK in recent years due to their environmental benefits and cost-effectiveness. According to the Society of Motor Manufacturers and Traders (SMMT), there were 36,972 pure electric commercial vehicles registered in the United Kingdom in 2022. During the same year, the UK government announced a USD 260.46 million (GBP 246 million) investment in battery technology, which included funding for research and development. Despite the challenges posed by the COVID-19 pandemic, the adoption of electric vehicles in the United Kingdom continued to grow in 2020.
- According to the SMMT, 10,257 pure electric commercial vehicles were registered in the UK in 2020. The UK government announced a USD 2,647 million (GBP 2.5 billion) investment in the development of electric vehicle charging infrastructure. The adoption of electric vehicles in the UK accelerated in 2021, with 15,566 pure electric commercial vehicles registered in the first eight months of the year, according to the SMMT. This represents a 73.2% increase compared to the same period in 2020.
- Government incentives and subsidies have played a crucial role in this rise. For instance, the UK government offers incentives of up to USD 2,647 (GBP 2500) to help businesses offset the cost of owning an electric vehicle and USD 8,470.4 (GBP 8000) for electric vans. The changeover to ECVs that has been facilitated by this incentive program has raised the need for battery packs. On the other hand, upcoming electric vehicle plans by significant automakers have also aided in the expansion of the market for ECV battery packs. Ford, Volkswagen, and Mercedes-Benz are among the automakers that have declared their intentions to introduce new ECV vehicles in the upcoming years.
UK Electric Commercial Vehicle Battery Pack Industry Segmentation
Bus, LCV, M&HDT are covered as segments by Body Type. BEV, PHEV are covered as segments by Propulsion Type. LFP, NCA, NCM, NMC, Others are covered as segments by Battery Chemistry. 15 kWh to 40 kWh, 40 kWh to 80 kWh, Above 80 kWh, Less than 15 kWh are covered as segments by Capacity. Cylindrical, Pouch, Prismatic are covered as segments by Battery Form. Laser, Wire are covered as segments by Method. Anode, Cathode, Electrolyte, Separator are covered as segments by Component. Cobalt, Lithium, Manganese, Natural Graphite, Nickel are covered as segments by Material Type.
- Electric commercial vehicles (ECVs) have gained popularity in the UK in recent years due to their environmental benefits and cost-effectiveness. According to the Society of Motor Manufacturers and Traders (SMMT), there were 36,972 pure electric commercial vehicles registered in the United Kingdom in 2022. During the same year, the UK government announced a USD 260.46 million (GBP 246 million) investment in battery technology, which included funding for research and development. Despite the challenges posed by the COVID-19 pandemic, the adoption of electric vehicles in the United Kingdom continued to grow in 2020.
- According to the SMMT, 10,257 pure electric commercial vehicles were registered in the UK in 2020. The UK government announced a USD 2,647 million (GBP 2.5 billion) investment in the development of electric vehicle charging infrastructure. The adoption of electric vehicles in the UK accelerated in 2021, with 15,566 pure electric commercial vehicles registered in the first eight months of the year, according to the SMMT. This represents a 73.2% increase compared to the same period in 2020.
- Government incentives and subsidies have played a crucial role in this rise. For instance, the UK government offers incentives of up to USD 2,647 (GBP 2500) to help businesses offset the cost of owning an electric vehicle and USD 8,470.4 (GBP 8000) for electric vans. The changeover to ECVs that has been facilitated by this incentive program has raised the need for battery packs. On the other hand, upcoming electric vehicle plans by significant automakers have also aided in the expansion of the market for ECV battery packs. Ford, Volkswagen, and Mercedes-Benz are among the automakers that have declared their intentions to introduce new ECV vehicles in the upcoming years.
| Body Type | |
| Bus | |
| LCV | |
| M&HDT |
| Propulsion Type | |
| BEV | |
| PHEV |
| Battery Chemistry | |
| LFP | |
| NCA | |
| NCM | |
| NMC | |
| Others |
| Capacity | |
| 15 kWh to 40 kWh | |
| 40 kWh to 80 kWh | |
| Above 80 kWh | |
| Less than 15 kWh |
| Battery Form | |
| Cylindrical | |
| Pouch | |
| Prismatic |
| Method | |
| Laser | |
| Wire |
| Component | |
| Anode | |
| Cathode | |
| Electrolyte | |
| Separator |
| Material Type | |
| Cobalt | |
| Lithium | |
| Manganese | |
| Natural Graphite | |
| Nickel | |
| Other Materials |
UK Electric Commercial Vehicle Battery Pack Market Size Summary
The UK Electric Commercial Vehicle Battery Pack Market is experiencing a steady expansion, driven by the increasing adoption of electric commercial vehicles (ECVs) due to their environmental and economic advantages. The market is supported by significant government investments in battery technology and charging infrastructure, alongside incentives that encourage businesses to transition to electric vehicles. This shift has been further bolstered by major automakers like Ford, Volkswagen, and Mercedes-Benz, who are planning to introduce new ECV models. The competitive landscape is dominated by key players such as Toyota Group, Tesla, Kia, Hyundai, and BMW, with Toyota leading the market share. These companies are leveraging their extensive product ranges and strong brand reputations to maintain and enhance their positions in the market.
The demand for electric vehicles in the UK has led to a surge in the need for battery packs, with numerous brands and models available to consumers. The market is moderately consolidated, with the top companies holding a significant portion of the market share. Notable models like the Tesla Model Y, Toyota Vitz (Yaris), and Tesla Model 3 have been among the best sellers, reflecting the growing consumer preference for electric vehicles. The market's growth is also supported by advancements in battery technology, as seen in collaborations and production contracts aimed at enhancing battery performance. This dynamic environment indicates a promising outlook for the UK Electric Commercial Vehicle Battery Pack Market over the forecast period.
UK Electric Commercial Vehicle Battery Pack Market Size - Table of Contents
-
1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
-
1.1 Body Type
-
1.1.1 Bus
-
1.1.2 LCV
-
1.1.3 M&HDT
-
-
1.2 Propulsion Type
-
1.2.1 BEV
-
1.2.2 PHEV
-
-
1.3 Battery Chemistry
-
1.3.1 LFP
-
1.3.2 NCA
-
1.3.3 NCM
-
1.3.4 NMC
-
1.3.5 Others
-
-
1.4 Capacity
-
1.4.1 15 kWh to 40 kWh
-
1.4.2 40 kWh to 80 kWh
-
1.4.3 Above 80 kWh
-
1.4.4 Less than 15 kWh
-
-
1.5 Battery Form
-
1.5.1 Cylindrical
-
1.5.2 Pouch
-
1.5.3 Prismatic
-
-
1.6 Method
-
1.6.1 Laser
-
1.6.2 Wire
-
-
1.7 Component
-
1.7.1 Anode
-
1.7.2 Cathode
-
1.7.3 Electrolyte
-
1.7.4 Separator
-
-
1.8 Material Type
-
1.8.1 Cobalt
-
1.8.2 Lithium
-
1.8.3 Manganese
-
1.8.4 Natural Graphite
-
1.8.5 Nickel
-
1.8.6 Other Materials
-
-
UK Electric Commercial Vehicle Battery Pack Market Size FAQs
How big is the UK Electric Commercial Vehicle Battery Pack Market?
The UK Electric Commercial Vehicle Battery Pack Market size is expected to reach USD 101.87 million in 2024 and grow at a CAGR of 2.37% to reach USD 114.53 million by 2029.
What is the current UK Electric Commercial Vehicle Battery Pack Market size?
In 2024, the UK Electric Commercial Vehicle Battery Pack Market size is expected to reach USD 101.87 million.
