UK Electric Vehicle Market Size
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Study Period | 2017 - 2030 |
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Base Year For Estimation | 2023 |
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Forecast Data Period | 2024 - 2030 |
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Market Size (2024) | USD 45.67 Billion |
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Market Size (2030) | USD 143.6 Billion |
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CAGR (2024 - 2030) | 21.04 % |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
UK Electric Vehicle Market Analysis
The UK Electric Vehicle Market size is estimated at 45.67 billion USD in 2024, and is expected to reach 143.6 billion USD by 2030, growing at a CAGR of 21.04% during the forecast period (2024-2030).
45.67 Billion
Market Size in 2024 (USD)
143.6 Billion
Market Size in 2030 (USD)
39.12 %
CAGR (2017-2023)
21.04 %
CAGR (2024-2030)
Largest Segment by Fuel Category
52.63 %
value share, BEV, 2023
BEVs dominate due to strong government incentives, expanding charging infrastructure, and increasing consumer awareness about the environmental benefits of electric vehicles.
Largest Segment by Vehicle Body Type
67.87 %
value share, Sports Utility Vehicle, 2023
SUVs lead the electric vehicle market because they combine the benefits of spaciousness, versatility, and higher driving position, which are highly valued by consumers.
Fastest-growing Segment by Fuel Category
49.69 %
Projected CAGR, FCEV, 2024-2030
FCEVs are the fastest-growing segment due to advancements in hydrogen technology, expanding hydrogen refueling infrastructure, and government support for zero-emission vehicles.
Leading Market Player
13.74 %
market share, Ford Motor Company, 2023
Ford Motor Company leads the market with its extensive range of electric vehicles, strong brand reputation, and commitment to expanding its electric vehicle offerings in the UK.
Second leading Market Player
12.61 %
market share, Toyota Motor Corporation, 2023
Toyota Motor Corporation holds a significant market position due to its innovative electric vehicle technology, strong brand presence, and commitment to sustainability and fuel efficiency in the UK.
The UK government's comprehensive regulations and incentives have significantly accelerated the growth of the electric vehicle industry, fostering both consumer adoption and manufacturer innovation
- The UK EV industry has experienced rapid growth, significantly propelled by government regulations and incentives aimed at reducing carbon emissions and promoting sustainable transport. The British government has set ambitious targets, such as the ban on new petrol and diesel cars by 2030, under its broader strategy to achieve net-zero emissions by 2050. To support this transition, the government has implemented various incentives, including grants for electric cars and subsidies for home and public charging infrastructure. These policies have not only eased the financial burden on consumers but have also encouraged manufacturers to increase their offerings of electric models.
- Furthermore, the government has focused on expanding the necessary infrastructure to support electric vehicles, which is crucial for widespread adoption. This includes substantial investments in charging networks across the nation, with aims to significantly increase the number of fast-charging stations. Policies such as reduced parking fees for EVs and exemptions from congestion charges in urban areas like London have further boosted the attractiveness of electric vehicles. The government's commitment is evident in its backing of projects like the Electric Vehicle Homecharge Scheme (EVHS), which provides funding for home charger installations, enhancing the practicality of owning an EV.
- Manufacturers are responding to the supportive regulatory framework by committing to electric-only production lines and investing in local manufacturing of EVs and batteries, indicating a robust future trajectory for the UK's electric vehicle industry.
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UK Electric Vehicle Market Trends
Policies and incentives of the UK Government are driving the surge in electric vehicle sales
- Policies and incentive schemes by the UK government are driving the electric passenger car market in the country. For instance, in March 2022, the government announced plans to phase out fossil fuel-powered vehicles such as diesel and petrol cars, which will be replaced by all new zero-emission vehicles by 2035. Such factors are giving people second thoughts and shifting them to opt for electric cars. As a result, the demand for electric passenger cars increased by 18.40% in 2022 over 2021, also impacting the demand for battery packs positively.
- The government of the UK is implementing various practices to increase the adoption rate of electric vehicles over ICE vehicles. In 2023, the UK government announced the rebates and subsidies offered to consumers opting for electric vehicles. The subsidy amount varies depending on the type of vehicle being purchased, with a maximum of up to 2500 pounds on an electric car. Such offers are encouraging consumers to invest in EVs, which is expected to accelerate the sales of electric cars during the 2024-2030 period.
- Development and positive changes, such as infrastructure development in the UK electric vehicle industry, are increasing the sales of electric vehicles in the country. The UK government is committed to investing USD 1.96 billion to enhance and improve the charging infrastructure by deploying 300,000 public charge points by 2030. This will also contribute to the government’s aim to increase the electrification of vehicles in the country during the 2024-2030 period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The UK's population is increasing steadily, driven by factors like net migration and a stable economy
- The UK's CVP is expected to increase in 2023, reflecting post-pandemic recovery, growing consumer confidence, and a shift toward sustainable vehicle options
- Interest rates for auto loans in the United Kingdom displayed a decline through 2021 followed by a rise in 2022
- The United Kingdom's EV charging network grew to 50,600 stations, driven by green policies and ambitious climate goals
- International companies are driving electrification in the United Kingdom with new EV models, in turn expanding the electric vehicle market
- The UK government has a major influence on fuel prices, and both fuel duty and VAT (standard 20% rate) make up majority of the petrol and diesel prices
- The UK's GDP per capita experienced fluctuations but is expected to rebound significantly by 2030, driven by strategic initiatives, innovation, and sustainability, signaling a positive economic outlook
- The UK's inflation, tied to post-Brexit shifts, is expected to stabilize for economic confidence
- The United Kingdom's MaaS landscape is set for a steady growth due to the consistent growth of ride-hailing and taxi services
- Declining lithium-ion battery prices is propelling the adoption of electric vehicles in the United Kingdom
- The UK used car market is expected to witness fluctuations, but the overall trend leans toward growth with potential government policies and the increasing trust in certified used cars
- The UK automotive market from 2017 to 2023 highlighted significant brand and category-specific fluctuations, resilience in luxury and heavy-duty sectors, and emerging growth in newly restructured companies
UK Electric Vehicle Industry Overview
The UK Electric Vehicle Market is moderately consolidated, with the top five companies occupying 57.42%. The major players in this market are Audi AG, Bayerische Motoren Werke AG, Ford Motor Company, Nissan Motor Co. Ltd. and Toyota Motor Corporation (sorted alphabetically).
UK Electric Vehicle Market Leaders
Audi AG
Bayerische Motoren Werke AG
Ford Motor Company
Nissan Motor Co. Ltd.
Toyota Motor Corporation
Other important companies include Hyundai Motor Company, Jaguar Land Rover Limited, Kia Corporation, Mercedes-Benz, Volvo Car AB.
*Disclaimer: Major Players sorted in alphabetical order.
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UK Electric Vehicle Market News
- November 2023: Ford motors and manufacturers 2030 have entered into a strategic Partnerships to help its suppliers achieve their CO2 reduction targets in line with Ford Motor Co.'s global objective of becoming carbon neutral by 2050.
- August 2023: Toyota Argentina announced that as it begins production of the Hiace in 2024 at its plant in Zárate, it will continue and enlarge the mission of the Conversions area, dedicated to designing and producing vehicles adapted to the specific needs of multiple customers.
- August 2023: The Dubai Police Department has placed an electric Mercedes EQS 580 on its fleet of luxury cars and environmentally conscious vehicles to patrol the streets.
Free with this Report
For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
UK Electric Vehicle Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Population
- 4.2 GDP Per Capita
- 4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.4 Inflation
- 4.5 Interest Rate For Auto Loans
- 4.6 Shared Rides
- 4.7 Impact Of Electrification
- 4.8 EV Charging Station
- 4.9 Battery Pack Price
- 4.10 New Xev Models Announced
- 4.11 Used Car Sales
- 4.12 Fuel Price
- 4.13 Oem-wise Production Statistics
- 4.14 Regulatory Framework
- 4.15 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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5.1 Vehicle Type
- 5.1.1 Commercial Vehicles
- 5.1.1.1 Buses
- 5.1.1.2 Heavy-duty Commercial Trucks
- 5.1.1.3 Light Commercial Pick-up Trucks
- 5.1.1.4 Light Commercial Vans
- 5.1.1.5 Medium-duty Commercial Trucks
- 5.1.2 Passenger Vehicles
- 5.1.3 Two-Wheelers
- 5.2 Fuel Category
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 Audi AG
- 6.4.2 Bayerische Motoren Werke AG
- 6.4.3 Ford Motor Company
- 6.4.4 Hyundai Motor Company
- 6.4.5 Jaguar Land Rover Limited
- 6.4.6 Kia Corporation
- 6.4.7 Mercedes-Benz
- 6.4.8 Nissan Motor Co. Ltd.
- 6.4.9 Toyota Motor Corporation
- 6.4.10 Volvo Car AB
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- UK ELECTRIC VEHICLE MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- UK MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 3:
- UK MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 4:
- UK MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 5:
- UK ELECTRIC VEHICLE MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 6:
- UK MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 7:
- UK MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 8:
- UK MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 9:
- UK MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 10:
- UK ELECTRIC VEHICLE MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 11:
- UK MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 12:
- UK MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 13:
- UK ELECTRIC VEHICLE MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 14:
- UK ELECTRIC VEHICLE MARKET, VALUE IN USD, 2017 - 2030
- Figure 15:
- UK ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 16:
- UK ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 17:
- UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
- Figure 18:
- UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
- Figure 19:
- UK ELECTRIC VEHICLE MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 20:
- UK ELECTRIC VEHICLE MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 21:
- UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 22:
- UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 23:
- UK ELECTRIC VEHICLE MARKET, BY BUSES, BY VOLUME IN UNITS, 2017 - 2030
- Figure 24:
- UK ELECTRIC VEHICLE MARKET, BY BUSES, BY VALUE IN USD, 2017 - 2030
- Figure 25:
- UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 26:
- UK ELECTRIC VEHICLE MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 27:
- UK ELECTRIC VEHICLE MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 28:
- UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 29:
- UK ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 30:
- UK ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 31:
- UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 32:
- UK ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 33:
- UK ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2017 - 2030
- Figure 34:
- UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 35:
- UK ELECTRIC VEHICLE MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 36:
- UK ELECTRIC VEHICLE MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 37:
- UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 38:
- UK ELECTRIC VEHICLE MARKET, BY TWO-WHEELERS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 39:
- UK ELECTRIC VEHICLE MARKET, BY TWO-WHEELERS, BY VALUE IN USD, 2017 - 2030
- Figure 40:
- UK ELECTRIC VEHICLE MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 41:
- UK ELECTRIC VEHICLE MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 42:
- UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 43:
- UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 44:
- UK ELECTRIC VEHICLE MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 45:
- UK ELECTRIC VEHICLE MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 46:
- UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 47:
- UK ELECTRIC VEHICLE MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 48:
- UK ELECTRIC VEHICLE MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 49:
- UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 50:
- UK ELECTRIC VEHICLE MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 51:
- UK ELECTRIC VEHICLE MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 52:
- UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 53:
- UK ELECTRIC VEHICLE MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 54:
- UK ELECTRIC VEHICLE MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 55:
- UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 56:
- UK ELECTRIC VEHICLE MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 57:
- UK ELECTRIC VEHICLE MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 58:
- UK ELECTRIC VEHICLE MARKET SHARE(%), BY MAJOR PLAYERS, 2021
UK Electric Vehicle Industry Segmentation
Commercial Vehicles, Passenger Vehicles, Two-Wheelers are covered as segments by Vehicle Type. are covered as segments by Fuel Category.
- The UK EV industry has experienced rapid growth, significantly propelled by government regulations and incentives aimed at reducing carbon emissions and promoting sustainable transport. The British government has set ambitious targets, such as the ban on new petrol and diesel cars by 2030, under its broader strategy to achieve net-zero emissions by 2050. To support this transition, the government has implemented various incentives, including grants for electric cars and subsidies for home and public charging infrastructure. These policies have not only eased the financial burden on consumers but have also encouraged manufacturers to increase their offerings of electric models.
- Furthermore, the government has focused on expanding the necessary infrastructure to support electric vehicles, which is crucial for widespread adoption. This includes substantial investments in charging networks across the nation, with aims to significantly increase the number of fast-charging stations. Policies such as reduced parking fees for EVs and exemptions from congestion charges in urban areas like London have further boosted the attractiveness of electric vehicles. The government's commitment is evident in its backing of projects like the Electric Vehicle Homecharge Scheme (EVHS), which provides funding for home charger installations, enhancing the practicality of owning an EV.
- Manufacturers are responding to the supportive regulatory framework by committing to electric-only production lines and investing in local manufacturing of EVs and batteries, indicating a robust future trajectory for the UK's electric vehicle industry.
| Vehicle Type | Commercial Vehicles | Buses |
| Heavy-duty Commercial Trucks | ||
| Light Commercial Pick-up Trucks | ||
| Light Commercial Vans | ||
| Medium-duty Commercial Trucks | ||
| Vehicle Type | Passenger Vehicles | |
| Two-Wheelers |
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Market Definition
- Vehicle Type - The category includes passenger cars, commercial vehicles, and two-wheelers.
- Vehicle Body Type - TUnder Passenger Cars, the category includes Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles; for Commercial Vehicles, it covers Light Commercial Pick-up Trucks, Light Commercial Vans, Medium-duty Commercial Trucks, Heavy-duty Commercial Trucks, and Medium and Heavy Duty Buses; and for Two-Wheelers, it encompasses Scooters and Motorcycles.
- Fuel Category - The category exclusively covers electric propulsion systems, including various types such as HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles).
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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