Market Size of uk electric vehicle Industry
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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.
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.
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UK Electric Vehicle Market Size Summary
The UK electric vehicle market is experiencing significant expansion, driven by government initiatives aimed at reducing carbon emissions and fostering sustainable transportation. The government's ambitious targets, such as the prohibition of new petrol and diesel cars by 2030, are part of a broader strategy to achieve net-zero emissions by 2050. To facilitate this transition, various incentives have been introduced, including grants for electric vehicles and subsidies for charging infrastructure, which have alleviated financial burdens on consumers and encouraged manufacturers to enhance their electric vehicle offerings. The expansion of charging infrastructure, supported by substantial investments, is crucial for the widespread adoption of electric vehicles. Policies like reduced parking fees and exemptions from congestion charges further enhance the appeal of electric vehicles, while projects such as the Electric Vehicle Homecharge Scheme (EVHS) improve the practicality of owning an EV.
Manufacturers are responding to the supportive regulatory environment by committing to electric-only production lines and investing in local EV and battery manufacturing, indicating a promising future for the UK's electric vehicle industry. The government's policies and incentive schemes are significantly driving the electric passenger car market, with plans to phase out fossil fuel-powered vehicles by 2035. This shift is encouraging consumers to opt for electric cars, leading to increased demand for electric passenger vehicles and battery packs. The UK government is also offering rebates and subsidies to further boost electric vehicle adoption, with substantial investments planned to enhance charging infrastructure. The market is moderately consolidated, with major players like Audi, BMW, Ford, Nissan, and Toyota leading the industry. Strategic partnerships and production expansions by these companies underscore the industry's commitment to sustainability and innovation.
UK Electric Vehicle Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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1.1 Vehicle Type
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1.1.1 Commercial Vehicles
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1.1.1.1 Buses
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1.1.1.2 Heavy-duty Commercial Trucks
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1.1.1.3 Light Commercial Pick-up Trucks
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1.1.1.4 Light Commercial Vans
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1.1.1.5 Medium-duty Commercial Trucks
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1.1.2 Passenger Vehicles
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1.1.3 Two-Wheelers
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1.2 Fuel Category
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UK Electric Vehicle Market Size FAQs
How big is the UK Electric Vehicle Market?
The UK Electric Vehicle Market size is expected to reach USD 45.67 billion in 2024 and grow at a CAGR of 21.04% to reach USD 143.61 billion by 2030.
What is the current UK Electric Vehicle Market size?
In 2024, the UK Electric Vehicle Market size is expected to reach USD 45.67 billion.
