Press release
United Kingdom Electric Vehicle Market Sees Robust Growth, Projected to Reach USD 1.24 Billion by 2030
United Kingdom Electric Vehicle Market
๐๐ฅ๐จ๐๐๐ฅ ๐๐๐ง๐ค๐ข๐ง๐ ๐๐ง๐ ๐๐ก๐๐ฅ๐ฅ๐๐ง๐ ๐๐ฌ
Ranked 5th globally in EY's EV Country Readiness Index, the UK faces challenges in supply chain and regulatory frameworks. Despite slipping rankings in supply (from 7th to 8th) and regulation (from 3rd to 4th), robust demand and impending bans on Internal Combustion Engine (ICE) vehicles propel market growth.
๐๐ ๐๐๐ง๐๐ญ๐ซ๐๐ญ๐ข๐จ๐ง ๐๐ง๐ ๐๐๐ฆ๐๐ง๐
EV penetration reached 26% in 2023, reflecting a 5% increase from the previous year, driven by government mandates and rising consumer interest. Anticipated new vehicle launches foresee 71% being EVs by 2027, emphasizing market orientation towards electric mobility.
๐๐ฆ๐ฉ๐๐๐ญ ๐จ๐ ๐๐จ๐ฏ๐๐ซ๐ง๐ฆ๐๐ง๐ญ ๐๐จ๐ฅ๐ข๐๐ข๐๐ฌ
๐๐ง๐ฏ๐๐ฌ๐ญ๐ฆ๐๐ง๐ญ๐ฌ ๐๐ง๐ ๐๐ง๐ข๐ญ๐ข๐๐ญ๐ข๐ฏ๐๐ฌ
The UK government's GBP 1.6 billion investment in charging infrastructure and battery production supports market expansion. The Road to Zero Strategy aims for 100% ZEV sales by 2035, stimulating industry growth despite political debates over regulatory targets.
๐๐๐ซ๐ค๐๐ญ ๐๐ก๐๐ฅ๐ฅ๐๐ง๐ ๐๐ฌ ๐๐ง๐ ๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ
๐๐ง๐๐ซ๐๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ฎ๐ซ๐ ๐๐ง๐ ๐๐จ๐ง๐ฌ๐ฎ๐ฆ๐๐ซ ๐๐๐จ๐ฉ๐ญ๐ข๐จ๐ง
Challenges persist in infrastructure development, with a reported 42% increase in public charge points but lagging behind in fast-charging capabilities compared to global leaders. High charging costs and infrastructural gaps remain hurdles amidst rising EV affordability.
๐๐ง๐ข๐ญ๐๐ ๐๐ข๐ง๐ ๐๐จ๐ฆ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐๐ญ๐ ๐ ๐จ๐ซ๐๐๐๐ฌ๐ญ:
The United Kingdom's electric vehicle (EV) market continues its upward trajectory, with a market size of USD 642.30 million in 2023, poised to grow at a CAGR of 9.82% through 2030, reaching nearly USD 1.24 billion. This growth underscores the nation's commitment to sustainable mobility amidst evolving regulatory landscapes and increasing consumer demand.
๐๐ซ๐๐ ๐๐จ๐ฎ๐ซ ๐ ๐ซ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ: https://www.maximizemarketresearch.com/request-sample/64130/
๐๐ง๐ข๐ญ๐๐ ๐๐ข๐ง๐ ๐๐จ๐ฆ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ:
In EY's EV Country Readiness Index for the Electric Vehicle (EV) transition, the UK is ranked fifth in the world, holding onto its top spot despite growing supply and regulatory constraints. As a result, the market for electric vehicles in the UK has grown significantly in recent years and is anticipated to continue growing quickly over the projection period. China is first, followed by Norway; the US rises to third; Sweden falls to fourth. Although there is a strong demand for electric vehicles (EVs) and the impending 2030 prohibition on the sale of new internal combustion engine (ICE) vehicles, the UK is facing setbacks in both supply (moving up to the eighth spot) and regulation (moving up to the fourth spot).
๐๐ง๐ข๐ญ๐๐ ๐๐ข๐ง๐ ๐๐จ๐ฆ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง
๐๐ฒ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐ฒ๐ฉ๐
Two-Wheelers
Passenger Cars
Commercial Vehicles
๐๐ฒ ๐๐ฒ๐ฉ๐
Battery Electric Vehicle
Plug-in Hybrid Electric Vehicle
Fuel Cell Electric Vehicle
๐๐ฒ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐ซ๐ข๐ฏ๐ ๐๐ฒ๐ฉ๐
Front Wheel Drive
Rear Wheel Drive
All-Wheel Drive
๐๐ฒ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐ฅ๐๐ฌ๐ฌ
Low-priced
Mid-priced
Luxury
๐๐ฒ ๐๐ง๐-๐๐ฌ๐๐ซ
Private
Commercial
๐๐จ ๐๐๐๐๐ฌ๐ฌ ๐ฆ๐จ๐ซ๐ ๐๐๐ญ๐๐ข๐ฅ๐ฌ ๐ซ๐๐ ๐๐ซ๐๐ข๐ง๐ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฌ๐๐๐ซ๐๐ก, ๐ฏ๐ข๐ฌ๐ข๐ญ ๐ญ๐ก๐ ๐๐จ๐ฅ๐ฅ๐จ๐ฐ๐ข๐ง๐ ๐ฐ๐๐๐ฉ๐๐ ๐: https://www.maximizemarketresearch.com/request-sample/64130/
๐๐ง๐ข๐ญ๐๐ ๐๐ข๐ง๐ ๐๐จ๐ฆ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐จ๐ฉ๐ ๐๐ง๐ ๐๐๐ญ๐ก๐จ๐๐จ๐ฅ๐จ๐ ๐ฒ:
A wealth of information on significant subjects, including those that are expected to support the industry's growth and upcoming issues, is included in the market research report United Kingdom Electric Vehicle. The industry's competitive landscape, investment potential in the United Kingdom Electric Vehicle market, and items promoted by well-known brands will all be thoroughly understood by stakeholders. The sector's quantitative and qualitative elements are examined in the study. A detailed examination of the competition for the United Kingdom Electric Vehicle Market is one of the things the MMR probe looks into.
The analysis includes a detailed list of needs along with a full justification for each. Numerous primary and secondary information sources, such as official government documents, websites, annual reports, and expert and professional sources, were considered when developing the United Kingdom Electric Vehicle Market.
๐๐ง๐ข๐ญ๐๐ ๐๐ข๐ง๐ ๐๐จ๐ฆ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐จ๐ซ ๐๐๐ฆ๐๐ง๐ ๐ข๐ง ๐ฐ๐ก๐ข๐๐ก ๐ซ๐๐ ๐ข๐จ๐ง๐ฌ??
Over the years, the UK government has implemented a number of tactics and policies to encourage the use of electric vehicles. Its goals have included setting high goals, providing incentives, and improving infrastructure. These programs, which have been implemented under several administrations, demonstrate a dedication to a cleaner automotive environment and contribute to the expansion of the electric vehicle market in the United Kingdom.
Labour Government Initiatives: The infrastructure required for electric vehicles (EVs) was to be accelerated under the Labour Government's reign. Among these was a ยฃ20 million commitment to promote the development of charging infrastructure in particular towns and areas. Their goals were demonstrated by pledges to install 100,000 electric vehicle charging stations by the end of a specific legislative term.
๐ ๐ฎ๐ญ๐ฎ๐ซ๐ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค
๐๐ญ๐ซ๐๐ญ๐๐ ๐ข๐ ๐๐ง๐ข๐ญ๐ข๐๐ญ๐ข๐ฏ๐๐ฌ ๐๐ง๐ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐ซ๐จ๐ฌ๐ฉ๐๐๐ญ๐ฌ
Strengthened by ambitious decarbonization plans and industry electrification commitments, including pledges from major automakers to transition fleets to electric variants, the UK positions itself as a pivotal player in the global EV market. Continued policy support and technological advancements are set to drive sustained market growth.
๐๐ง๐ข๐ญ๐๐ ๐๐ข๐ง๐ ๐๐จ๐ฆ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ
1. Tesla (Palo Alto, California, USA)
2. BMW (Munich, Germany)
3. Mini (Oxford, United Kingdom - part of BMW Group)
4. Ford (Dearborn, Michigan, USA)
5. Hyundai (Seoul, South Korea)
6. Kia Corporation (Seoul, South Korea)
7. Nissan (Yokohama, Japan)
8. Volkswagen (Wolfsburg, Germany)
9. Chevrolet Bolt EV (Detroit, Michigan, USA - part of General Motors)
10. Rivian (Irvine, California, USA)
11. Audi (Ingolstadt, Germany)
12. Renault (Boulogne-Billancourt, France)
13. Jaguar (Whitley, United Kingdom)
14. Porsche (Stuttgart, Germany)
15. MG Motor (Longbridge, Birmingham, United Kingdom)
16. Volvo (Gothenburg, Sweden)
17. Peugeot (Paris, France)
18. Citroรซn (Saint-Ouen, France)
19. Fiat (Turin, Italy)
20. Skoda (Mladรก Boleslav, Czech Republic)
21. SEAT (Martorell, Spain)
22. Smart (Bรถblingen, Germany)
23. Honda (Minato, Tokyo, Japan)
24. Vauxhall (Luton, United Kingdom - part of Stellantis)
25. DS Automobiles (Paris, France - part of Stellantis)
๐๐จ๐ง๐๐ฅ๐ฎ๐ฌ๐ข๐จ๐ง
The United Kingdom's electric vehicle market demonstrates resilience and growth potential amid regulatory complexities and infrastructure challenges. With steadfast government support and industry innovation, the path to a sustainable automotive landscape is paved, underscoring the UK's pivotal role in shaping the future of electric mobility.
๐๐ง๐๐จ๐ฏ๐๐ซ ๐๐ง-๐๐๐ฉ๐ญ๐ก ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ: https://www.maximizemarketresearch.com/market-report/united-kingdom-electric-vehicle-market/64130/
๐๐๐๐ฅ๐ ๐จ๐ ๐๐จ๐ง๐ญ๐๐ง๐ญ๐ฌ: ๐๐ง๐ข๐ญ๐๐ ๐๐ข๐ง๐ ๐๐จ๐ฆ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐๐ซ๐ค๐๐ญ
Section 01: Overview
Section 02: Report Scope for the United Kingdom Electric Vehicle Market
Section 03: Landscape of the United Kingdom Electric Vehicle Market
Section 04: Size of the United Kingdom Electric Vehicle Market
Section 05: Types of United Kingdom Electric Vehicle Market Segmentation
Section 06: Analysis of Competitive Forces
Section 07: Profile of Customers
Section 08: Geographic Analysis
Section 09: Decision-Making Framework
Section 10: Factors Driving and Hindering Growth
Section 11: Current Market Developments
Section 12: Assessment of Market Participants
Section 13: Detailed Analysis of Vendors
๐๐๐ฒ ๐ช๐ฎ๐๐ฌ๐ญ๐ข๐จ๐ง๐ฌ ๐๐ง๐ฌ๐ฐ๐๐ซ๐๐ ๐ข๐ง ๐ญ๐ก๐ ๐๐ง๐ข๐ญ๐๐ ๐๐ข๐ง๐ ๐๐จ๐ฆ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐:
What is United Kingdom Electric Vehicle?
What is the growth rate of the United Kingdom Electric Vehicle Market?
Which are the factors expected to drive the United Kingdom Electric Vehicle market growth?
What is the CAGR at which the United Kingdom Electric Vehicle market will grow during the forecast period?
What are the different segments of the United Kingdom Electric Vehicle Market?
Which is the fastest growing region in the United Kingdom Electric Vehiclemarket?
What growth strategies are the players considering to increase their presence in United Kingdom Electric Vehicle?
What are the upcoming opportunities and trends for the United Kingdom Electric Vehicle Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the United Kingdom Electric Vehicle Market?
Who are the leading companies and what are their portfolios in United Kingdom Electric Vehicle Market?
What segments are covered in the United Kingdom Electric Vehicle Market?
Who are the key players in the United Kingdom Electric Vehicle market?
๐๐๐ฒ ๐๐๐๐๐ซ๐ข๐ง๐ ๐ฌ:
Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by different segment | 2024-2030
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation - A detailed analysis by segment with their sub-segments and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of Business by Region
Lucrative business opportunities with SWOT analysis
Recommendations
๐๐ก๐๐๐ค ๐จ๐ฎ๐ญ ๐๐๐๐ข๐ญ๐ข๐จ๐ง๐๐ฅ ๐ซ๐๐ฅ๐๐ฏ๐๐ง๐ญ ๐ซ๐๐ฉ๐จ๐ซ๐ญ๐ฌ:
โฃ Global Cutting Equipment, Accessories & Consumables Market https://www.maximizemarketresearch.com/market-report/global-cutting-equipment-accessories-consumables-market/117684/
โฃ Display Packaging Market https://www.maximizemarketresearch.com/market-report/display-packaging-market/147982/
โฃ Enterprise Social Software Market https://www.maximizemarketresearch.com/market-report/global-enterprise-social-software-market/56979/
โฃ Motor Management Market https://www.maximizemarketresearch.com/market-report/global-motor-management-market/98099/
โฃ Cloud API Market https://www.maximizemarketresearch.com/market-report/global-cloud-api-market/92822/
โฃ Energy Storage Systems Market https://www.maximizemarketresearch.com/market-report/global-energy-storage-systems-market/31732/
โฃ Command and Control Systems Market https://www.maximizemarketresearch.com/market-report/global-command-and-control-systems-market/99951/
โฃ Video Analytics Market https://www.maximizemarketresearch.com/market-report/global-video-analytics-market/6466/
โฃ Military Communications Market https://www.maximizemarketresearch.com/market-report/global-military-communications-market/7214/
โฃ Wireless Gigabit Market https://www.maximizemarketresearch.com/market-report/global-wireless-gigabit-market/25435/
๐๐ฎ๐ซ ๐๐๐๐ซ๐๐ฌ๐ฌ:
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๐๐๐จ๐ฎ๐ญ ๐๐๐ฑ๐ข๐ฆ๐ข๐ณ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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