UK battery electric vehicle market is forecast to grow at a CAGR of more than 22.0% during the forecast period. Favorable government policies, government subsidies and continuous introduction of the new BEV models are some of the major factors driving the growth of the market in the country. As per the European Automobile Manufacturers Association, in 2019 the electric vehicle car sales in the country increased by 144% YoY in 2019 and reached more than 37,500 from around 15,500 in 2018. Contrary to this, PHEV sales decreased by 21% YoY to nearly 35,000 in 2019. Another key factor for the growth of the market in the country includes a modification in company car tax from April 2020 in which there will be zero company car tax in pure electric cars. Besides, after 2021, the average emissions of all newly registered cars from an automaker should be below 95 g/km CO2.
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The market is segmented on the basis of vehicle type and battery type. Based on vehicle type, the market is segmented into commercial vehicles, passenger cars, and others. The passenger vehicle market is forecast to have a major market during the forecast period. On the basis of battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion battery BEVs is forecast to hold a major market share during the forecast period.
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Some of the major companies contributing to the market include Arrival Ltd., Audi AG, BMW AG, BYD Auto Co., Ltd., Daimler AG, Honda Motor Co., Ltd., Hyundai Motor Co., Jaguar Land Rover Ltd., Kia Motors Corp., Nissan Motor Co., Renault Group, Tesla, Inc., Volkswagen AG, and others. 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. For instance, in January 2020, Hyundai and Kia invested around $112 million in a UK electric vehicle startup Arrival Ltd. After the investment, the company’s value reached around $3.4 billion. The investment is a part of the $35 billion commitment of Hyundai in the self-driving technology and electric vehicle technology and to bring 23 electric vehicles by 2025.
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UK Battery Electric Vehicle (BEV) Market- Segmentation
by Vehicle Type
• Passenger Car
• Commercial Vehicle
by Battery Type
• Arrival Ltd.
• Audi AG
• BMW AG
• BYD Auto Co., Ltd.
• Daimler AG
• Honda Motor Co., Ltd.
• Hyundai Motor Co.
• Jaguar Land Rover Ltd.
• Kia Motors Corp.
• Nissan Motor Co.
• Renault Group
• Tesla, Inc.
• Volkswagen AG
• General Motors
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