UK Electric Vehicle Market Industry Size and Share by Sales Revenue, Demands, Growth and Forecast 2019 To 2025

UK Electric Vehicle market is estimated to grow at a CAGR of more than 23.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases. UK is a member country of the Electric Vehicles Initiative (EVI) is a multi-government policy forum dedicated to accelerating the introduction and adoption of electric vehicles. The growing environmental concerns along with cohesive government initiatives are some other aspects to fuel the market growth in the region. However, the high cost of batteries and the low-range availability of electric vehicles are the key restraining factor in the country.

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Some of the major companies that are contributing to the growth of the UK electric vehicle market include Alcraft Motor, Audi, BMW, Audi, Toyota Motors, Volvo, Renault Group, Volkswagen, and others.

The market is segmented on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicle, plug-in hybrid electric vehicle. Based on battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on the battery type, the Li-ion battery market is anticipated to showcase a significant growth rate.

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The market players are considerably contributing to the market growth by the adoption of various strategies including new product innovations, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market.

Market Segmentation

Electric Vehicle Market by Vehicle Type

o Commercial Vehicles
o Passenger Cars
o Two-Wheelers

Electric Vehicle Market by Propulsion Technology

o Battery Electric Vehicles
o Plug-in Hybrid Electric Vehicle

Electric Vehicle Market by Battery Type

o NiMH
o Li-Ion
o Others

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