UK Battery Electric Vehicle (BEV) Market Future Growth Prospects by 2025 | Hyundai Motor Co., Jaguar Land Rover Ltd., Kia Motors Corp., Nissan Motor Co.

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.

Get Sample Copy of UK Battery Electric Vehicle (BEV) Market at: https://www.omrglobal.com/request-sample/uk-battery-electric-vehicle-bev-market

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 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.

For More Information, get A full report of UK Battery Electric Vehicle (BEV) Market is available at: https://www.omrglobal.com/industry-reports/uk-battery-electric-vehicle-bev-market

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.

Market Segmentation

Battery Electric Vehicle Market by Vehicle Type

o Passenger Car
o Commercial Vehicle
o Others

Battery Electric Vehicle Market by Battery Type

o NiMH
o Li-Ion
o Others

For more customized data, request for report customization @ https://www.omrglobal.com/report-customization/uk-battery-electric-vehicle-bev-market

Media Contact:

Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +1 646-755-7667, +91 7803040404

About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.

For More Information, Visit https://www.omrglobal.com/

This release was published on openPR.