Growing need for cleaner automobiles coupled with rising focus of government towards electric vehicles to drive United Kingdom electric vehicle market by 2024
to TechSci Research report “United Kingdom Electric
Vehicle MarketBy Vehicle Type, By Drivetrain Technology
Type, By Charging Infrastructure Trends, Competition, Forecast &
Opportunities, 2014 – 2024”, the electric
vehicles market in the UK is projected to cross $ 5.4 billion by 2024,
predominantly on account of favorable government incentive schemes and
subsidies on the adoption of electric vehicles. Moreover, increasing research
& development activities by various leading automobile companies to develop
more advanced and affordable electric vehicles is anticipated to positively
influence the country’s electric vehicle market in the coming years.
Additionally, increasing consumer inclination towards electric vehicles on
account of growing concerns associated with rising GHG emissions and deteriorating
air quality is likely to push demand for electric vehicles in UK over the
Browse 36 market data Figures and Tables spread
through 72 Pages and an in-depth TOC on“United Kingdom Electric Vehicle
lion’s share of more than 95%, passenger car segment dominated United Kingdom electric
vehicle market in 2018, followed by the commercial vehicle segment. Strong
dominance of electric passenger car segment is backed by huge investments in
the electric passenger car segment by the leading market players. United
Kingdom electric vehicle market is witnessed to be largely concentrated in London.
Moreover, government and private automobile companies are focusing on
development of charging infrastructure in the city, which is further likely to
boost sales of electric vehicles in the region over the course of next five
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Rising presence of various major global auto companies such as BMW, Mitsubishi, Nissan, Tesla, Volkswagen, Renault, Audi, etc., in the global electric vehicle marketplace and their continuing R&D focus to manufacture technologically advanced as well as more efficient electric vehicles is further anticipated to intensify competition in UK electric vehicle market in the coming years. “Rising number of government initiatives to promote adoption of electric vehicles coupled with ongoing research and development projects of leading auto players is expected to boost electric vehicle sales at an explosive pace in the UK until 2024. Moreover, due to rising environmental concerns, consumer focus is also shifting towards electric vehicles, which is expected to further fuel growth in the market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“United Kingdom Electric Vehicle Market By Vehicle Type, By Drivetrain Technology Type, By Charging Infrastructure Trends, Competition Forecast & Opportunities, 2014 – 2024” has analyzed the potential of electric vehicle market across the United Kingdom, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by United Kingdom electric vehicle market.