UK Electric Vehicle Market to Reach $ 5.4 Billion by 2024

Growing need for cleaner automobiles coupled with rising focus of government towards electric vehicles to drive United Kingdom electric vehicle market by 2024

According to TechSci Research report “United Kingdom Electric Vehicle Market By 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 coming years.

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With the 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 years.

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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.