Dublin, July 15, 2024 (GLOBE NEWSWIRE) -- The "United Kingdom Electric Vehicle and Charging Infrastructure Market Databook - 75+ KPIs Covering EV Market Size by Value and Volume, Vehicle Type, Price Point, Propulsion Type, Component, Location - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The electric vehicle market in the UK is expected to grow by 23.5% on an annual basis to reach US$19 billion in 2024.
The electric vehicle industry is expected to record strong growth over the next five years. The shift towards clean vehicles will aid the demand for electric vehicles driving the industry growth. The expanding charging infrastructure will also support the market growth in 2024. Firms like Trojan Energy are raising capital to roll out more chargers across the United Kingdom in 2024.
Trojan Energy, in January 2024, announced that the firm had raised £26 million in a new investment round. Firms are also entering into strategic collaborations for next-generation electric vehicle batteries. The collaboration is aimed at enhancing electric vehicle battery modelling and testing. Overall, the publisher maintains a positive growth outlook for the electric vehicle industry in the United Kingdom over the next three to four years.
Innovative startups are raising funding rounds to accelerate growth in the United Kingdom
The United Kingdom government plans to create an electric vehicle charging infrastructure from around 50,000 in 2024 to more than 300,000 by 2030. In line with this ambition, several innovative startups have emerged in the sector over the last few years. These startups are raising capital to expand their charging infrastructure and accelerate growth over the medium term.
- Trojan Energy, in January 2024, announced that the firm had raised £26 million in a new investment round, bringing the total fundraising to over £41 million. Of the £26 million raised, BGF invested £8 million and Scottish National Investment Bank infused £18 million. The capital will enable the firm to further expand its presence across the United Kingdom by rolling out more Trojan Energy chargers.
- The charging infrastructure is unique as the charging sits flat and flush with the pavement leaving streetscapes clutter-free. Furthermore, the chargers offer a speed of up to 22kW. The firm also entered into a strategic collaboration with Barnet council to install 1,300 on-street charging points.
The firm has further opportunities lined up across the United Kingdom, including in England, due to the Local Electric Vehicle Infrastructure (LEVI) fund. Going forward, in 2024, the publisher expects more such startups to raise funding rounds in the United Kingdom. This will drive the competitive landscape and electric vehicle adoption over the medium term.
Chinese electric vehicle manufacturers are continuing to expand their presence and product offerings in the United Kingdom
BYD, one of the leading Chinese EV firms, announced the launch of its new dealership in Canary Wharf in June 2024. This is the third outlet in London for BYD and the firm is expected to open more over the medium term. BYD, notably, entered into a strategic collaboration with China Harmony Auto Holding to launch the new store.
In addition to the new outlet, the firm also unveiled its electric double-decker bus for the United Kingdom. The new product was unveiled at the London Bus Museum and has been specifically customized for the United Kingdom market. The double-decker bus, named BYD BD11, will be launched later in 2024.
While the firm has been expanding its presence and product offering in the United Kingdom, the new tariff rules can hinder the growth of Chinese EV makers. The European Commission, in June 2024, imposed duties of up to 38.1% on electric vehicle imports from July 4. BYD models will face a 17.4% price increase, whereas Geely's models will see a 20% rise, and SAIC faces the highest increase at 38.1%.
Firms are entering into strategic collaborations for next-generation electric vehicle batteries
Monolith, an AI software startup, entered into a strategic partnership with battery technology innovator About: Energy in January 2024. The collaboration is aimed at enhancing electric vehicle battery modelling and testing. These UK-based companies aim to significantly reduce EV development time, potentially speeding up the research and development process by 12 to 18 months with the help of AI-powered battery modelling.
Both firms are collaborating to create pre-trained AI models on the Monolith platform using advanced and precise battery data provided by About: Energy. These models, built from data on numerous batteries, are expected to offer more accurate predictions for battery degradation and thermal propagation.
This approach, as revealed by the firm, will decrease the number of required tests, cut testing costs, and enhance battery performance and safety. The partnership between the firms goes beyond just EV development. The firms believe their technology can also be applied to other areas, such as micro-mobility and aerospace.
The medium to long term growth story of the electric vehicle market in United Kingdom remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 23.5% during 2024-2028. The electric vehicle market in the country will increase from US$15.4 billion in 2023 to reach US$44.2 billion 2028.
This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.
This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Market opportunity for the electric vehicle segment has been further broken down by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components in United Kingdom.
Report Scope
This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in United Kingdom through 97 tables and 119 charts. Below is a summary of key market segments:
United Kingdom Overall Vehicle Market Size and Future Growth Dynamics
- Market size by value
- Market size by volume
United Kingdom Electric Vehicle Market Size and Forecast
United Kingdom Electric Vehicle Market Volume By Drive Segment
- Front Wheel Drive
- Rear Wheel Drive
- All-Wheel Drive
United Kingdom Electric Vehicle Market Value and Volume By Car Segment
- Passenger Car
- Commercial Vehicle
United Kingdom Electric Vehicle Market Value and Volume By Passenger Car Segment
- Small Car
- Medium Car
- Crossover Car
- Large Car
- SUV
United Kingdom Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
- Light Duty Vehicle (Class 1-Class 3)
- Medium Duty Vehicle (Class 4-Class 6)
- Heavy Duty Vehicle (Class 7-Class 8)
United Kingdom Electric Vehicle Market Value By Vehicle Class
- Low-Priced
- Mid-Priced
- Luxury Class
United Kingdom Electric Vehicle Market Value By Powertrain
- Parallel Hybrid
- Series Hybrid
- Combined Hybrid
United Kingdom Electric Vehicle Market Value By Distance Range
- Up to 150 Miles
- 151-300 Miles
- Above 300 Miles
United Kingdom Electric Vehicle Market Value By Charging Type
- Normal Charging
- Super Charging
United Kingdom Electric Vehicle Market Value By Propulsion Type
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Fuel Cell Electric Vehicles (FCEVs)
United Kingdom Electric Vehicle Market Value and Volume By Vehicle Type
- Two Wheelers (e2W)
- Three-Wheeler (e3W)
- Four Wheelers (e4W)
- Electric Buses
United Kingdom Electric Vehicle Market Value By Cities
- Tier 1 Cities
- Tier 2 Cities
- Tier 3 Cities
United Kingdom Electric Vehicle Market Value By Components
- Battery Cells & Packs
- On-Board Charge
- Motor
- Reducer
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
United Kingdom Electric Vehicle Infrastructure Market Value
United Kingdom Electric Vehicle Infrastructure Market Volume
- Number of Charging Points
- Number of Charging Stations
United Kingdom Electric Vehicle - Number of Charging Points By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
United Kingdom Electric Vehicle - Number of Charging Stations By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
United Kingdom Electric Vehicle - Number of Charging Points By Location
- Residential and Destination
- Streets
- Workplaces
- Flew depots
United Kingdom Electric Vehicle - Number of Charging Points By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
United Kingdom Electric Vehicle - Number of Charging Stations By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
United Kingdom Electric Vehicle - Number of Charging Points By Vehicle
- Passenger Cars
- Buses
- Trucks
- Light Commercial Vehicles
United Kingdom Electric Vehicle - Number of Charging Points By Connection Phase
- Single Phase
- Three Phase
United Kingdom Electric Vehicle - Number of Charging Points By Infrastructure Type
- CSS
- CHAdeMO
- GB/T
- Other
United Kingdom Electric Vehicle - Number of Charging Points By Connectivity
- Smart Charging Station
- Non-Connected Charging Station
For more information about this report visit https://www.researchandmarkets.com/r/hssfbm
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