Dublin, Sept. 25, 2024 (GLOBE NEWSWIRE) -- The "UK Electric Bus Battery Pack - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)" report has been added to ResearchAndMarkets.com's offering.
The United Kingdom's Electric Bus Battery Pack Market is exhibiting significant growth with projections estimating a market size of USD 5.78 million in 2024 that is anticipated to reach USD 10.06 million by 2029. This market is expanding at a robust compound annual growth rate (CAGR) of 11.72% during the forecast period from 2024 to 2029.
Driving Factors Behind Market Growth
A combination of decreasing costs and strong government support is proving to be a catalyst for the rapid adoption of battery electric buses across the UK. The commitment to carbon footprint reduction alongside the availability of government funding has led to an increased number of electric bus registrations, with electric buses comprising 40% of all new bus registrations.
The energy density of electric bus batteries is expected to surge, improving the operational range of these vehicles which now averages between 180 and 350 km on a single charge. While the initial cost remains higher compared to traditional diesel buses, these costs are poised to decline in light of advancements in battery technology and increased production volumes.
Market Trend Insights
Noteworthy trends in the UK Electric Bus Battery Pack market include the dominance of leading industry players such as the Toyota Group, Tesla, Kia, Hyundai, and BMW, which together hold a significant market share in the competitive electric vehicle landscape of the country. These frontrunners have been instrumental in shaping the UK's electric vehicle market, with Tesla and Toyota leading the push in electric bus battery pack demand.
Industry Landscape
The UK Electric Bus Battery Pack Market is characterized by a modest level of consolidation, with dominant market players including BYD Company Ltd., Contemporary Amperex Technology Co. Ltd. (CATL), LG Energy Solution Ltd., Samsung SDI Co. Ltd., and SK Innovation Co. Ltd. These industry stalwarts are contributing to the UK's transition to a more sustainable mode of transport and heralding a greener future.
The steady trajectory of growth within the UK Electric Bus Battery Pack Market is indicative of the nation's commitment towards an environmentally friendly transport sector. With continued government support and technological advancements, the UK is paving the way for a substantial increase in the number of electric buses on its roads, driving forward the country's clean energy aspirations.
Companies Featured
- Amte Power PLC
- Automotive Cells Company (ACC)
- BYD Company Ltd.
- Contemporary Amperex Technology Co. Ltd. (CATL)
- Hyperdrive Innovation Holdings Ltd.
- Ilika Technolgies Ltd.
- LG Energy Solution Ltd.
- Power By Britishvolt Ltd.
- Samsung SDI Co. Ltd.
- SK Innovation Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/a3ew3m
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