Dublin, Oct. 28, 2024 (GLOBE NEWSWIRE) -- The "UK Electric Vehicle Charging Stations Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The UK electric vehicle charging stations market is anticipated to expand at a CAGR of 19.52% to attain US$1.62 billion by 2029 from US$664.988 million in 2024.
An EV (electric vehicle) charging station is a hub or center that offers charging solutions for these vehicles. This station links an EV to a power source, allowing electric vehicles, like passenger cars, two/three-wheel EVs, fleets, and electric transport vehicles, to charge their batteries.
The EV charging station market is expected to experience significant growth in the UK. This is primarily due to the increasing ownership of electric vehicles and the introduction of new policies and investment plans to enhance the nation's EV infrastructure. Introducing new technologies, like self-driving, and the sustainability offered by such vehicles also propels this market's growth.
The increasing demand and popularity of electric vehicles over conventional, petrol, or diesel engines in the United Kingdom is forecasted to propel its EV charging station market forward. In the past few years, the UK's new vehicle market observed a massive shift towards the demand for EVs. With the increase in the nation's electric vehicle sales, the development of the EV charging station will necessitate growing the market forward.
The Society of Motor Manufacturers and Traders Limited (SMMTL), the largest trade association in the United Kingdom, stated that in August 2024, the total new registration of battery electric vehicles (BEVs) in the country was 19,113 units. This figure shows a 10.8% increase from August 2023, when the total new registration of BEVs in the nation was recorded at 17,243. Similarly, the year-to-date (YTD) BEV sales till August 2023 were 193,221 units, which expanded by about 10.5% in 2024, reaching 213,544 units.
The organization further stated that in August 2023, BEVs held about 20.1% of the total new car market share in the United Kingdom, with petrol and diesel vehicles holding 55.7% and 6.5% market shares, respectively. The market share of BEVs in 2024 grew to 22.6%, with a decrease in the market share for petrol and diesel vehicles, which was recorded at 50.7% and 6.1%, respectively.
Report Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
- Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $664.99 million |
| Forecasted Market Value (USD) by 2029 | $1620 million |
| Compound Annual Growth Rate | 19.5% |
| Regions Covered | United Kingdom |
Some of the key companies profiled in this UK Electric Vehicle Charging Stations Market report include:
- ChargePoint Inc
- BP Chargemaster (bp pulse)
- Siemens AG
- Tesla Inc
- POD Point
- EVBox
- Ecotricity
- InstaVolt
- Shell Recharge
- ChargePlace Scotland
- IONITY GmbH
- GRIDSERVE
UK Electric Vehicle Charging Stations Market is segmented and analyzed as follows:
By Vehicle Type
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
By Application
- Commercial
- Residential
By Charging Type
- AC Charging (Level 1 and Level 2)
- DC Charging
For more information about this report visit https://www.researchandmarkets.com/r/b2th0h
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