United Kingdom Electric Vehicle Market Overview, 2027

"The electric vehicle (EV) market in the United Kingdom (UK) has been growing rapidly in recent years, driven by various factors such as government incentives, environmental concerns, and advancements in EV technology. The UK government has implemented several incentives to promote the adoption of electric vehicles. This includes grants for purchasing EVs, exemption from vehicle excise duty, and favorable tax rates for company cars with low emissions. These incentives aim to make EVs more accessible and affordable for consumers. The sales of electric vehicles in the UK have been steadily increasing. According to the Society of Motor Manufacturers and Traders (SMMT), the UK saw a significant surge in EV registrations in recent years, with a growing number of consumers choosing electric over traditional petrol or diesel vehicles. The UK has been investing in expanding its charging infrastructure network to support the growing number of electric vehicles on the roads. There are various types of charging points available, including home charging units, workplace charging stations, and public charging stations in parking lots, shopping centers, and along highways. As part of its commitment to reducing carbon emissions, the government aims to ban the sale of new petrol and diesel cars by 2030. This emphasis on electric vehicles further drives the growth of the EV market. Many major vehicle manufacturers offer electric models in the UK market, ranging from fully electric cars to plug-in hybrid vehicles. Both domestic and international automakers have introduced electric models to cater to the increasing demand for EVs.Advances in battery technology have led to improvements in the range and performance of electric vehicles. Modern EVs offer longer ranges, faster charging times, and increased efficiency, which has helped alleviate range anxiety and improve consumer confidence in electric vehicles. The environmental benefits of electric vehicles, such as reduced greenhouse gas emissions and improved air quality, are driving consumer interest in EVs. Many individuals and businesses in the UK are motivated to make sustainable choices and contribute to a cleaner, greener future. Alongside incentives for consumers, the UK government has introduced policies to encourage EV adoption by businesses and public organizations. This includes grants and incentives for installing charging infrastructure, promoting electric vehicle usage in fleets, and promoting EV uptake in public transportation. According to the report titled ""United Kingdom (UK) Electric Vehicle Battery Market Overview 2027"" published by Bonafide Research, the market size of the United Kingdom (UK) electric vehicle battery market is increasing enormously in the forecasted period from 2022 to 2027. The United Kingdom (UK) passenger vehicle segment is expanding, whereas the commercial vehicle segment is expected to grow at an exponential rate. As a result of the increased demand for EVs, major vehicle manufacturers are joining the EV industry. Several major manufacturers, including Tesla, Toyota, Tata Motors, BMW, Mercedes-Benz, Mahindra & Mahindra, and Hyundai, are developing EV cars in order to strengthen their positions in the automobile business. Aside from that, new start-ups like OLA are also involved in the EV industry. Electric vehicle development is projected to accelerate in the near future, with major manufacturers showing interest in the EV industry, which would in turn drive demand for EV batteries. When compared to lead-acid batteries, lithium batteries are more efficient and charge faster. It has a longer lifespan, is more efficient, and produces consistent, steady, and long-lasting power. As a result, this technology is gaining traction in solar energy backup systems and electric automobiles. The commercial vehicle segment is expected to drive the future demand for electric vehicle batteries as it is efficient, cost-effective and has zero emissions.

In this report, the EV battery market is segmented by propulsion type, by battery type, and by vehicle type. A BEV needs more energy absorption to meet the higher kinetic energies of a heavier vehicle, as well as a stronger roof structure to withstand higher roof crush loads. AHSS grades have more strength per unit density than competitive materials, giving BEVs an edge. A PHEV propels itself using stored electrical energy, reducing gasoline usage by the combustion engine. This opens up the possibility of driving solely in electric mode and reducing emissions in crowded cities throughout the world. The country's plug-in hybrid automobile market is progressively expanding. Electric vehicles are more efficient, and when paired with the cost of power, charging an electric vehicle is less expensive than filling it up with gasoline or diesel for your travel needs. The battery is what makes these cars sustainable and frees them from their reliance on fossil fuels. Government incentives, the presence of individual investors, and a technological edge are bolstering demand for commercial electric vehicles. This will result in an increased demand for electric batteries for these vehicles in the forecast period. The rise in fuel prices and increasing global warming due to rising temperatures and emissions are driving the need for electric vehicles. Compactness and cost effectiveness are other features driving the EV battery market for commercial vehicles. Further, the increasing demand for plug-in vehicles, the growing need for battery-operated material-handling equipment in industries due to automation, the continued development of smart devices and the growing adoption of lithium-ion batteries in the renewable energy sector are expected to propel market demand. The major factors driving the demand for electric vehicle batteries are their peak electricity demands and their flexibility to the grid in terms of energy storage that helps overcome fluctuations in renewable energy sources. Automotive and related sectors were hit hard due to the pandemic effects. They had to shut down facilities to manufacture EV vehicles, which resulted in a decline in EV battery demand during the period of the pandemic. They had to work in limited capacities to be in spare of government guidelines and norms. The EV battery manufacturing facilities came to a standstill due to the non-availability of raw materials, impacting the supply and demand chains harshly. The battery and other components were not easily available. However, the market has recovered and the manufacturers are now concentrating on increasing the sales of electric vehicles in the world markets. That would create demand for electric vehicle batteries in the forecast period.

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Manmayi Raval

Research Consultant

Considered in this report • Geography: United Kingdom (UK) • Historic Year: 2016 • Base year: 2021Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • United Kingdom (UK) EV Battery Market with its value and forecast along with its segments • Application wise EV Battery industry distribution • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Based on By Propulsion Type: • BEV • PHEV • HEV

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Based on by Battery Type: • Li-ion Battery • Lead Acid • Others (Nickel Metal Hybrid, sodium ion, solid state) Based on By Vehicle Type: • Passenger Vehicles • Commercial Vehicles The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to electric vehicle battery industry, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. Please get in touch with our sales team to find out more. "