UK Electric Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers UK Electric Vehicle Market Trends Analysis & Industry Growth and it is Segmented by Vehicle Type (Commercial Vehicles) and by Fuel Type (BEV, FCEV, HEV, PHEV)

United Kingdom Electric Vehicle (EV) Market Size

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https://s3.mordorintelligence.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period 2016 - 2029
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2024) USD 585
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2029) USD 931
https://s3.mordorlabs.com/passenger_vehicles/1629285650768_test~passenger_vehicles_passenger_vehicles.svg Largest Share by Vehicle Type Commercial Vehicles
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg CAGR (2024 - 2029) 9.74 %
https://s3.mordorlabs.com/passenger_vehicles/1629285650768_test~passenger_vehicles_passenger_vehicles.svg Fastest Growing by Vehicle Type Commercial Vehicles

Major Players

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*Disclaimer: Major Players sorted in no particular order

Key Players

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United Kingdom Electric Vehicle (EV) Market Analysis

The UK Electric Vehicle Market size is estimated at USD 585 in 2024, and is expected to reach USD 931 by 2029, growing at a CAGR of 9.74% during the forecast period (2024-2029).

  • Largest Segment by Fuel Type - HEV : In the UK, HEV is the largest fuel type. Higher usage of gasoline engines with electric benefits in various vehicles, such as passenger cars and commercial vehicles, is the key reason for the growth
  • Largest Segment by Vehicle Type - Commercial Vehicles : The passenger vehicle acquires the largest sales in EV sales in the UK, due to the increasing demand of passenger vehicles and there are very few models of other electric vehicle available in the UK.
  • Fastest-growing Segment by Fuel Type - HEV : Hybrid vehicles are the fastest-growing fuel type segment due to the advanced technology engine i.e. fusion of fuel and electric with better fuel efficiency, capturing the interest of consumers.

United Kingdom Electric Vehicle (EV) Market Trends

This section covers the major market trends shaping the UK Electric Vehicle Market according to our research experts:

Commercial Vehicles is the largest segment by Vehicle Type.

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United Kingdom Electric Vehicle (EV) Industry Overview

The UK Electric Vehicle Market is fairly consolidated, with the top five companies occupying 188.62%. The major players in this market are Audi AG, BMW AG, Renault Group, Tesla Inc. and Volkswagen AG (sorted alphabetically).

United Kingdom Electric Vehicle (EV) Market Leaders

  1. Audi AG

  2. BMW AG

  3. Renault Group

  4. Tesla Inc.

  5. Volkswagen AG

*Disclaimer: Major Players sorted in no particular order

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United Kingdom Electric Vehicle (EV) Market News

  • July 2022: Ford has announced a series of initiatives for sourcing battery capacity and raw materials that helps reach its targeted annual run rate of 600,000 electric vehicles by late 2023 and more than 2 million by the end of 2026.
  • June 2022: The United Arab Emirates' Ministry of Energy and Infrastructure (MoEI), Audi Middle East, and Siemens signed an agreement to cooperate on boosting electric vehicle (EV) charging capacity on federal roads and increasing adoption of EVs across the country.
  • May 2022: Hyundai has launched a new fully electric SUV Ioniq 5 in the UAE market. The company has unveiled the product in the Abudhabi national exhibition center.

United Kingdom Electric Vehicle (EV) Market Report - Table of Contents

  1. 1. EXECUTIVE SUMMARY & KEY FINDINGS

  2. 2. REPORT OFFERS

  3. 3. INTRODUCTION

    1. 3.1. Study Assumptions & Market Definition

    2. 3.2. Scope of the Study

    3. 3.3. Research Methodology

  4. 4. KEY INDUSTRY TRENDS

    1. 4.1. Population

    2. 4.2. GDP

    3. 4.3. CVP

    4. 4.4. Inflation Rate

    5. 4.5. Interest Rate For Auto Loans

    6. 4.6. Battery Price (per Kwh)

    7. 4.7. Electrification Impact

    8. 4.8. New XEV Models Announced

    9. 4.9. Charging Stations Deployment

    10. 4.10. Regulatory Framework

    11. 4.11. Value Chain & Distribution Channel Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1. Vehicle Type

      1. 5.1.1. Commercial Vehicles

        1. 5.1.1.1. Buses

        2. 5.1.1.2. Heavy-duty Commercial Trucks

        3. 5.1.1.3. Light Commercial Vans

        4. 5.1.1.4. Medium-duty Commercial Trucks

    2. 5.2. Fuel Type

      1. 5.2.1. BEV

      2. 5.2.2. FCEV

      3. 5.2.3. HEV

      4. 5.2.4. PHEV

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1. Key Strategic Moves

    2. 6.2. Market Share Analysis

    3. 6.3. Company Landscape

    4. 6.4. Company Profiles

      1. 6.4.1. AB Volvo

      2. 6.4.2. Audi AG

      3. 6.4.3. BMW AG

      4. 6.4.4. Fiat

      5. 6.4.5. Ford Motor Company

      6. 6.4.6. Hyundai Motor Company

      7. 6.4.7. Kia

      8. 6.4.8. Nissan Motor Company Ltd

      9. 6.4.9. Renault Group

      10. 6.4.10. Tesla Inc.

      11. 6.4.11. Volkswagen AG

  7. 7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS

  8. 8. APPENDIX

    1. 8.1. Global Overview

      1. 8.1.1. Overview

      2. 8.1.2. Porter's Five Forces Framework

      3. 8.1.3. Global Value Chain Analysis

      4. 8.1.4. Market Dynamics (DROs)

    2. 8.2. Sources & References

    3. 8.3. List of Tables & Figures

    4. 8.4. Primary Insights

    5. 8.5. Data Pack

    6. 8.6. Glossary of Terms

List of Tables & Figures

  1. Figure 1:  
  2. UK ELECTRIC VEHICLE MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
  1. Figure 2:  
  2. UK ELECTRIC VEHICLE MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
  1. Figure 3:  
  2. UK ELECTRIC VEHICLE MARKET, CVP YOY GROWTH RATE, 2016 – 2027
  1. Figure 4:  
  2. UK ELECTRIC VEHICLE MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 5:  
  2. UK ELECTRIC VEHICLE MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 6:  
  2. UK ELECTRIC VEHICLE MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
  1. Figure 7:  
  2. UK ELECTRIC VEHICLE MARKET, ELECTRIFICATION IMPACT, VOLUME, YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 8:  
  2. UK ELECTRIC VEHICLE MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
  1. Figure 9:  
  2. UK ELECTRIC VEHICLE MARKET, CHARGING STATIONS DEPLOYMENT, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
  1. Figure 10:  
  2. UK ELECTRIC VEHICLE MARKET, VOLUME IN UNITS, 2016 – 2026
  1. Figure 11:  
  2. UK ELECTRIC VEHICLE MARKET, VALUE IN USD, 2016 – 2026
  1. Figure 12:  
  2. UK ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 13:  
  2. UK ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 14:  
  2. UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2016 - 2028
  1. Figure 15:  
  2. UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2016 - 2028
  1. Figure 16:  
  2. UK ELECTRIC VEHICLE MARKET, BY SUB BODY TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 17:  
  2. UK ELECTRIC VEHICLE MARKET, BY SUB BODY TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 18:  
  2. UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
  1. Figure 19:  
  2. UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
  1. Figure 20:  
  2. UK ELECTRIC VEHICLE MARKET, BY BUSES, BY VOLUME IN UNITS, 2016-2028
  1. Figure 21:  
  2. UK ELECTRIC VEHICLE MARKET, BY BUSES, BY VALUE IN USD, 2016-2028
  1. Figure 22:  
  2. UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 23:  
  2. UK ELECTRIC VEHICLE MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2016-2028
  1. Figure 24:  
  2. UK ELECTRIC VEHICLE MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2016-2028
  1. Figure 25:  
  2. UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 26:  
  2. UK ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2016-2028
  1. Figure 27:  
  2. UK ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2016-2028
  1. Figure 28:  
  2. UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 29:  
  2. UK ELECTRIC VEHICLE MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2016-2028
  1. Figure 30:  
  2. UK ELECTRIC VEHICLE MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2016-2028
  1. Figure 31:  
  2. UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 32:  
  2. UK ELECTRIC VEHICLE MARKET, BY FUEL TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 33:  
  2. UK ELECTRIC VEHICLE MARKET, BY FUEL TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 34:  
  2. UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
  1. Figure 35:  
  2. UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
  1. Figure 36:  
  2. UK ELECTRIC VEHICLE MARKET, BY BEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 37:  
  2. UK ELECTRIC VEHICLE MARKET, BY BEV, BY VALUE IN USD, 2016-2028
  1. Figure 38:  
  2. UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2021 - 2028
  1. Figure 39:  
  2. UK ELECTRIC VEHICLE MARKET, BY FCEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 40:  
  2. UK ELECTRIC VEHICLE MARKET, BY FCEV, BY VALUE IN USD, 2016-2028
  1. Figure 41:  
  2. UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2021 - 2028
  1. Figure 42:  
  2. UK ELECTRIC VEHICLE MARKET, BY HEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 43:  
  2. UK ELECTRIC VEHICLE MARKET, BY HEV, BY VALUE IN USD, 2016-2028
  1. Figure 44:  
  2. UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2021 - 2028
  1. Figure 45:  
  2. UK ELECTRIC VEHICLE MARKET, BY PHEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 46:  
  2. UK ELECTRIC VEHICLE MARKET, BY PHEV, BY VALUE IN USD, 2016-2028
  1. Figure 47:  
  2. UK ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2021 - 2028
  1. Figure 48:  
  2. UK ELECTRIC VEHICLE MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
  1. Figure 49:  
  2. UK ELECTRIC VEHICLE MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
  1. Figure 50:  
  2. UK ELECTRIC VEHICLE MARKET SHARE(%), BY MAJOR PLAYERS, 2021

United Kingdom Electric Vehicle (EV) Industry Segmentation

Commercial Vehicles are covered as segments by Vehicle Type. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Type.
Vehicle Type
Commercial Vehicles
Buses
Heavy-duty Commercial Trucks
Light Commercial Vans
Medium-duty Commercial Trucks
Fuel Type
BEV
FCEV
HEV
PHEV
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Market Definition

  • Body Type - It includes buses, light commercial vehicles, medium& heavy-duty vehicles, medium and heavy-duty buses, trucks, M&HDT.
  • Engine Type - Hybrid and electric vehicles are vehicles that run on batteries and use one or more electric motors for propulsion. .
  • Fuel Type - Hybrid and electric vehicles include HEV, PHEV, BEV, and FCEV.
  • Sub Body Type - Under this category, buses, heavy-duty commercial trucks, light commercial pickup trucks, light commercial vans, and medium-duty commercial trucks have been included.
  • Vehicle Type - It includes passenger vehicles, commercial vehicles, and two wheelers.
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Research Methodology

Mordor Intelligence follows a four-step methodology in all our reports.

  • Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
  • Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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United Kingdom Electric Vehicle (EV) Market Research FAQs

The UK Electric Vehicle Market size is expected to reach USD 585 in 2024 and grow at a CAGR of 9.74% to reach USD 931 by 2029.

In 2024, the UK Electric Vehicle Market size is expected to reach USD 585.

Audi AG, BMW AG, Renault Group, Tesla Inc. and Volkswagen AG are the major companies operating in the UK Electric Vehicle Market.

In the UK Electric Vehicle Market, the Commercial Vehicles segment accounts for the largest share by vehicle type.

In 2024, the Commercial Vehicles segment accounts for the fastest growing by vehicle type in the UK Electric Vehicle Market.

In 2023, the UK Electric Vehicle Market size was estimated at USD 515. The report covers the UK Electric Vehicle Market historical market size for years: 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the UK Electric Vehicle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

UK Electric Vehicle Industry Report

Statistics for the 2024 UK Electric Vehicle market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. UK Electric Vehicle analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

UK Electric Vehicle Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)