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Statista R identifies and awards industry leaders, top providers, and exceptional brands through exclusive rankings and top lists in collaboration with renowned media brands worldwide. For more details, visit our website.
CO2 emissions exert a profound influence on climate and the environment, fueling the greenhouse effect and contributing significantly to global climate change. Nearly one-fourth of these emissions worldwide can be attributed to the transportation sector. Electric vehicles (EVs) emerge as a promising solution, potentially acting as a carbon-neutral alternative when powered by renewable energy sources. This underscores their pivotal role in mitigating the impact of traditional combustion engine vehicles on the environment.
The Electric Vehicle market is divided into distinct two distinct markets, namely Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). This categorization allows for a nuanced understanding of the market dynamics, considering the specific attributes and market penetration of each electric vehicle type. The emphasis on new car sales and their foundational configurations ensures clarity, while the exclusion of used vehicles and customizations maintains focus on the evolving landscape of electric vehicles.
The market is being driven by the shift towards sustainability and changing consumer sentiment that is motivating manufacturers to phase out the development of ICE vehicles.
The key trends aiding the market expansion include widespread popularity of pre-owned electric vehicles, investments in battery technology, surge in demand for battery electric vehicles, and technological innovations.
The major players in the market are Volkswagen Group, Toyota Motor Corp., Honda Motor Co., Ltd., MG Motor UK Ltd., Tesla Inc., Volvo Car AB, BYD Ord Shs A, Nissan Motor Co., Ltd., Kia Corp., and Renault SA, among others.
United Kingdom Electric Vehicle Market Size, Growth, Trends: By Vehicle Type: Passenger Vehicle, Commercial Vehicle; By Propulsion Type: Battery Electric Vehicle, Others; By Vehicle Drive Type; By Vehicle Class; By Vehicle Top Speed; By Charging Point Type; By Vehicle Connectivity; Market Dynamics; Competitive Landscape; 2024-2032
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