UK EV Battery Pack Market Outlook, Growth, Demand and Forecast Report 2024-2032

UK EV Battery Pack Market Forecast

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Size in 2023: USD 1.4 Billion

Market Forecast in 2032: USD 4.2 Billion

Market Growth Rate: 13.20% (2024-2032)

The UK EV battery pack market size reached USD 1.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 4.2 Billion by 2032, exhibiting a growth rate (CAGR) of 13.20% during 2024-2032.

UK EV Battery Pack Market Trends:

The UK market is largely led due to the government’s increased dedication towards net-zero carbon emissions target. Consequently, there is an increase in the market demand due to the rise in electric vehicle sales encouraged by environmental concerns and stringent emission norms. Likewise, continuing innovative development in battery chemistry, for example better lithium-ion technology, increases energy density, increasing the driving range, thus the selling point.

Moreover, the UK’s electric vehicle manufacturing industry is developing rapidly and attracting significant investment from domestic and foreign companies, which further supports the growth of the market. Furthermore, the escalating prices of fossil fuels and constant attempts to eliminate the reliance on oil motivate potential customers to switch towards electric cars and consequently stimulate the market. In addition, expanding funding from the government to invest in R&D for battery technologies also focusing on the development of national battery production facilities are worsening the market.

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UK EV Battery Pack Market Scope and Growth Analysis:

The market prospects are very favorable and promising because of growing focus on battery recycling and development of energy storage solutions. There are high expectations in the growth of the market scope’ from the increasing trend in sales of electric cars supported by not only consumers but the policymakers as well. As per the market study, there is positive movement towards development of a domestic battery manufacturing supply chain in the UK, which is beneficial for the domestic market by providing local sources and cutting back on imports, thereby, promoting the development of the market in the foreseeable future.

Ongoing technological developments, especially in the area of solid-state and other next generation EV technologies, are also increasing the safety and performance of EV battery packs thereby enhancing their use in newer applications. With the decrease in battery prices and the increase in manufacturing volume, accessibility of EVs is also expected to increase, creating more opportunities for market growth. Further, with the advent of renewable energy into the EV charging eco-system, the demand for efficient EV battery packs is expected to increase.

UK EV Battery Pack Market Outlook and Segmentation:

The report has segmented the market into the following categories:

Body Type Insights:

• Bus
• Light Commercial Vehicle
• Medium and Heavy-Duty Trucks
• Passenger Car

Propulsion Type Insights:

• BEV
• PHEV

Battery Chemistry Insights:

• LFP
• NCA
• NCM
• NMC
• Others

Capacity Insights:

• Less than 15 kWh
• 15 kWh to 40 kWh
• 40 kWh to 80 kWh
• Above 80 kWh

Battery Form Insights:

• Cylindrical
• Pouch
• Prismatic

Method Insights:

• Laser
• Wire

Component Insights:

• Anode
• Cathode
• Electrolyte
• Separator

Material Type Insights:

• Cobalt
• Lithium
• Manganese
• Natural Graphite
• Nickel
• Others

Regional Insights:

• London
• South East
• North West
• East of England
• South West
• Scotland
• West Midlands
• Yorkshire and The Humber
• East Midlands
• Others

Competitive Landscape:

The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

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Other Key Points Covered in the Report:

• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Strategic Recommendations
• Market Dynamics
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
• Top Winning Strategies
• Recent Industry News
• Key Technological Trends & Development

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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