UK's EV Charging Equipment Market driven by £100 Mn Government Initiative and over 35k Public Charging Stations Network

UK’s EV Charging Equipment Market driven by £100 Mn Government Initiative and over 35k Public Charging Stations Network: What Lies Ahead? : Ken Research

EV Charging Equipment Industry in UK is expected to growth at a robust CAGR of 29.2 % in next 5 years, says a report by Ken Research

1. Electrification of Vehicles in the UK Market: Government Policies and Grants Fuel the Need for Cleaner Connectivity Solutions.

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Britishvolt, a startup for car battery manufacturing, is set to construct the first large-scale gigafactory in the north-east of England, and the UK government has pledged to invest £100 Mn towards this initiative. Meanwhile, ADL and BYD, in partnership with SSE, have developed an innovative electric bus operating center at the RATP Dev Shepherd’s Bush garage in West London. The aim is to create London’s first zero-emission bus garage.

2. UK’s Public Charging Station Network Reaches over 35k in 2022 with Greater London Leading the Way with over 10k Stations.

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EV drivers in England can now access a rapid charge point within 25 miles along any major road, ensuring easy charging access.

Private charging stations in the UK have grown at an impressive compound annual growth rate (CAGR) of 98.90% between 2017 and 2022.

The UK government has implemented various incentives and grants to encourage the development of EV charging infrastructure. Initiatives such as the Rapid Charging Fund, Electric Vehicle Home Charging Scheme, Workplace Charging Scheme, On-Street Residential Charge Point Scheme, and Charging Infrastructure Investment Fund have greatly stimulated the EV charging market.

Major Players Mentioned in the Report: