The UK EV Charging Market Set to Grow over £800 Mn by 2027. To what extent will government regulations stimulate market growth?

ByMukul
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UK EV Charging Equipment Market is at growing stage and has highly fragmented market. There are over 20 manufactures and charging networks players in market. Top 2 players such as Ubitricity and Pod Point in UK EV Charging Equipment Market hold major market share. Players are competing against each other on the basis of product range, price, number of charging stations and efficiency of services.1 UK EV Charging Equiment Market

Leading EV Charging Service Providers UK

  1. EV Market Gains Momentum with Urbanization, Technological Advancements, Green Imperatives, and Supportive Government Policies.UK EV Charging Equipment Market

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  • The UK is a fast-growing economy with 5% urbanization in 2022. Over 57 million people live in cities, with a literacy rate of 99.0%, making them aware of trends and social responsibilities. The high EV adoption rate of 22.9% in 2022 is the main market driver, as the population embraces environmentally-friendly concepts.
  • UK government promotes EV adoption and charging infrastructure development, aiming for smart EV charging as the norm by 2025, no new petrol/diesel vehicles by 2030, and zero emissions by 2035. Technological advancements like fast charging, wireless charging, and solar-powered charging have improved the EV charging experience.
  • Rising gasoline prices have led to a shift towards EVs, particularly in London where diesel prices averaged £179.3ppl and petrol prices averaged £155.0ppl in 2022, releasing harmful emissions. EVs are viewed as a solution to climate-related challenges due to zero greenhouse emissions, and increasing climate awareness is driving market growth.
  1. UK Government’s Strong Support for Electric Vehicles to Reduce Harmful Emissions.UK Electric Vehicle Charging Stations Market

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The UK provides a Plug-In grant for electric vehicles costing less than £35,000 and emitting less than 50g/km of CO2, applicable for motorcycles, taxis, vans, trucks, and mopeds. Scotland and Northern Ireland offer a no-interest loan up to £35,000 for a new electric vehicle or van and £20,000 for a used one. The Office for Zero Emission Vehicles within the UK government supports the ZEV market, providing car owners with benefits like free parking and using bus lanes.

Key Target Audience

  • Electricity Supplier
  • EV Manufacturers
  • EV Charging Equipment Manufacturers
  • EV Charging System Operator
  • Demand side Transport Operators
  • Government Bodies

Time Period Captured in the Report:

  • Historical Period: 2017-2022
  • Base Period: 2022
  • Forecast Period: 2022-2027

For more information on the research reports, refer to below link:

UK EV Charging Equipment Market Outlook to 2027

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