United Kingdom Electric Vehicle Charging Equipment Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 53.05 Thousand units |
| Market Volume (2029) | 139.44 Thousand units |
| CAGR (2024 - 2029) | 21.32 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
United Kingdom Electric Vehicle Charging Equipment Market Analysis
The United Kingdom Electric Vehicle Charging Equipment Market size is estimated at 53.05 Thousand units in 2024, and is expected to reach 139.44 Thousand units by 2029, at a CAGR of 21.32% during the forecast period (2024-2029).
- Over the medium term, increasing adoption of electric vehicles and related investments and rising subsidies and incentives for electric vehicles across the region are expected to drive the demand for the electric vehicle charging equipment market during the forecast period.
- On the other hand, the high cost of Setting up EV charging stations can significantly restrain the growth of the electric vehicle charging equipment market.
- Nevertheless, innovations in charging technology, such as fast and ultra-fast chargers and the development of smart charging infrastructure that integrates with grid management systems, creates new opportunities in the electric vehicle charging equipment market in the near future.
United Kingdom Electric Vehicle Charging Equipment Market Trends
Increasing Adoption of Electric Vehicles and Related Investments drives the Market
- The United Kingdom is witnessing a notable uptick in electric vehicle (EV) adoption, propelling the growth of its EV charging equipment market. As one of the world's top EV producers, the United Kingdom is pivoting towards clean energy, with electric vehicles taking center stage in corporate focus. Over recent years, EV sales in the region have surged dramatically.
- For instance, the International Energy Agency (IEA) reported that in 2023, the United Kingdom sold 0.31 million electric vehicles, marking a 14.8% increase from 2022. Projections indicate a substantial rise in EV sales in the region in the coming years.
- To bolster EV adoption, regional governments have rolled out a series of policies and incentives. These initiatives have, in turn, spurred demand for EV charging infrastructure and equipment. In 2023, the government unveiled ambitious plans to boost EV production and expedite the journey towards zero carbon emissions.
- The United Kingdom has set a Zero Emission Vehicle (ZEV) mandate, targeting 80% of new cars and 70% of new vans to be zero-emission by 2030, with a complete transition by 2035. Additionally, a ban on new petrol and diesel cars and vans is slated for 2030, and by 2035, all new vehicles must be zero-emission at the tailpipe. Such measures are poised to not only boost EV production but also escalate the demand for charging infrastructure in the coming years.
- Moreover, the transition to electric vehicles plays a pivotal role in meeting net-zero carbon emission goals. Major companies in the region are actively investing and launching projects to amplify EV production.
- For example, in November 2023, Nissan, alongside its partners, unveiled a GBP 2 billion (USD 2.5 billion) initiative to manufacture three electric car models, including the electric Qashqai and Juke, at their plant. Additionally, Nissan allocated GBP 1.12 billion (USD 1.4 billion) to ready its United Kingdom facilities and supply chain for these new models. Such endeavors not only bolster EV production but also heighten the demand for charging infrastructure.
- In summary, these concerted efforts and investments are set to amplify EV production and subsequently, the demand for EV charging infrastructure and equipment in the foreseeable future.
Public Charging Application Witness Significant Growth
- The growing adoption of electric vehicles (EVs) in the United Kingdom is significantly shaping the development and rollout of public charging infrastructure, spurring advancements in EV charging equipment. As the public charging network expands, it fuels growth in the EV charging equipment market.
- The United Kingdom boasts a prominent position in Europe's EV charging landscape. For instance, data from the International Energy Agency (IEA) reveals that in 2023, the United Kingdom had 53,000 electric vehicle charging points (encompassing both slow and fast chargers). This figure marked a 43.6% increase from 2022 and a twofold surge since 2019. With the escalating demand for EVs and their supporting infrastructure, the United Kingdom is poised to further amplify its charging points in the upcoming years.
- Through various government initiatives, the United Kingdom has been a strong advocate for the adoption of electric vehicles (EVs). These efforts have notably influenced both the public charging infrastructure and the market for EV charging equipment. The government has rolled out multiple initiatives aimed at boosting the number of public charging points nationwide in the coming years.
- Looking ahead, the United Kingdom government projects that by 2030, over 9 million EVs will be cruising on British roads. In response, they're strategizing on charge point requirements to cater to this burgeoning demand. As of 2023, the government has ambitiously targeted the installation of 300,000 public EV chargers by 2030. Such endeavors are poised to elevate the number of public charging points and amplify the demand for EV charging equipment in the region during the forecast period.
- In addition, the United Kingdom government is backing its commitment with substantial funding to bolster the public charging network. They've earmarked investments specifically to expedite the rollout of rapid charging points.
- As a case in point, in December 2023, the United Kingdom unveiled plans to inject GBP 70 million (USD 88.8 million) into rapid electric car chargers over the coming years. Furthermore, there's a likelihood of installing additional ultra-fast EV chargers at ten motorway service sites across England. Such undertakings are set to boost the demand for charging equipment nationwide during the forecast period.
- In summary, these concerted initiatives and projects are set to fortify the public charging infrastructure in the United Kingdom, subsequently driving up the demand for both EV charging infrastructure and equipment in the foreseeable future.
United Kingdom Electric Vehicle Charging Equipment Industry Overview
The United Kingdom electric vehicle charging equipment market is semi-fragmented. Some of the key players (not in particular order) are ABB Ltd, Siemens AG, Tesla Inc., Delta Electronics Inc., ChargePoint Inc, among others.
United Kingdom Electric Vehicle Charging Equipment Market Leaders
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ABB Ltd
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Siemens AG
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Delta Electronics Inc.
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ChargePoint Inc
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Tesla Inc.
*Disclaimer: Major Players sorted in no particular order
United Kingdom Electric Vehicle Charging Equipment Market News
- November 2023: EG Group, a British petrol station operator, has acquired Tesla's ultra-fast charging units, aiming to enhance its electric vehicle charging network throughout Europe, including the UK. The company plans to expand its network to over 20,000 EV chargers.
- October 2023: BP Plc opened the United Kingdom's most significant EV charging hub, large enough to charge 180 electric vehicles simultaneously, at the National Exhibition Centre (NEC) in Birmingham.
United Kingdom Electric Vehicle Charging Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast, in Units, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Adoption of Electric Vehicles And Related Investments
4.5.1.2 Surge in Subsidies and Incentives for Electric Vehicles
4.5.2 Restraints
4.5.2.1 High Cost of Setting Up EV Charging Stations
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
4.8 Investment Analysis
5. MARKET SEGMENTATION
5.1 Vehicle Type
5.1.1 Battery Electric Vehicle (BEV)
5.1.2 Plug-in Hybrid Electric Vehicle (PHEV)
5.1.3 Hybrid Electric Vehicle (HEV)
5.2 Application
5.2.1 Home Charging
5.2.2 Workplace Charging
5.2.3 Public Charging
5.3 Charging Type
5.3.1 AC Charging (Level 1 and Level 2)
5.3.2 DC Charging
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd
6.3.2 Siemens AG
6.3.3 Chargepoint Inc.
6.3.4 Delta Electronics Inc.
6.3.5 Tesla Inc.
6.3.6 EO Charging
6.3.7 Rolec Services Ltd
6.3.8 Instavolt Ltd
6.3.9 Pod Point Group Holdings PLC
6.3.10 Robert Bosch GmbH
- *List Not Exhaustive
6.4 List of Other Prominent Companies
6.5 Market Ranking/ Share Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Innovation in Charging Technologies
United Kingdom Electric Vehicle Charging Equipment Industry Segmentation
Electric vehicle (EV) charging equipment refers to the equipment and infrastructure used to charge electric vehicles at home or in commercial and public spaces. The EV charging equipment plays a crucial role in the widespread adoption of electric vehicles in the country. The availability of robust EV charging infrastructure is essential for overcoming range anxiety, a primary concern for potential EV buyers. It helps in reducing carbon emissions and improving air quality.
The United Kingdom electric vehicle charging equipment market is segmented into Vehicle Type, Application, and Charging Type. By Vehicle type, the market is segmented into battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and Hybrid Electric Vehicle (HEV). By application type, the market is segmented into home charging, workplace charging, and public charging. By charging type, the market is segmented into AC charging (level 1 and level 2) and DC charging. The report offers the market size and forecasts for the market in revenue for all the above segments.
| Vehicle Type | |
| Battery Electric Vehicle (BEV) | |
| Plug-in Hybrid Electric Vehicle (PHEV) | |
| Hybrid Electric Vehicle (HEV) |
| Application | |
| Home Charging | |
| Workplace Charging | |
| Public Charging |
| Charging Type | |
| AC Charging (Level 1 and Level 2) | |
| DC Charging |
United Kingdom Electric Vehicle Charging Equipment Market Research Faqs
How big is the United Kingdom Electric Vehicle Charging Equipment Market?
The United Kingdom Electric Vehicle Charging Equipment Market size is expected to reach 53.05 thousand units in 2024 and grow at a CAGR of 21.32% to reach 139.44 thousand units by 2029.
What is the current United Kingdom Electric Vehicle Charging Equipment Market size?
In 2024, the United Kingdom Electric Vehicle Charging Equipment Market size is expected to reach 53.05 thousand units.
Who are the key players in United Kingdom Electric Vehicle Charging Equipment Market?
ABB Ltd, Siemens AG, Delta Electronics Inc., ChargePoint Inc and Tesla Inc. are the major companies operating in the United Kingdom Electric Vehicle Charging Equipment Market.
What years does this United Kingdom Electric Vehicle Charging Equipment Market cover, and what was the market size in 2023?
In 2023, the United Kingdom Electric Vehicle Charging Equipment Market size was estimated at 41.74 thousand units. The report covers the United Kingdom Electric Vehicle Charging Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the United Kingdom Electric Vehicle Charging Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
United Kingdom Electric Vehicle Charging Equipment Industry Report
Statistics for the 2024 United Kingdom Electric Vehicle Charging Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. United Kingdom Electric Vehicle Charging Equipment analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
