U.K. Electric Vehicle Battery Market Analysis

U.K. Electric Vehicle Battery Industry Analysis

Battery Insights

• Lithium-ion batteries will hold the largest market share, of 35%, in 2024, and it is expected to do the same in the coming few years.
• This is because they have high efficiency and performance in comparison to other batteries.
• In addition, the lithium-ion battery technology is evolving, making it superior to alternatives in terms of heat control and charging speed.
• Moreover, these batteries have a longer lifespan, which is crucial for electric vehicles.

The battery types included in this report are:

• Lead–Acid
• Lithium-Ion (Largest Category)
• Solid-State (Fastest-Growing Category)
• Nickel-Metal Hydride
• Sodium-Ion
• Others

Shape Insights

• The cylindrical category will hold the largest market share, of around 55%, in 2024 due to the stability and endurance of cylindrical batteries, which reduces the risk of deformity.
• These variants are cost-effective as they have lower production costs in comparison to other batteries.
• Moreover, many big companies, such as Rivian and Tesla, prefer cylindrical batteries as they have a high safety advantage.

The shapes included in this report are:

• Prismatic
• Pouch (Fastest-Growing Category)
• Cylindrical (Largest Category)

Capacity Insights

• The 50–110 kWh category will hold the largest market share in 2024 since these variants are easier and less expensive to manufacture than higher-capacity ones.
• The Nissan Leaf and Tesla Model 3, which are hugely popular in the country, mainly incorporate these batteries.

 The capacities included in the report are:

• <50 kWh
• 50–110 kWh (Largest Category)
• 111–200 kWh
• 201–300 kWh (Fastest-Growing Category)
• >300 kWh

Propulsion Insights

• Battery electric vehicles will hold the largest market, of 45%, in 2024 due to their lower operating cost.
• Additionally, these vehicles have low fuel and maintenance costs, which makes them affordable in the long run.
• Moreover, the subsidies provided by the government, such as vehicle tax relief, are driving the demand for BEVs.

The propulsions included in the report are:

• Battery Electric Vehicles (Largest Category)
• Plug-In Hybrid Vehicles (Fastest-Growing Category)
• Hybrid Electric Vehicles
• Fuel Cell Electric Vehicle

Vehicle Type Insights

• Passenger cars will hold the largest market share, in 2024, and are expected to do the same in the coming few years.
• Many people are shifting toward electric cars due to the advancements in the battery technology.
• Additionally, their overall costs are reducing owing to the incorporation of low-cost lithium-ion batteries.
• With the increase in the number of home charging points, there is a growing demand for electric cars since owners no longer have to wait for their turn to charge their vehicles at public stations.

The vehicle types included in the report are:

• Passenger Cars (Largest Category)
• Light Commercial Vehicles
• Medium and Heavy-Duty Commercial Vehicles (Fastest-Growing Category)
• Two-Wheelers
• Off-Highway Vehicles
• Others