GURUGRAM, India, July 6, 2023 /PRNewswire/ — 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. EV Market Gains Momentum with Urbanization, Technological Advancements, Green Imperatives, and Supportive Government Policies.
- 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.
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2. UK Government’s Strong Support for Electric Vehicles to Reduce Harmful Emissions.
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.
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Market Taxonomy
UK EV Charging Equipment Market Segmentation
By Type of Vehicle
- Passenger Vehicle
- Commercial Vehicle
By Passenger Vehicle
- 4-Wheeler
- 2-Wheeler
By Application
- Public Charging Station
- Home Chargers
- Private Charging Station
- Portable Chargers
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By Types of Chargers
- Fast (7-21kW)
- Slow (3-6 kW)
- Rapid (22-99 kW)
- Ultra- Rapid (100- 350 kW)
By Types of Connectors
- Type 2 (7 Pin)
- Type 1 (5 Pin)
- CHAdeMO
- CCS
- Tesla (Type 2 & CCS)
By Types of Entities
- CPOs
- Service Providers
- Manufacturers
By Types of Sale Channels
- Direct Sales
- Distribution
- Online Sale
By Source of Manufacturing
- Domestic
- Import
By Major Cities
- Greater London
- South East
- Scotland
- West Midlands
- Rest of UK
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According to Ken Research estimates, the KSA EV Charging Equipment Market –grew from approximately SAR ~0.2 Mn in 2022 to SAR ~1.5 Mn in 2025F. This is forecasted to grow further into a SAR ~4.8 Mn opportunity by 2027F, owing to supportive government policies and the entry of new market players. Saudi authorities began allowing their citizens to import EVs for personal use in 2018. Under Vision 2030, the government has strong plans for increasing the number of EVs in the region, supporting the EV Charging equipment market. Currently, there are no domestic EV charging equipment manufacturing companies in KSA. All products are imported into the country.
The strength of EVs on UAE roads is increasing, and eventually, it will knit electricity and transportation sectors. One of their key initiatives is under the Dubai Autonomous Transportation Strategy, which aims to transform 25% of the transportation in Dubai to autonomous mode by 2030. Adoption of clean energy strategies by the country as a part of UAE’s vision 2030 and focus on achieving net zero emissions by 2050 would also stimulate the market growth in the years to come. The Smart Dubai initiative adopted by the government focusing on the conversion of the country into a smart city by the year 2030 is further expected to boost the UAE electric vehicle charging infrastructure market, which is expected to grow at a CAGR of ~35% from 2022 to 2026.
India EV Charging Equipment Market is expected to generate substantial revenues owing to increase in market penetration of EVs and surge in government initiatives for development of EV charging infrastructure. With the right government policies, a local supply chain, lower battery prices and widespread charging infrastructure, the EV market could contribute $6.4 Bn in next 5 years. eRickshaws, eAutos, and e2Ws are the most promising segments for electrification in India and are expected to account for more than 4 million units by 2025. Further, limited number of EV charging stations, lack of standardization of EV charging, rise in demand for luxury and feature enabled vehicles, and wireless charging for EVs to have strong impact on the market.
According to Ken Research estimates, the Netherlands EV Charging Equipment Market is at growing stage and market is supported by many EV equipment manufacturers, charging network, suppliers and installers. Market has high scope and growth is driven by rising EV adoption with rapid urbanization and technological advancements along with government initiatives & policies. Under the Electric Vehicle Infrastructure Strategy, charging electric vehicles will become easier and cheaper than re- fueling a petrol or diesel car. The demand for EV is anticipated to be high in passenger vehicle segment as top car manufacturers are will move towards EV from internal combustion engine as there would be a ban on sale of gasoline vehicles from 2030 in the country. Public EV charging networks provide invaluable charging support and the opportunity to extend journey distances where EV networks are planning to equip all public charging stations with only rapid and ultra-rapid chargers in the country.
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