The Parc of hybrid vehicles in United Kingdom attained a value of 2,959,456.50 Units in 2020
The indicator recorded a historical growth (CAGR) of 37% between 2017 to 2020, and is expected to grow by...
GlobalData projects the indicator to grow at a CAGR of...
Hybrid vehicles Industry in the United Kingdom
The UK hybrid and electric cars market remained at a growth trajectory in 2020. The market is expected to accelerate at higher growth rates during the forecast period as the adoption of hybrid and electric cars will continue to increase, driven by increasing affordability and the expansion of charging infrastructure. Demand in the hybrid and electric cars market remained resilient in 2020 in spite of the outbreak of the COVID-19 pandemic, which resulted in lockdown measures and the recession of economic activity. Although new ICE car sales recorded an unprecedented drop amid weak consumer confidence and suppressed incomes, hybrid and electric car sales increased, beating expectations of a decline only minor to that of ICE car sales.
Hybrid and electric car adoption have been strongly increasing as their purchase prices have been decreasing in line with cost reductions made through advances in battery technology. Additionally, the continuous expansion of the charging infrastructure along with the increased range capacities of new offerings, have also helped to recede consumers’ concerns over their utility. The UK electric and hybrid car market has grown significantly due to the consumers’ desire to be green-friendly towards the environment. It has also been largely driven by government subsidies and preferential tax treatment for hybrid and electric cars. Government grants for plug-in cars have been applied since 2011, although their amount has been gradually decreasing.
Competition and players’ strategies are shaped by the different sub-segments within the market, such as standard non-plug-in hybrids (HEVs), plug-in hybrids (PHEVs), extended-range electric vehicles (EREVs) and battery all-electric vehicles (BEVs), which are further split into different size-segments (sub-compact, compact, mid-size, full-size, SUVs etc.). Price and product features, such as range capacity and battery efficiency, also have a huge bearing on competition and players’ strategies. As such, supply chain strategies are crucial for competition. Moreover, as price tends to be highly proportional to range capacity and battery efficiency, players target different segments with different models. Overall, different strategies in the market lead to different competitive advantages.
The hybrid and electric cars market consists of the initial retail sale/registration of new electric and hybrid passenger cars. Passenger cars include saloons, hatchbacks, SUVs, 4x4s and other related vehicles. The hybrid cars segment refers to all types of hybrid electric cars such as plug-in hybrid electric vehicles (PHEVs), Extended Range Electric Vehicles (EREVs) and standard Hybrid Electric Vehicles (HEVs). Other alternative fuel vehicles (e.g. LPG or Hydrogen fuel cell) are not included.
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