The plug-in hybrid electric vehicle (PHEV) market in the UK has experienced significant growth with variations over the years. After a dip in registrations in 2019, the market saw a substantial recovery, particularly in 2020 and 2021, with a further increase in 2023 to 110.65 thousand units. Registrations dipped slightly in 2022 by 11.47% but rebounded by 9.11% in 2023. Over the last five years, the compound annual growth rate (CAGR) is impressive at 33.36%. Forecasted data suggest moderate but consistent growth with a forecasted 5-year CAGR of 4.31% and overall growth of 23.51% by 2028.
Future trends to watch for:
- Advancements in battery technology and infrastructure improvements.
- Government incentives and policy changes promoting electric vehicles.
- Increasing consumer awareness and demand for environmentally friendly transportation.
- Impact of competing technologies, such as fully electric vehicles (EVs).
Latest reports
US Electric Vehicle Market Report- Q4 2024
The fourth quarter of 2024 marked a significant period for the Electric Vehicle (EV) market in the United States, characterized by robust growth...
China Electric Vehicle Market Report- Q4 2024
In the fourth quarter of 2024, China's electric vehicle (EV) market continued to dominate the global landscape, capturing an unprecedented 76% of market...
Japan Electric Vehicle Market Report- Q4 2024
Japan's electric vehicle (EV) market experienced significant momentum in Q4 2024, driven by advancements in technology, strategic partnerships, and supportive government policies. The...
Germany Electric Vehicle Market Report- Q4 2024
The German electric vehicle (EV) market is experiencing significant transformations as it navigates various economic and regulatory challenges. Despite a slight economic downturn...
India Electric Vehicle Market Report- Q4 2024
In the fourth quarter of 2024, the electric vehicle market in India experienced dynamic growth, fueled by advancements in battery technology, increased consumer...
UK Electric Vehicle Market Report- Q4 2024
The fourth quarter of 2024 marked a pivotal period for the UK electric vehicle (EV) market, characterized by robust growth in battery electric...
France Electric Vehicle Market Report- Q4 2024
The fourth quarter of 2024 witnessed significant developments in the Electric Vehicle (EV) market in France, characterized by dynamic changes driven by consumer...
Canada Electric Vehicle Market Report- Q4 2024
The electric vehicle (EV) market in Canada continues to experience significant growth in Q4 2024, driven by advancements in technology, strategic government incentives,...
Brazil Electric Vehicle Market Report- Q4 2024
The electric vehicle (EV) market in Brazil during the fourth quarter of 2024 experienced notable growth across various segments, driven by increased urban...
Italy Electric Vehicle Market Report- Q4 2024
The electric vehicle (EV) market in Italy during the fourth quarter of 2024 is characterized by a mix of challenges and opportunities, primarily...
