UK Battery Market Size & Outlook, 2023-2030
UK battery market, 2018-2030 (US$M)
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UK battery market highlights
- The UK battery market generated a revenue of USD 3,925.1 million in 2023 and is expected to reach USD 14,442.3 million by 2030.
- The UK market is expected to grow at a CAGR of 20.5% from 2024 to 2030.
- In terms of segment, lithium ion was the largest revenue generating product in 2023.
- Lithium Ion is the most lucrative product segment registering the fastest growth during the forecast period.
Battery market data book summary
| Market revenue in 2023 | USD 3,925.1 million |
| Market revenue in 2030 | USD 14,442.3 million |
| Growth rate | 20.5% (CAGR from 2023 to 2030) |
| Largest segment | Lithium ion |
| Fastest growing segment | Lithium Ion |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Lead Acid, Lithium Ion, Nickel-based, Sodium-ion, Flow Battery, Small Sealed Lead-acid Batteries |
| Key market players worldwide | BYD Co Ltd ADR, GS Yuasa Corp, Hitachi Ltd, Johnson Controls International PLC, LG Chem, NEC Corp, Panasonic Holdings Corp, Samsung Electronics Co Ltd, Toshiba Corporation |
Other key industry trends
- In terms of revenue, UK accounted for 3.3% of the global battery market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Europe, UK battery market is projected to lead the regional market in terms of revenue in 2030.
- Belgium is the fastest growing regional market in Europe and is projected to reach USD 1,494.7 million by 2030.
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Battery Market Scope
Battery Market Companies
| Name | Profile | # Employees | HQ | Website |
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UK battery market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to battery market will help companies and investors design strategic landscapes.
Lithium ion was the largest segment with a revenue share of 46.49% in 2023. Horizon Databook has segmented the UK battery market based on lead acid, lithium ion, nickel-based, sodium-ion, flow battery, small sealed lead-acid batteries covering the revenue growth of each sub-segment from 2018 to 2030.
The UK is the third-largest economy and the second-largest car market in Europe. Increasing sales of electric vehicles are expected to drive the demand for batteries in the country. The UK government has initiated the electrification of road transportation to mitigate climate change and reduce dependence on fossil fuels.
Factors such as policies incentivizing the uptake of EVs, investments in national electric vehicle technology innovation, and development of charging infrastructure are expected to fuel the demand for electric vehicles.
Moreover, policies providing direct financial incentives for electric vehicles, including a plug-in car grant, tax reduction on private use of company cars with low emission, and CO2-based annual ownership taxes, are expected to create immense market potential.
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Horizon Databook provides a detailed overview of country-level data and insights on the UK battery market , including forecasts for subscribers. This country databook contains high-level insights into UK battery market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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UK battery market size, by product, 2018-2030 (US$M)
UK Battery Market Outlook Share, 2023 & 2030 (US$M)
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