Alternatively Fuelled Vehicle Manufacturing in the UK - Market Research Report (2014-2029)

Full speed ahead: Surging fuel prices have pushed people to switch to AFVs, supporting the industry

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

The Alternatively Fuelled Vehicle (AFV) Manufacturing industry has grown significantly, driven by technological advancements, government incentives and rising concern over environmental issues. These trends have encouraged traditional manufacturers to increasingly focus on the production of pure electric and hybrid electric vehicles. The plug-in car grant, which provides subsidies towards consumer purchases of AFVs, has spurred demand for electric and hybrid electric vehicles over the past five years. Rising fuel prices and a significant reduction in demand for diesel and petrol vehicles has provided further growth opportunities for AFV manufacturers. The Alternatively Fuelled Vehicle Manufacturing industry is forecast to expand at a compound annual rate of 8.3% to £11 billion over the five years through 2022-23, including a projected revenue growth of 5.5% in the current year.

Operators in this industry manufacture and assemble electric vehicles (EVs) and alternatively fuelled vehicles (AFVs). EVs and AFVs include passenger cars and commercial vehicles, such as vans and lorries, that are powered by electricity or fuels other than petroleum or diesel. They also include buses and special-purpose vehicles such as snowmobiles and fire engines. Industry firms also produce EV and AFV engines and vehicle chassis.