According to the Department for Transport, the global market for low and zero emission vehicles is estimated to reach between £1 and 2 trillion per year by 2030, rising to £7.6 trillion by 2050.
Research and development will play a critical role in driving forward these advanced technologies and strengthen supply chains - helping the UK to maintain its position as a global leader.
Since 2007, Innovate UK, with the Department for Business, Energy and Industrial Strategy and Office for Low Emission Vehicles, has invested in a series of funding opportunities to support low and zero emission vehicle technologies.
This impact review looks at 119 funded projects completed between July 2014 and December 2017. In total, this represents £99.5 million of grant funding.
The findings show that the profitability of low or zero emission projects could reach £1.9 billion over the next 10 years and see 6,000 jobs created.
It also finds that for every £1 invested, up to £8.40 could be returned to the economy over 5 to 10 years, and up to £22.60 over 10 to 15 years.