However it emphasises that suppliers of batteries and other electric vehicle technology must ramp up their capacity 10 times to make the most of the economic opportunity and deliver on the UK’s target to end sales of new petrol and diesel cars by 2035.

“The electrification of vehicles is happening at pace, but if we are to deliver on our 2035 goals, and take our place as world leaders, the supply chain will need to expand more rapidly,” said the Centre’s chief executive Ian Constance.

According to the report, market growth opportunities are worth £12Bn to the UK when it comes to battery technology as well as £10Bn in power electronics and £2Bn in electric machines.

The UK is already well placed and capable of delivering this growth, it says, boasting established global producers, an extensive chemical supply chain and leading research and development expertise.

Ian Constance added: “The report reveals that opportunities for UK based companies are available right across the spectrum. In the next few years we expect to be funding projects developing technologies in everything from magnet manufacturing to semiconductors and electric steel to battery components.”

Also this week, a firm specialising in decarbonising aviation announced it has conducted what is thought to be the UK’s first ever electric powered flight involving a commercial scale aircraft.

ZeroAvia completed a test flight involving a six seat aeroplane from its base at Cranfield Airport, marking an important milestone in the Government sponsored ‘Hyflyer’ project to develop a hydrogen / electric powertrain for commercial flights.

The project is set to culminate in a 250 to 300 nautical mile flight from the Orkney Islands in Scotland.