Surge in Used EV Market Share and Double-Digit Growth of Hybrids …
Plug-in hybrids (PHEVs) and hybrids (HEVs) have also sustained double-digit growth
That is according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).
The surge accounted for 1.7% of the market share, marking a new record compared to the previous year’s 1.0%.
Plug-in hybrids (PHEVs) and hybrids (HEVs) have also sustained double-digit growth. Plug-in hybrids experienced an 11.4% increase, totalling 18,437 units, while hybrids grew by 29.5% to reach 53,634 units.
SMMT’s chief executive officer Mike Hawes said: “It’s great to see a recharged new car sector supporting demand for used cars and, in particular, helping more people to get behind the wheel of an EV.
“Meeting the undoubted appetite for pre-owned EVs will depend on sustaining a buoyant new car market and on the provision of accessible, reliable charging infrastructure powered by affordable, green energy. This, in turn, will allow more people to drive zero at a price point suited to them, helping accelerate delivery of our environmental goals.”
The collective growth of these EV segments has reduced the market share of conventionally powered cars, declining from 95.7% to 94.3% in comparison to the previous year, despite petrol car sales experiencing a 2.5% growth and diesel car sales seeing a 2.8% increase in volume.
Forbes Advisor car insurance expert Kevin Pratt said: “We may look back at the second quarter of 2023 as a turning point in the fortunes of EVs in the UK.
“The transition away from internal combustion engines only has a hope of succeeding if there is a buoyant second-hand EV market, with affordable options for those who cannot afford the high price of new vehicles.”
This development follows a recent report from the SMMT, which revealed that in July, EVs constituted over a third of all UK car registrations, with battery electric cars being registered at a rate of one per minute.[1]
While marker developments are promising, the UK public remains confused about the Government’s plans to phase out the sales of new petrol and diesel cars by 2030. Research from the Energy and Climate Intelligence Unit (ECIU)[2] found that the public is still unsure about legislation for hybrid vehicles as well as whether they can access on-street charging.
Published 9th August 2023
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